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China Going Nuclear, Literally
This just in at the Mad Hedge Fund Trader's site on China's planned massive expansion of nuclear energy...
"Uranium traders have been stunned by a sudden Chinese effort to corner the supplies in an effort to fuel the world’s most ambitious nuclear program. The once moribund market now suddenly sees buyers everywhere as the Chinese ramp up their purchases to 5,000 tonnes this year, double their current consumption. The emerging nation plans to build ten new plants a year for the next decade, boosting their electricity supply up from 9.5 to a massive 85 gigawatts. That will make China the world’s largest nuclear power generator. Uranium peaked at $136 a pound in 2007, and collapsed during the financial crisis to as low as $26. High prices also brought a flood of new mines, with 27 coming on line in the past decade. Last year, the total uranium market amounted to 50,572 tonnes. China will need a third of that in ten years, and India another fifth..."
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