Cameco had recently cut its production forecast for the year by 8%, owing to operational issues at both its Cigar Lake mine and Key Lake mill, which services the McArthur River mine
With its one-time pariah commodity back in vogue, one of Canada’s biggest mining companies is reaching valuations not seen in more than 15 years.is benefiting from a resurgence in uranium, as nuclear power is increasingly embraced by countries looking for ways to cut carbon emissions and supply concerns arise.In recent years, the world’s attention has turned to cutting carbon emissions to fight climate change.
The war in Ukraine has upended the global market for nuclear fuels. In April, the governments of Canada, France, Japan, the U.S. and Britain announced they would collaborate on establishing new supply chains that cut Russia, traditionally a major player, out of the picture. “The recent production shortfall from Cameco further highlights the growing security of supply risk in uranium at a time when the demand outlook is stronger,” Mr. MacArthur wrote.
The world’s nuclear reactor fleet, which is fuelled predominantly by mined uranium processed at conversion and enrichment plants, has been in steady decline for decades. In Canada, Ontario Power Generation is more than halfway through a refurbishment of its four-reactor Darlington station in Clarington, Ont. Bruce Power is also overhauling its Bruce station on the eastern shore of Lake Huron and restarted a refurbished reactor this month.
The report concluded that “intense development” of new uranium projects will be needed throughout this decade to avoid future supply disruptions.
France Dernières Nouvelles, France Actualités
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