nuclear-news

Cameco uranium company cuts production in view of nuclear industry slowdown

Cameco outlook sours amid doubts on nuclear’s future * Company sees 2012 revenue flat to down 5 percent

* Eyes lower production in 2012

* Shares down 1 pct at C$23.12 

TORONTO, Feb 10 (Reuters) – Uranium producer Cameco forecast lower sales and highlighted doubts about the takeup of nuclear power in its stronger than expected quarterly results, and its shares edged lower on Friday, ……
Cameco, the world’s No.1 publicly-listed uranium producer, also lowered its 2012 uranium production outlook by 3 percent to 21.7 million pounds and said delays and cancellations after last year’s Fukushima nuclear disaster could hit prices.

Germany, which represents about 5 percent of the global market for uranium, plans to phase out its reactors by 2022.

Japan shut down most of its reactors for testing after the March 2011 earthquake and tsunami that crippled the Fukushima Daiichi power plant, and is expected to take its remaining three reactors offline for maintenance in the next few months.

“It remains unclear what level of nuclear power Japan itself – which represents 12 percent of global nuclear generating capacity – will depend on in the future,” Cameco said.

February 11, 2012 - Posted by Christina Macpherson | business and costs, Canada, Uranium