Cameco cuts long-term uranium output target as nuclear demand slows

Canada’s Cameco Corp on Wednesday lowered its long-term uranium production target by 10%, a sharp shift in strategy in response to slower demand growth for the fuel after the Fukushima nuclear disaster.

The uranium market has been in a downward spiral since a massive earthquake and tsunami struck Japan in March 2011, crippling the Fukushima-Daiichi atomic power plant.

Countries from Japan to Germany have reduced their dependence on nuclear power in the aftermath of the worst meltdown since Chernobyl, sending the spot price for uranium, the material that fuels reactors, sharply lower.

Cameco, the world’s largest publicly listed uranium producer, reported a 50% drop in adjusted third-quarter profit as prices and sales volumes sagged.

Read Full Article from National Post

- Posted: 2012-11-01 14:15:30

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