Resources
The commercialization of government inventories, market price development, lack of transparency and liquidity, and consolidation of producers and generators are just a few of the many current challenges that affect the vitality, transparency, and efficiency of the nuclear fuel markets. The WNFM’s focused mission and broad membership gives it the unique ability to examine these challenges quickly and effectively on behalf of its members. This has been accomplished by the WNFM through the coordination of ad-hoc WNFM Working Groups, which have been set up in response to these challenges, each staffed by diverse subject matter experts who are recognized as leaders in the industry.
Recent topics have ranged from developing standardized specifications on U3O8 drum packaging to changes in price reporting approaches to establishment of an exchange for nuclear materials. Subject matters are either developed by the Board or solicited from the membership. A Board member is assigned to oversee the progress of each working group and obtains industry involvement from key stakeholders.
Recent topics have ranged from developing standardized specifications on U3O8 drum packaging to changes in price reporting approaches to establishment of an exchange for nuclear materials. Subject matters are either developed by the Board or solicited from the membership. A Board member is assigned to oversee the progress of each working group and obtains industry involvement from key stakeholders.
It is clear nuclear energy is experiencing global resurgence, as countries look to meet growing demand with a reliable source that helps provide energy security and meet climate targets. And interest in the sector is not limited to those countries which already have nuclear.
A host of new countries are investigating building nuclear plants for the first time, partly due to the emergence of smaller reactor concepts which are more affordable and more flexible than traditional GW units. With many countries now targeting significant growth in nuclear capacity between now and 2050, there is new interest in every stage of the nuclear fuel cycle—from uranium mining to spent fuel management—creating both opportunities and challenges for the nuclear energy sector.
A host of new countries are investigating building nuclear plants for the first time, partly due to the emergence of smaller reactor concepts which are more affordable and more flexible than traditional GW units. With many countries now targeting significant growth in nuclear capacity between now and 2050, there is new interest in every stage of the nuclear fuel cycle—from uranium mining to spent fuel management—creating both opportunities and challenges for the nuclear energy sector.
The WNFM formed a working group to investigate approaches to improving the transparency of published market price information for spot uranium transactions. This group decided that a standard contract needed to be developed as a first step in meeting industry objectives. After considerable effort and review, the group developed a standard spot uranium sales contract that has been determined to be an acceptable template by a wide cross section of industry participants.
This contract template provides helpful information that may benefit any new uranium producers that are interested in gearing up to become a producer and ultimately selling their output. The contract is a living document and suggested changes will continue to be addressed as received. The contract template is enclosed and will remain on the WNFM web site to be available to any uranium market participant interested in using it.
This contract template provides helpful information that may benefit any new uranium producers that are interested in gearing up to become a producer and ultimately selling their output. The contract is a living document and suggested changes will continue to be addressed as received. The contract template is enclosed and will remain on the WNFM web site to be available to any uranium market participant interested in using it.
Beginning in 2016, the WNFM Board of Governors began researching and investigating issues relative to price reporting and price manipulation as a result of frustrations and lack of transparency within the industry. Using the International Organization of Securities Commissions (IOSCO) Principles as a guide, the WNFM Board surveyed participating WNFM organizations and established a WNFM Working Group to draft a Uranium Price Reporting Code of Conduct Principles for Submitters.
In November 2020, the WNFM Board of Governors endorsed the adoption of this Uranium Price Reporting Code of Conduct, based on the IOSCO Principals. This aims to uphold a mission of compliance within nuclear markets and encourages participating WNFM member organizations to do the same.
In November 2020, the WNFM Board of Governors endorsed the adoption of this Uranium Price Reporting Code of Conduct, based on the IOSCO Principals. This aims to uphold a mission of compliance within nuclear markets and encourages participating WNFM member organizations to do the same.
