Increased demand from nuclear reactors, predominantly those in Asian nations, will help drive uranium prices "significantly" higher, Uranium One Inc.'s (UUU.T) chief executive officer said.

"The world needs more uranium to supply all the reactors being built so that's why we are very bullish on the uranium price," Jean Nortier told Dow Jones Newswires late Tuesday.

"Medium- to long-term I see it significantly higher because you need higher uranium prices to bring new mine supply online," the head of the Canada-based producer added.

New sources of production will soon be required because the uranium market is expected to tighten after 2013 when secondary supply from Russia will end and more new nuclear reactors start to enter operation.

"The nuclear market is growing significantly from a demand-side perspective as there's increasingly more reactors being built--predominantly out of China , India , South Korea and Russia . Our strategy has been to grow our business so that we can fulfill that ever growing need," Nortier said.

Russian state-controlled nuclear group ARMZ is attempting to boost its stake in Uranium One to 51%, offering two of its mines in Kazakhstan in return. Uranium One is currently seeking shareholder approval for the deal, which would make it the world's fifth largest producer.
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