It is estimated that 5.5 million tonnes of uranium exists in ore reserves that are economically viable at US$59 per lb of uranium, while 35 million tonnes are classed as mineral resources (reasonable prospects for eventual economic extraction). Prices went from about $10/lb in May 2003 to $138/lb in July 2007. This has caused a big increase in spending on exploration, with US$200 million being spent worldwide in 2005, a 54% increase on the previous year. This trend continued through 2006, when expenditure on exploration rocketed to over $774 million, an increase of over 250% compared to 2004. The OECD Nuclear Energy Agency said exploration figures for 2007 would likely match those for 2006.
What was the price of uranium per pound as of May 2003?
$10