2014 is set to be a big year for Australia’s industry uranium

I joined the Minerals Council of Australia (MCA) in mid-October 2013; effectively as a successor to Michael Angwin who had headed the Australian Uranium Association since 2006 and successfully led it through to its merger with the MCA in late 2013.

Under Michael's leadership, the uranium industry consolidated itself as an important component of Australia's mining landscape. I take over the responsibility of building on Michael's legacy at a time of great excitement for the sector. Here's why 2014 is shaping up as a good year for our industry.

The supply-demand balance for uranium moved into a new era as the Megatons to Megawatts program came to an end in December 2013. This program saw 20 000 Russian warheads down blended to nuclear power plant fuel and supplied half of America's uranium needs for the last two decades. New mined uranium is now needed to replace this.

Uranium prices have been in the doldrums through the second half of 2013 but many are predicting a correction this year.

From prices under $US40/lb early in 2013, Deutsche forecasts price to be back over $US50/lb by year's end based on demand from Japanese restarts and Chinese new reactors.

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