The uranium market is in for a major change as the current soaring prices have led to increased uranium production, according to Chris Molineaux, the CEO of Elevate Uranium.
Uranium prices have been on the rise since 2016, with prices increasing by over 70% this year alone. The price is pushing companies like Elevate Uranium to increase their uranium production, and Molineaux believes the demand will only continue to increase, given the rise in renewable energy sources, such as wind and solar.
Molineaux is confident that the uranium sector is set to become much more competitive in the coming years, as the increasing price will incentivise more new companies to open up and enter the market. He highlighted the potential of establishing a long-term uranium production capacity in the United States, stating that this will give the country more leverage in the global market.
He further referenced the increase in global uranium demand, noting that the rising demand from Asian countries such as China, India, Japan, South Korea and Thailand could lead to a much larger market for the produce.
Molineaux is confident that the uranium sector is ready to take the world by storm and is optimistic about the future of the industry. He has demonstrated his commitment to the sector by steadily increasing Elevate Uranium’s production and also exploring the potential of entering into the export market.
In terms of the outlook for uranium production, Molineaux believes that the current soaring prices are just the beginning, as demand is expected to continue rising as the global energy sector shifts towards more sustainable, renewable sources. This could ultimately lead to further upward pressure on uranium prices and increased production from companies like Elevate Uranium.