nuclear-news

Uranium investing losing its glow – Paladin and Cameco

Weak uranium prices force closure of Paladin mine, Financial Review PETER KER AND ANGELA ­­­MACDONALD-SMITH 10 FEB 2014 Uranium miners are starting to cut back production amid a growing belief that the sector will not recover in the near term.

ASX listed Paladin Energy has confirmed one of its two mines will cease production until the uranium price recovers, while one of the world’s biggest uranium miners, Cameco, has cut its growth schedule and warned the ‘‘stagnant, over supplied’’ market was not going to improve any time soon.Cameco had previously promised to increase uranium production by 50 per cent over the next four years, but on ­Saturday the company said such long-term production forecasts were no longer appropriate in the current market conditions.

‘‘Market challenges have persisted since early 2011 and we expect they will continue for the near to medium term,’’ the Canadian company said in a statement.

Uranium prices have been on a downward trend since the Fukushima nuclear crisis damaged confidence in the industry in 2011……

Cameco deferred its Kintyre ­uranium project in Western Australia in 2012, and on Saturday it vowed to ‘‘decrease activities in Australia’’ even further.,,,,,,http://www.afr.com/p/business/companies/weak_uranium_prices_forces_closure_6Jq1zMnOONO3LAxC4jQkTM

February 10, 2014 - Posted by Christina Macpherson | Uncategorized