NAMIBIA’s finance minister said uranium miners are waiting for prices to recover before reviving projects in Africa’s biggest producer of the ore, which is needed for nuclear power in a world shifting away from fossil fuels.
The semi-arid southwest African nation is investing in water facilities and is planning a second desalination plant to supply mines in the dry Erongo region in anticipation of higher uranium prices attracting investors, according to Finance Minister Ipumbu Shiimi.
“There are a number of uranium projects in the pipeline just waiting for the price to recover,” Shiimi said in an interview from Davos on Thursday. “If the price reaches $65-$70 a pound, then that will trigger more investment in uranium.”
There’s been a revival in demand for nuclear power since Russia’s invasion of Ukraine as nations scramble to reduce their dependence on fossil fuel. That’s spurred a rally in uranium, with prices more than tripling from a 2016 low to $63.75 a pound in April.
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