Uranium prices have burst through the $100 a pound level for the first time on concerns about supply following flood damage to one of Australia’s largest uranium mines.

Last week, ERA, which is controlled by Rio Tinto, said production from its Ranger mine in the Northern Territory would fall between 25 per cent to 35 per cent next year from its 2006 level following the heavy rainfall at the mine and processing plant in late February. It said output this year will be steady due to ore that was mined in 2006 and stockpiled.