SRUUF - Uranium hits nine-year highs as Sprott resumes purchases

Spot uranium prices (NYSEARCA:URA) spiked to nine-year highs today, S&P Global Platts reports, as the Sprott Physical Uranium Trust (OTCPK:SRUUF) resumed purchases following last week's approval of an expanded equity sales program that will allow the fund to buy an additional $1B worth of physical uranium in the coming months. After reporting no additions to its uranium holdings during September 10-13, the trust reported one-day purchases totaling 1.25M lbs. of U3O8. S&P Global Platts assessed spot U3O8 prices at $48/lb today, the highest price since September 2012 and capping a 5% surge this week alone. Sprott's trust holds ~26M lbs. of uranium, equal to 14% of the annual consumption from the world's nuclear reactors. Demand also is coming from sources other than Sprott, with Uranium Royalty Corp. announcing today that it had added 300K lbs. of uranium to its holdings. Uranium names surged again today: UEC +13.9%, UUUU +11.3%, DNN +10.5%,

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Uranium hits nine-year highs as Sprott resumes purchases