Industry Notes

Industry Notes / Global mining: the metal map / Chapter 4 of 12 · Bar

Uranium: an underpriced AI beneficiary

Term over spot—buyers pay for certainty

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$ / lb
Spot midpoint
86
Term midpoint
95

Spot about $85–88 and term about $94–97/lb. AI wants 24/7 baseload; nuclear is one scalable zero-carbon option. Kazatomprom cut output aims ~10%. Watch sulfuric-acid shocks as a cross-metal risk.

Source：现货/长协公开报价；World Nuclear Association；Cameco / Kazatomprom 公开指引

Research notes, not investment advice.