Niger Has Not Raised Uranium Exports’ Prices From €0.80/kg To €200/kg
The Claim
Niger raised Uranium exports’ prices from €0.80/kg to €200/kg.
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Following the news of the coup in Niger, social media users recently shared a claim stating that Niger has raised the prices of uranium exports from €0.80/kg To €200/kg.
The claim is shared with the caption “Niger provides 25% of the uranium that Europe consumes. The West African state has taken the bold step of increasing its uranium prices from €0.80/kg to €200.00/kg.”
Misbar’s Analysis
Misbar investigated the circulating claim and found it to be misleading.
The Current Spot Market Price For Uranium Is Not €200/kg
Contrary to the claim, the current spot market price for uranium is currently €125/kg, according to the latest forecast for Uranium prices after the Niger coup by Trading Economics.
It is worth noting that uranium price has hiked many times throughout the years. It hit its peak in 2007 with $104 a pound.
The claim also mentioned that uranium was raised from €0.80/kg To €200/kg. However, Niger has never sold uranium for €0.80/kg To €200/kg. The lowest spot market price for uranium was $7.10/lbs (~ €14.6/kg) in December 2000.
Uranium Price After The Coup In Niger
According to the latest report on uranium price published on August 1 by Reuters, the spot market price for uranium a week after the coup was just over $56 a pound (~€115.00/kg). It has just risen slightly after the coup.
Hence, experts do not expect there will be major changes in uranium prices in the near future. “An event like this could take a bit more time to seep into the market psychology. We could very well still see bigger impacts in the days and weeks to come,” said Jonathan Hinze, president of UxC.
However, the prices are still expected to rise. “All indications would be that this would be a catalyst for upward moves in the uranium price, given the overall tight supply/demand balance in uranium at this time,” Hinze clarified.
Uranium In Niger
With two uranium mines, Niger provides about 5% of the world's mining output of uranium ores. It was first discovered by the French Bureau de Recherches Geologiques et Minières (BRGM), France's public reference institution for subsurface resources and risks, at Azelik in Niger in 1957, when it was looking for copper.
In the last year, Niger produced 2,020 metric tons of uranium. Uranium is the second largest export in Niger after gold. However, Niger is actually a party to the Nuclear Non-Proliferation Treaty (TPNW), which is a treaty to prevent the spread of nuclear weapons and weapons technology.
The European Union purchases most of the uranium from Niger as it has the highest-grade uranium ores. In 2021, the European Union purchased 2905 tU of Niger’s uranium, which is about 24% of uranium imports for the European Union.
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