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Uranium

79.5 USD/oz -0.15 (-0.19%) (Last updated - September 16, 2024 12:00 AM UTC )

Day High

48.95

Day Low

48.95

Previous Close

48.95

52 Week Range

30.35 - 64.5

Change YTD

0%

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Performance USD/oz	Change
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1 Month	0%
3 Months	0%
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52 Week	0%

September 16, 2024 12:00 AM UTC

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Uranium is one of the heaviest of all naturally occurring elements in the periodic table. Uranium occurs in nature in low concentrations and in two natural isotopes- uranium-238 and uranium-235. Nearly 99.3% of all-natural uranium is U-238, and the remaining 0.7% is isotope U-235, which is in high demand as they are radioactive and highly ‘fissile’.

Under the right conditions, U-235 atoms can be split and, in due process, emit high energy. This is the basic principle used in atom bombs and nuclear energy reactors. The basic difference between an atom bomb explosion and a nuclear reactor chain reaction is in an atom bomb explosion, energy is released in a very short span of time without any control over the reaction, while in a nuclear reactor reaction, a uranium atom is split under controlled conditions to produce energy for generating power.

A uranium atom contains 92 protons, and in case of U-238, there are 146 neutrons, and U-235, contains 143 neutrons. U-235 represents the sum of 92 protons and 143 neutrons.

Nuclear energy

U-235 isotopes are used in the commercial production of electricity. In a nuclear power plant, U-235 isotopes undergo a fission process where a uranium atom is split into two smaller nuclei and this process gives rise to three new neutrons and heat energy. This heat is used to convert water into steam, which is used to move electric generator turbine propellers and thus generates electricity.

Nuclear energy is considered as clean energy thanks to zero carbon emissions. Currently, around 10% of the global electricity is produced using nuclear energy.

As of 2022, Kazakhstan is the largest producer of uranium and contributes to nearly 50% of all global production. Australia holds the largest resource of uranium and is the third-largest producer.

The uranium market has become important in 2022 as global economies are trying hard to cut their carbon emission. Post the 2011 Fukushima accident in Japan, the nuclear energy market has been at a standstill.

Code	Company	Price	High	Low	Volume	Market Cap
ADD	ADD Adavale Resources Ltd	0.003	0.004	0.002	6007097	2.448 M
AEE	AEE Aura Energy Ltd	0.150	0.150	0.140	401380	110.625 M
AGE	AGE Alligator Energy Ltd	0.045	0.045	0.043	4635767	162.691 M
AVL	AVL Australian Vanadium Ltd	0.016	0.016	0.015	7368935	129.520 M
BHP	BHP BHP Group Limited	43.400	44.030	43.400	8237415	217,970.917 M
BKY	BKY Berkeley Energy Ltd	0.350	0.350	0.350	--	156.029 M
BMN	BMN Bannerman Resources Ltd	2.950	3.030	2.940	505318	510.836 M
BOE	BOE Boss Energy Limited	3.210	3.345	3.180	2421826	1,306.905 M
CAZ	CAZ Cazaly Resources Ltd	0.014	0.014	0.014	412268	6.458 M
CXO	CXO Core Lithium Ltd	0.105	0.110	0.105	8871664	225.017 M
CXU	CXU Cauldron Energy Ltd	0.015	0.016	0.014	12160988	18.988 M
DEV	DEV DevEx Resources Ltd	0.120	0.130	0.120	307392	53.003 M
DYL	DYL Deep Yellow Ltd	1.320	1.380	1.315	4290831	1,250.967 M
EL8	EL8 Elevate Uranium Ltd	0.310	0.320	0.305	720745	105.677 M
EME	EME Energy Metals Ltd	0.089	0.089	0.089	--	18.662 M
EPM	EPM Eclipse Metals Ltd	0.006	0.006	0.006	166666	13.517 M
ERA	ERA Energy Resources Of Australia Ltd	0.002	0.003	0.002	1753184	66.445 M
GTR	GTR GTI Resources Ltd	0.004	0.004	0.004	1504110	11.842 M
HAV	HAV Havilah Resources Ltd	0.200	0.200	0.185	69907	67.851 M
LAM	LAM Laramide Resources Ltd	0.850	0.850	0.850	--	211.625 M
LOT	LOT Lotus Resources Ltd	0.255	0.255	0.245	7669386	504.170 M
MEU	MEU Marmota Energy Ltd	0.036	0.038	0.036	337530	39.117 M
MHC	MHC Manhattan Corp Ltd	0.002	0.002	0.002	609818	4.498 M
NXG	NXG Nexgen Energy Ltd DRC	11.200	11.370	11.100	633124	6,138.246 M
PDN	PDN Paladin Energy Ltd	9.720	10.065	9.690	3532939	2,880.458 M
PEN	PEN Peninsula Energy Ltd	0.089	0.090	0.087	5143903	274.090 M
RDM	RDM Red Metal Ltd	0.110	0.115	0.110	145570	39.562 M
RIO	RIO Rio Tinto Ltd	123.310	124.470	122.500	1681718	197,567.332 M
RLC	RLC Reedy Lagoon Corporation Ltd	0.002	0.002	0.002	--	1.523 M
SLX	SLX Silex Systems Ltd	5.650	5.680	5.470	731926	1,266.872 M
SPQ	SPQ Superior Resources Ltd	0.007	0.007	0.007	150000	15.189 M
TAS	TAS Tasman Resources Ltd	0.003	0.003	0.003	1050000	3.221 M
TOE	TOE Toro Energy Ltd	0.300	0.300	0.280	501340	33.679 M
VML	VML Vital Metals Ltd	0.002	0.002	0.002	18156	17.685 M
WML	WML Woomera Mining Ltd	0.002	0.002	0.001	7445306	4.333 M

