nuclear-news

Nuclear events and policies spell gloom for uranium stocks

political pressure continues to mount against nuclear energy…..Many countries have announced in-depth safety reviews of their nuclear reactors, placing moratoriums on any new plants in the near-term…...

Uranium sector hurt by Germany’s ban By Jonathan Ratner, Vancouver Sun,  May 29, 2011 TORONTO – The uranium sector came under some selling pressure on Monday after Germany announced it will shut down all of its nuclear reactors by 2022, reversing a nuclear energy policy put in place in October 2010.

Cameco Corp. fell 2.65 per cent, or 75 cents, to $27.55 in morning trading, despite a slight gain for the S&P/TSX composite index. Paladin Energy Ltd. declined 3.5 per cent, Denison Mines Corp. fell 2.6 per cent and Uranium One Inc. dipped 2.11 per cent.

Germany’s decision comes as Tokyo Electric Power Co. has still not decided how to deal with the Fukushima nuclear power plant site, where radioactive soil pockets have reportedly reached the same level as Chernobyl, and as political pressure continues to mount against nuclear energy…..Many countries have announced in-depth safety reviews of their nuclear reactors, placing moratoriums on any new plants in the near-term……

Saskatchewan-based Cameco, one of the world’s largest publicly traded uranium companies, has fallen 22 per cent since the massive earthquake and tsunami hit Japan on March 11, 2010, causing at least three nuclear reactors to suffer explosions.

Smaller uranium stocks such as Uranium One Inc. and Denison Mines Corp. have fared worse, falling 36 per cent and 28 per cent, respectively…

May 31, 2011 - Posted by Christina Macpherson | business and costs, Canada, Uranium