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Failed laser uranium enrichment project adds to Cameco’s losses

burial.uranium-industryUranium producer Cameco reports a third-quarter loss By Jim Brumm StarNewsOnline.com, November 3, 2014  “……..The Canadian uranium producer reported a third-quarter loss last week after writing off its $184 million investment in Global Laser, citing General Electric’s unexpected July cut in funding to “pace our investment in line with market.”

At the time Silex, the Australian owner of the laser technology, said GE responded “to worsening trading conditions in the global nuclear fuel markets, initially triggered by the events in Fukushima, Japan, in March 2011.”

“The market has declined more than 50 percent since” the Global Laser project started in 2007, GE spokesman Christopher White said in July without describing the measurement cited………

Cameco’s charge indicates a total Global Laser worth of $767 million and values GE’s 51 percent at $391 million. Hitachi, which owns the remaining 25 percent, hasn’t discussed a charge.

GE has declined to discuss the dollar value of the Global Laser charge it took against second-quarter earnings, but Nuclear Intelligence Weekly put the amount at $194 million. That would be 49.6 percent of the total value of GE’s Global Laser holdings as indicated by Cameco. http://www.starnewsonline.com/article/20141103/ARTICLES/141109942/-1/topic24?Title=Uranium-producer-Cameco-reports-a-third-quarter-loss-

November 4, 2014 - Posted by | business and costs

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