Global uranium demand will rise 28% from 2023 to 2030, according to the World Nuclear Association. Several uranium projects were recently launched all over the world, and especially in Africa, to meet this demand.

African uranium developers await better market conditions before making final investment decisions (FID). Bannerman Energy, in its April 24 quarterly report, said current nuclear fuel markets do not justify finalizing deals for its Etango project in Namibia.

“As a result, and despite being at a highly advanced stage with respect to all key workstreams, we are not seeing the appropriate market conditions to warrant finalising offtake and financing arrangements for the development of Etango,” Brandon Munro, Bannerman’s CEO, commented.

Deep Yellow made a similar announcement on April 8. It postponed the FID for its Tumas project in Namibia, citing uranium prices too low to support new projects. The company noted uranium prices hover around $80 per pound, below the $82.5 reference price needed for development.

Aura Energy, which develops the Tiris project in Mauritania, watches uranium futures closely but has not tied its FID to market prices. CEO Andrew Grove said utilities temporarily withdrew from the market due to large stockpiles, which now slow sector momentum. He expects a gradual market recovery once those inventories clear.

The uranium futures market matters because nuclear plants buy most uranium through it. This allows them to lock in low prices, which affects mining companies’ profitability. With demand expected to jump 28%, miners like Bannerman and Deep Yellow want to boost supply but need commercial terms that support investment planning.

Market conditions are not the only hurdle. Financing also slows things down. For example, Aura Energy seeks 50% to 60% of the $230 million needed for Tiris from a Western development bank. Meanwhile, Global Atomic tries to secure a $295 million loan for its Dasa project in Niger but has yet to succeed.

This article was initially published in French by Aurel Sèdjro Houenou

Edited in English by Jason Ange Quenum