Uranium Is Finally Running Hot, and Miners Can’t Keep Up

ADELAIDE, Australia—Miners are struggling to get enough uranium out of the ground. That is helping to push prices of the nuclear fuel to nearly 16-year highs.

Cameco, one of the world’s biggest producers, recently said it may need to buy more uranium before the end of this year to confront obligations to customers after suffering setbacks at key mines. Production from Niger, following a military coup in July, and Kazakhstan have also fallen.