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The uranium market has certainly witnessed an interesting 2024, and it is likely the events over this year will play a significant role in shaping the market in 2025.
One of the biggest events of 2024 was Russia’s ban on uranium exports to the US in response to the earlier restrictions imposed by the US on imports of Russian uranium.
This will have a big impact on supply for the US given the nation’s substantial reliance on imports of nuclear fuel. According to the US Energy Information Administration, the US sources most of its uranium supply from Canada, Kazakhstan, Russia, Uzbekistan, Australia, and six other countries.
Bruce Lane, executive Director of US-focused uranium explorer GTI Energy (ASX:GTR), tells Mining.com.au the US buys around 24% of its enriched uranium from Russia.
Reuters reported in November that Centrus had received a notice from Russia’s TENEX that its government passed an order, which cancelled its licence to export low-enriched uranium to the US, effective through 31 December 2025.
