Growth in spot prices for uranium has slowed down since mid-August
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The cost of U3O8 has been increasing since the beginning of 2023. But the growth of quotations accelerated against the backdrop of a military coup in Niger, which is a major supplier of uranium to the world market (provides about 5% of global production). Niger is home to French Orano, one of the world’s largest uranium miners. The company is developing the Somair field, it owns a 63.4% stake, another 36.6% belongs to the Niger state company SOPAMIN. In 2022, uranium production in the country decreased by 10% compared to the previous year until 2020 tons.
At the end of July 2023, President Mohamed Bazum was overthrown in Niger, and the military authorities announced the suspension of uranium exports. The Economic Community of West African Countries (ECOWAS, most of the member countries are pro-Western, including Nigeria, Ghana, Côte d’Ivoire, Liberia, Senegal, etc.) threatened to invade if the situation in Niger is not resolved peacefully.
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