The demand outlook appears steady with 55 reactors under construction, Gitzel added.

Additionally, the industry may enjoy greater Chinese demand in the years ahead. The China National Nuclear Corp is investing in overseas uranium mines to secure supply for an expected power up of China’s nuclear power generation, Reuters reported.

China, along with Japan, have both increased nuclear power as a clean alternative to fossil fuels.

“Our vision is to be the world’s leading uranium company,” Ni Tao, deputy manager of China National Uranium Co Ltd, said at the IMARC mining conference.

China’s uranium demand is projected to expand to 10,800 tonnes by 2020 and jump to 16,300-18,500 tonnes by 2025.

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