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Thursday
Aug282014

Uranium Rises as Dispute Spurs Shutdown of Largest Mine

Chart courtesy of u308.biz

Uranium increased the most in more than 2 1/2 years after Cameco Corp. (CCO) moved to temporarily shut its McArthur River mine, the world’s largest source of the nuclear fuel, amid a dispute with workers.

The price of U3O8 -- a tradable form of uranium -- rose 3.2 percent to $32.50 a pound today, the biggest gain since November 2011, data compiled by Bloomberg show.

Cameco said yesterday it started a “safe and orderly” shutdown of McArthur River in Saskatchewan and the nearby Key Lake mill after the United Steelworkers union said a strike will start on Aug. 30. The Canadian company said it doesn’t expect its move to affect 2014 deliveries and that it may draw on other sources of supply such as inventories.

McArthur River has the capacity to produce 18 million pounds of uranium a year, or about 10 percent of global demand, Edward Sterck, a London-based analyst at Bank of Montreal, said yesterday in a note to clients. The mine was the world’s largest by production last year, according to the World Nuclear Association.


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