Uranium Rises to Record $113 a Pound in U.S. Auction
Published April 10th, 2007
Uranium prices rose 19 percent to a record $113 a pound at a U.S. auction because of increasing demand for the fuel used in nuclear power plants, industry consultant TradeTech LLC said.
Mestena Uranium LLC, a uranium producer based in Corpus Christi, Texas, offered 100,000 pounds of yellowcake at last week’s auction, TradeTech said. Yellowcake is the concentrated oxide of uranium, formed in the milling of uranium ore.
Privately held Mestena Uranium, which has a mine in Texas, produces about 1 million pounds a year of the radioactive metal, according to the U.S. Energy Information Administration.
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