Question:

Why have we seen such an increase in uranium prices over the last few years when:
1/ uranium resources are sufficient for centuries to come;
2/ unlike oil, uranium deposits are well distributed on the planet;
3/ new technologies, such as MOX fuel, can conserve resources;
4/ the geopolitical context is benign.

Answer:

France Demand for uranium has exceeded supply since the end of the eighties. Mine production covers 64% of the needs of the 435 commercial reactors connected to the grid worldwide, or about 66,500 metric tons of uranium each year. The rest comes mainly from defense inventories – in the wake of the 1994 disarmament agreements between the United States and Russia – and from used fuel recycling (MOX) andprivate inventories.
With worldwide nuclear power generation expected to double by 2030, this chronic deficit will not abate anytime soon. In addition, trading companies and investment funds speculate on the spot price of uranium in anticipation of a "revival" of nuclear power and the construction of new power plants around the globe – in Europe, the United States, Asia, South Africa, etc.
This helps boost the base price of multiyear contracts. Current prices also reflect the massive capital expenditures involved in developing new deposits.
Source: World Nuclear Association, NEA/OECD