BUZZ-Uranium miners gain in 2024 as nuclear demand soars

Shares of uranium companies Uranium Energy UEC.A, Centrus Energy LEU.A and Canadian miner Cameco CCO.TO up 5%, 20.1%, and 29.1% this year, respectively

Prices of nuclear fuel surged this year on expectations of a demand spike as the energy transition unfolds

The United States also put a ban on imports from Russia as part of a package of sanctions on Moscow over its full-scale invasion of Ukraine

Uranium miners in turn have played catch up to the physical commodity and outperformed in 2024, contrasting with last year's trend

As of Nov. 30, uranium was selling for $81.50 per pound on the long-term market, a major reversal from the 2010s when the price was below $20 per pound

Sprott analysts see this bull market having further room to run with no meaningful new supply of uranium on the horizon for the next three to five years

Canadian miners NexGen Energy NXE.TO and Denison Mines DML.TO have gained 1.7% and 5.2% this year, respectively

(Reporting by Sourasis Bose and Mrinalika Roy in Bengaluru)

((Sourasis.bose@thomsonreuters.com))