By Rowena Mason, Telegraph.co.uk.
Uranium’s appeal was as a maturing commodity, one reaching the stage where it had become attractive not just to countries with military ambitions but also to energy traders with one eye on the growing global demand for new reactors.
Less than a decade ago, nuclear was a dead industry. The US, Germany, the UK, Russia and even the atomic bandleader France had no intention of building more plants. Since the end of the Cold War, the word was non-proliferation, while disasters at Chernobyl in Belarus and Three Mile Island in the US did nothing to promote nuclear as a safe fuel. Very few bothered to go digging in uranium-rich areas from Kazakhstan to Mongolia and the price of uranium hovered around $7 (£4.70) per pound in 2002.