New Delhi, March 13 -- Uranium spot prices have doubled over the past year to a 16-year high as owners of defunct mines in the US and several other countries are scrambling to restart operations amid renewed interest in nuclear power projects. The spot price breached $100 a pound in mid-January and while it is now off its peak of more than $106 a pound, it is holding above $90.

The inability of mines to keep up with rising demand since the pandemic is one of the factors driving uranium prices higher. Many mines were closed or scaled down after the 11 March 2011 disaster at the Fukushima Daiichi project. That accident, caused by a powerful earthquake and tsunami, caused Japan and many other countries to shut down nuclear power plants amid...