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However, as demand increases, there are signs that supply may be starting to tighten, particularly for Western nations. Prices for uranium ore have risen significantly over the past five years, and even more so since the onset of the Russia-Ukraine conflict in early 2022. Following this geopolitical crisis, processed uranium prices have surged at an even faster pace.
Geopolitical Dynamics in Uranium Supply
Russia plays a critical role in the global uranium market, controlling 22% of the world’s uranium conversion capacity and a staggering 44% of its enrichment capacity. Following a US ban on Russian uranium—albeit with exemptions until the end of 2027—many Western utilities are finding themselves cut off from essential resources.