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In dismal uranium market, Rio Tinto cuts back, slashes jobs

graph-down-uraniumNamibia’s Roessing uranium mine to slash jobs Global Post, 1 Mar 13, The Roessing uranium mine in Namibia, a unit of British mining giant Rio Tinto, said Friday it plans to cut 17 percent of its workforce due to slowing demand for nuclear fuel…. As with many other uranium producers, Roessing is buckling under low metal prices and reduced demand, the company’s managing director Chris Salisbury told reporters.

“Since the Japanese tsunami in 2011, uranium demand has remained depressed and the uranium price has fallen by more than 36 percent,” he said.

Japan shut down its nuclear power plants after the tsunami destroyed the Fukushima nuclear plant, and a number of other countries including Germany have also signalled they plan to reduce or phase out their facilities.

“With the utility sector in Japan essentially shutdown, there is little prospect of a turnaround in the near term,” he added.

At the same time electricity and water costs have gone up…. Roessing Uranium Limited is owned 68.6 percent by British mining giant Rio Tinto and is one of two operating uranium mines in Namibia. .

March 2, 2013 - Posted by | business and costs, Namibia, Uranium

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