Energy

Mining Weekly reported that Oakbay Resources and Energy (JSE:ORL) is upbeat about the long-term prospects for the uranium industry,. noting the increase in demand expected in coming years.

Mining Weekly reported that Oakbay Resources and Energy (JSE:ORL) is upbeat about the long-term prospects for the uranium industry,. noting the increase in demand expected in coming years.
As quoted in the market news:

“It is estimated that uranium demand will grow to 266-million pounds a year by 2030, up from the current 140-million pounds a year. Uranium prices are also forecast to rise by 65% to 85% by 2017 as a result of an expected increase in demand and potential supply shortages,”CEO Varun Gupta told journalists at a site visit to the company’s Shiva uranium mine on Wednesday.
He explained that uranium demand was predominantly driven by its use in nuclear power generation, pointing out that there were currently about 355 operating nuclear power plants worldwide with 45 to 70 under construction and another 366 either in planning or at proposal stage worldwide.
With this in mind, Oakbay would soon begin a bankable feasibility study to restart uranium mining and processing at the Shiva mine, which Oakbay bought from Uranium One in 2010. The mine had been placed on care and maintenance in 2008, owing to the slump in commodity prices.

Click here to read the full Mining Weekly report.

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