nuclear-news

Desperate uranium mining companies squabble as price falls

Did rivals try to scupper BHP’s uranium sale to Cameco?Mining.com, Frik Els | November 23, 2012 The West Australian reports rumours have been circulating in the state’s mining community that Rio Tinto (NYSE:RIO) and Paladin Energy
(TSX:PDN) attempted to sabotage BHP Billiton’s (LON:BHP) $448 million sale of uranium property Yeelirrie to Canada’s Cameco (TSX:CCO)….. The paper said Rio denied the rumours while none of the other parties commented, and that the deal is likely to be OK’d in any event.

Spot uranium prices have been drifting towards the $40 per pound level this year – well below the $66.50 prior to Fukushima disaster in Japan and down from historic high levels above $130 in 2007.

Last year nuclear power consumption declined 4.3%, the largest drop-off on record, said BP in its annual study of global energy use. Japan cut back nuclear power by 44.3%, and Germany reduced nuclear consumption by 23.2%.
http://www.mining.com/did-rivals-try-to-scupper-bhps-uranium-sale-to-cameco-87504/

November 25, 2012 - Posted by Christina Macpherson | AUSTRALIA, business and costs