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Frequently Asked Questions

1. What are the primary usages of uranium?

Enriched uranium isotope U-235 is used as a fuel for nuclear power reactors to generate electricity. Smaller versions of reactors are used in aircraft carriers and submarines instead of diesel or gas generators. Due to uranium’s unmatched energy density, they can run for long durations without refuelling. They provide a 24X7 reliable and clean source of energy.

Enriched uranium is also used in nuclear weapons. These bombs could be used as a projectile in rockets and missiles. Nuclear explosions cause a vast level of destruction. The world has already witnessed the destruction caused by nuclear bombs during World War II when two nuclear bombs were dropped on Hiroshima and Nagasaki in Japan, killing hundreds of thousands of people.

2. Is uranium toxic or harmful for human beings?

Prolonged exposure to uranium can cause radiological and chemical poisoning. Exposure to uranium can cause kidney poisoning. Consuming food containing uranium or breathing uranium dust can cause poisoning and subsequently enter the bloodstream. This may lead to acute kidney failure and eventually death with a very high level of uranium consumption.

Uranium radiation also has significant health consequences. Workers associated with uranium mining and processing can get affected by exposures that can lead to cancer. To make it worse, cancer caused by radiation is indistinguishable from ‘naturally occurring’ cancer and it is seen in patients many years after the exposure.

3. How much does uranium cost?

Uranium prices jumped to US$53/lb during the first half of 2022. According to the data published in Resources and Energy Quarterly’s June 2022 edition, the prices are expected to move further to US$61/lb by 2024.

Post the Fukushima nuclear reactor accident, triggered by a Tsunami, several countries started to withdraw or postpone their nuclear power program. As a result, the uranium mining industry witnessed lesser interest from investors. As a consequence, multiple exploration and production projects were halted or abandoned.

Since the 2015 Paris Agreement on Climate Change and in a less-severe COVID-19 pandemic, the world is again looking at uranium as a clean and reliable energy source.

4. How is Australia moving forward with its largest uranium resource?

Australia holds the world’s largest resource of uranium and is currently the third-largest producer. The country produced nearly 4,000 tonnes of uranium for FY2021-22, which is expected to increase to 5,480 tonnes for the next fiscal year.

Interestingly, Australia does not have any commercial nuclear power plant. Hence, whatever is mined is exported to international buyers.

Most of the current production is coming from three mines in Australia- Olympic Dam, Ranger and Four Mile. The production is expected to increase significantly by 2027, as Boss Energy’s Honeymoon mine is expected to commence full production from 2027.