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Japan doubles down on Uranium

13 February 2023 13:20

The uranium renaissance continues to gain steam, with Japan choosing to double down on nuclear power to secure energy supply while meeting emission targets with the announcement that it will restart as many reactors as possible over the coming years and allow for their operation of reactors beyond the current 60-year limit.

The announcement is part of the Japanese government’s “Green Transformation” policy, which will see it move towards nuclear to cut carbon emissions and, despite the country’s tragic history with nuclear power, the land of the rising sun has established itself as a global leader in the nuclear comeback.

According to Japan Today, the country’s government is planning to raise over 20 trillion yen to boost investment in its decarbonization projects, including the development of safer advanced reactors to replace those being decommissioned, planning to begin operation of next-gen reactors in the 2030s.

Tesla founder and Twitter CEO Elon Musk was one of the first to back the move toward nuclear, claiming on Twitter it was a “great decision”.

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Japan began its turn to uranium last year, announcing it would be using nuclear as a way to secure a stable source of energy while reducing reliance on Russian oil and gas amid the country’s ongoing conflict with Ukraine, an announcement that saw Uranium’s price jump over 8 per cent in under a week.

And with governments worldwide looking towards uranium, investors have started to look too, with uranium looking to trade at just under US$55 per pound in 12 months’ time as production heats up to supply nuclear powers amid a global resurgence.

One of the uranium’s biggest players, New York-listed Cameco, saw back-to-back wins on Wall Street since the announcement as well as seeing its sharp rise on the Toronto stock exchange continue, currently sitting at $38.98 Canadian dollars after starting the year at $30.34.

And it appears that success in the US will knock on Australian explorers with Australian-listed Paladin Energy (ASX: PDN), Deep Yellow (ASX: DYL) and Boss Energy (ASX: BOE) all-seeing rises since the announcement as investors work to get into the uranium revolution on the ground floor.

It appears the benefits of uranium’s popularity will also hit junior explorers with Valor Resources (ASX: VAL) seeing a ten per cent rise since the announcement.

It couldn’t have come at a better time for Valor with the company releasing a stream of exciting news from its Suprise Creek Project next to Canada’s Beaverlodge Uranium District, recently extending its strike length by 500 metres with rock chip results up to 7.98 per cent triuranium octoxide.

Moab Minerals is another junior seeing the growing excitement around Uranium.

“With nuclear energy continuing to gain significant momentum as the global shift towards carbon-free power accelerates, Moab is strongly positioned with the REX Uranium-Vanadium Project,” Moab managing director Malcolm Day said.

Previously known as Delecta Minerals, Moab Minerals (ASX: MOM) changed its name to represent a shift in focus towards uranium, with the company preparing for a 21-hole campaign at its flagship REX Uranium-Vanadium Project that previously returned grades up to 5280 parts per million U3O8.

Having just wrapped up drilling at its Saraya project in December, Haranga Resources (ASX: HAR) with be a stock to watch over the coming months as it returns assays aimed at confirming a uranium target of up to 35 million pounds of U3O8 over only 0.2km2.

With a nuclear power revolution just over the horizon, it is looking to be an exciting few months in uranium exploration.

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