Namibian miners on tenterhooks for uranium price recovery

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“There are a number of uranium projects in the pipeline just waiting for the price to recover,”

NAMIBIA’S finance minister said uranium miners are waiting for prices to recover before reviving projects in Africa’s biggest producer of the ore, which is needed for nuclear power in a world shifting away from fossil fuels. 

 The semi-arid southwest African nation is investing in water facilities and is planning a second desalination plant to supply mines in the dry Erongo region in anticipation of higher uranium prices attracting investors, according to Finance Minister Ipumbu Shiimi. 

 “There are a number of uranium projects in the pipeline just waiting for the price to recover,” Shiimi said in an interview from Davos on Thursday. “If the price reaches $65 to $70 a pound, then that will trigger more investment in uranium.”

 There’s been a revival in demand for nuclear power since Russia’s invasion of Ukraine as nations scramble to reduce their dependence on fossil fuel. That’s spurred a rally in uranium, with prices more than tripling from a 2016 low to $63.75 a pound in April. – bloomberg

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