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Bloomberg.com: Africa

Uranium One Closes Dominion, May Put Mine Up for Sale
By Ron Derby and Antony Sguazzin Oct. 22 (Bloomberg) — Uranium One Inc. shut its Dominion mine in South Africa and may seek a buyer for the operation as prices for the nuclear fuel slip to a two-year low. The company slid 19 percent in Johannesburg trading.
The operation, based on South Africa’s largest uranium deposit, needs a “sustained recovery” in uranium prices and “significant additional capital investment” to become economically viable, the company said in a statement to the Stock Exchange News Service in Johannesburg today………………..Prices have slumped 50 percent this year, partly on concern that the credit crunch will slow the development of new nuclear power projects……………….

Uranium One fell 2.10 rand to 9 rand in Johannesburg trading, giving the company a market value of 4.22 billion rand ($378 million). The stock has declined 83 percent since Froneman’s departure and traded as high as 112 rand last year.

In Toronto, the shares fell 11 Canadian cents, or 10 percent, to 95 cents as of 11:11 a.m. local time.

Bloomberg.com: Africa

Tags: nuclear, antinuclear, radioactive, uranium

October 23, 2008 - Posted by Christina Macpherson | business and costs