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Highlights
- ASX 200 was down 4.686% lower at 6607.100 points at 1:33 PM AEST today.
- Uranium price has increased roughly 60.24% in the last year (as of 10 June) due to its rising demand in the market.
- Russian uranium enrichment constitutes around 35% of the global market.
The rise in Uranium price has prompted mine operators in countries such as Australia, North America and Africa to start their stalled projects. It is to be noted that the US is expected to ban the use of Russian Uranium after Moscow invaded Ukraine but the Biden administration is yet to take a final call in this matter. Russian uranium enrichment constitutes around 35% of the global market.
Uranium is used to power America's nuclear power plants and Russia is considered to be America's third-largest Uranium supplier. Russia also imports Uranium from Kazakhstan and Uzbekistan. If the west imposes sanctions on Russian Uranium, this will serve as an opportunity for other countries, including Australia, to benefit from the situation.
As of 10 June 2022, Uranium was trading at 52.40/lb in the international market. This shows that the metal's price has increased roughly 60.24% in the last year.
In this context, let us look at four ASX-listed Uranium stocks that have been on investors' radars lately. These stocks include - Berkeley Energia Limited (ASX:BKY), Paladin Energy Ltd (ASX:PDN), Energy Resources of Australia Limited (ASX:ERA), and Boss Energy Limited (ASX:BOE).
Notably, the shares of the above mentioned ASX-listed Uranium companies traded in the red zone today as the broader market ASX 200 was down 4.686% lower at 6607.100 points at 1:33 PM AEST due to a selloff in global equities over inflation concerns. All the sectors traded lower today where the S&P/ASX 200 Energy (Sector) XEJ was down 4.508% at 10522.100 points at 10:53 AM AEST.
Paladin Energy Ltd (ASX:PDN)
The shares of Paladin Energy Ltd were spotted trading 10.596% lower at AU$0.675 per share on ASX at 12:39 PM AEST. In the last one year, Paladin Energy's share price has gained almost 31.37%, while the stock is down 29.47% on year-to-date (YTD).
The AU$2.24 billion ASX-listed company is known for its uranium production capability at the Langer Heinrich mine in Namibia.
Image Source: © Hernanhyper | Megapixl.com
Energy Resources of Australia Limited (ASX:ERA)
The shares of Energy Resources of Australia Limited traded 6.666% lower at AU$0.280 per share on ASX at 12:43 PM AEST. The company's shares have fallen up to 20% on YTD. Energy Resources of Australia Limited has a market capitalisation of AU$1.10 billion.
The ASX-listed company has been producing uranium oxide for the global nuclear energy market for over 35 years. As per the company website, in January 2021, ERA ceased all mining and processing activities at Ranger after 40 years of operation. Rio Tinto currently holds 86.3% of ERA's shares.
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Boss Energy Limited (ASX:BOE)
Boss energy shares were trading 9.704% lower at AU$2.140 per share on ASX at 1:26 PM AEST. The ASX-listed mineral exploration company, which explores and develops Uranium deposits in Australia, has a market capitalisation of AU$835.61 million. In the last one year, the shares of Boss Energy Limited have gained approximately 1,088.89%, while the stock is down almost 12.65% on YTD.
Berkeley Energia Limited (ASX:BKY)
Shares of Berkeley Energia Limited traded 4.285% lower at AU$0.335 per share on ASX at 11:46 AM AEST today. The share price of Berkeley Energia Limited has fallen nearly 40.18% in the last one year, while the stock is up almost 39.58% YTD.
The company has a market capitalisation of AU$156.02 million. Berkeley Energia Limited is an ASX-listed clean energy company engaged in exploring and developing uranium properties in Spain. It mainly holds interest in the Salamanca project located in western Spain.
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