Reuters reported on Wednesday that Russian President Vladimir Putin said Russia should limit exports of minerals such as uranium, titanium and nickel “in retaliation for Western sanctions.”
In a televised broadcast, according to the news agency, Putin said, “Russia is the leader in reserves of a number of strategic raw materials: for natural gas, this is almost 22 per cent of world reserves, for gold – almost 23 per cent, for diamonds – almost 55 per cent.”
“Please take a look at some of the types of goods that we supply to the world market … Maybe we should think about certain restrictions – uranium, titanium, nickel,” he added.
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Uranium spot price update
As of the time of this writing on Wednesday, the uranium spot price sits at US$79.45 per pound, up slightly from last week’s $79.40, according to Business Insider.
Uranium companies in the spotlight
Energy Fuels (TSX:EFR) is planning to restart its Nichols Ranch in-situ recovery uranium mine in Wyoming.
The company stated that it expects the development of the last of its permitted Production Area 2 to begin production by July 1, 2025, based on market conditions.
Stallion Uranium (TSXV:STUD) revealed it has outlined nine high-priority target areas discovered across its land package in the southwestern region of the Athabasca Basin.
The company stated it uncovered more than 600 kilometres of prospective conductive corridors and outlined high-priority targets over 3,000 square kilometres of prospective land.
GMV Minerals (TSXV:GMV) reveals that it has begun drilling at its Daisy Creek lithium/uranium project in Nevada.
In a news release, the company stated that it has enlisted Harris Exploration Drilling and Associates, a Nevada-based company, to begin the initial drill program.
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(Top photo: Adobe Stock)
