Nuclear energy continues to build momentum around the world, with India and Saudi Arabia this week moving forward with plans to enter the energy sector further, while the Sprott Physical Uranium Trust (TSX: UU vs. USD, U.UN vs. CAD) bought 50,000 pounds of uranium oxide with the spot price slightly higher.
Indian Atomic Energy Minister Jitendra Singh said on Wednesday that India has allocated more than two billion dollars to build at least five small nuclear reactors by 2033. Economic times I mentioned. It is part of a broader plan to expand nuclear power 11-fold to 100 gigawatts (GW) by 2047 from the current 8.8 GW.
Singh said three small and medium reactor designs are being developed by the Mumbai-based Bhabha Atomic Research Centre: 220 MW, 55 MW reactors and one sub-5 MW reactor that will be gas-cooled and used as a heat source to produce hydrogen.
Go nuclear
SMR’s announcement comes just over a week after India’s state-owned NTPC Consider financing uranium mines abroad To obtain the fuel needed for its ambitious nuclear development plans. While the South Asian country has uranium mines, they are said to be of medium tonnage and low grade. In the midst of its nuclear pursuit, India signed an agreement $2.6 billion (US$1.9 billion) deal with Cameco (TSX: CCO; NYSE: CCJ) in March to supply a uranium ore concentrate; In February, Kazatomprom (LSE:KAP), the world’s largest uranium producer, Agreed to sell a large amount of production To India.
More countries are adopting nuclear energy as an alternative to energy production from fossil fuels and to provide electricity supplies for growing economies and power-hungry artificial intelligence data centers.
The spot price of uranium rose 10 cents to $85.70 a pound on Wednesday, extending a months-long period of stability after a volatile first quarter that saw the price briefly rise above $100 a pound.
US-Saudi deal
Meanwhile, Saudi Arabia and the United States signed agreements this week that could pave the way toward a Saudi civil nuclear energy program. It may also allow the kingdom to build standard AP1000 commercial nuclear reactors, BMO Capital Markets said in a note on Thursday.
US Secretary of Energy Chris Wright said at a conference at the Department of Energy: “These agreements reflect the shared commitment of our two countries to strengthening US-Saudi trade relations, and achieving prosperity at home and security for our allies abroad.” He releases. “These agreements adhere to the highest standards of nuclear safety and nonproliferation, relying on the best nuclear technology and the best scientists in the world, designed right here in the United States.”
The Department of Energy said that the nuclear cooperation agreement aims to provide American companies with access to the Saudi nuclear energy program.
The United Arab Emirates and Iran are the only countries in the Middle East that have nuclear power plants, according to the International Atomic Energy Agency. There are nuclear reactors under construction in Egypt and Turkey.
Sprott buying spree 50,000 lbs of Sprott. Purchase uranium oxide (U.S.)3Hey8) On Wednesday its stockpile of the nuclear metal now stands at 81.5 million pounds, BMO said, marking a year of excessive buying for holders of physical uranium. In February, Purchased 250,000 pounds of U.S3Hey8This is its largest purchase since the fund was established in 2021.
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