Oakbay optimistic about future of uranium mining industry

JSE-listed investment holding company Oakbay Resources & Energy is upbeat about the long-term prospects for the uranium industry. "It is estimated that uranium demand will grow to 266-million pounds a year by 2030, up from the current 140-million pounds a year. Uranium prices are also forecast to rise by 65% to 85% by 2017 as a result of an expected increase in demand and potential supply shortages," CEO Varun Gupta told journalists at a site visit to the company’s Shiva uranium mine on Wednesday.