It’s the ‘new lithium’: Uranium tipped to extend bull run into 2024

Tom RichardsonJournalist

Dec 18, 2023 – 3.03pm

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Key Points

Uranium prices have surged in 2023
China and Western nations will build more nuclear reactors
Russia supplies significant amounts of uranium today

Bullish analysts have labelled uranium the “new lithium”, betting that demand will surge, after 22 nations pledged at the COP28 summit to triple nuclear capacity while China targets a fresh supply of the heavy metal for its ballooning nuclear ambitions.

Spot uranium prices have soared 56 per cent this year to $US86 a pound this week, and a potential tripling of nuclear capacity could lift annual consumption from about 161 million pounds this year to 500 million pounds in the future, according to broker Bell Potter.

Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate.