There’s reason for optimism for Saskatchewan’s uranium mining sector.

According to data from UXC, Uranium prices are at a 16-year high and up more than 80 percent this year.

Prices could go even higher due to an under-supplied market.

Global uranium demand is expected to be around 175 million pounds, while supply is around 144 million pounds, according to estimates from Sprott Asset Management.

Meanwhile, there are growing calls in Washington to sanction Russia’s uranium sector since it’s been largely unaffected by them.

Russia is a key player in the global nuclear market, controlling 38 percent of the world’s uranium conversion and 46 percent of uranium enrichment.