In a statement issued Tuesday, Energy Resources of Australia forecast that long term demand for uranium remains strong.

ERA, which is 68% owned by Rio Tinto, forecasts that demand will remain strong, despite recent weakness in spot prices.

Uranium long term market prices in September settled at $95 US dollars per pound. During the same period in 2006 prices were $54 USD per pound. Uranium prices have begun to rebound after 16 weeks of falling or flat prices.

TradeTech LLC reported Monday that spot uranium price rose $3 USD to $78 USD per pound. Spot uranium hit a high of $138 USD in June.