Uranium prices have topped $80 a pound for the first time since 2008 as demand for nuclear power surges and supplies remain disrupted – not least because of geopolitical factors.

Nymex futures, which track a spot market contract for uranium, hit $80.25 a pound this week. Prices have soared sharply this year, reaching levels not seen since Japan's Fukushima accident prompted governments around the world to curb nuclear power.

Currently, nuclear power may only account for a tenth of total global electricity production, but we are already seeing some tailwinds emerging that could lead to nuclear power taking up a larger share of overall electricity production over time.

GlobalData, the parent company of Mining Technology, estimates that Niger's uranium reserves will account for 4.09% of the world's uranium reserves in 2023. Although production increased from 2,193.02 tons in 2022 to a forecast of 2,220.51 tons in 2023, Niger's production may soon decline given the geopolitical uncertainty caused by the recent coup affecting supplies in Western Europe.

In early September, Cameco experienced operational difficulties at its Cigar Lake mine, Key Lake plant and McArthur River, which will have a negative impact on its uranium production forecast. Total U₃O₈ uranium concentrate production is expected to be 30.3 million pounds, down approximately 9% from the previous 33 million pounds.