Prices for uranium are soaring amid a push by governments to meet climate goals while new U.S. sanctions on major producer Russia could spur North America to produce more of the vital fuel for nuclear power stations.The Biden administration has put Russia's uranium on its expanding sanctions list for Russian President Vladimir Putin's invasion of Ukraine on February 24, 2022, raising the stakes for the U.S.
'The only way to work your way out of that legacy situation is you need to have higher prices to incentivize the building of new mines,' Ciampaglia said.One of those incentivized is NexGen Energy, which is in the final stages of federal permitting approval for the Rook I Project in Saskatchewan's uranium rich Athabasca Basin and aims to eventually provide nearly one-quarter of the world's nuclear fuel.