Kazahkstan’s cuts come off the heels of Canadian Cameco’s decision to suspend production at one of its key mines last month in response to an oversupplied market.
Ever since the Fukushima nuclear power incident in march 2011 and the subsequent diminished demand for nuclear power, uranium prices have plunged over 70%.
Analyst Rob Chang of Cantor Fitzgerald projected that spot uranium prices, which plunged to near 13-year lows in 2016, are now expected go up as much as $30 a pound, Reuters reports.
Uranium prices now hovering around $22.0 per pound.
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