Antinuclear

Cameco’s Kintyre uranium project not economically viable

Cameco shares down following $168M write down on its Kintyre uranium mine The Canadian Press February 11, 2013  SASKATOON – Cameco has confidence in the long-term value of its Kintyre project but it’s not economically viable at current uranium prices and had to be written down by $168 million, CEO Tim Gitzel said Monday.

He said uranium would have to be at least US$67 per pound “to make that project interesting.”…..  it is not economical at current market prices and drilling results last year weren’t as encouraging as hoped “so we’ve put it into our bull pen for now.”He said the 2011 Fukushima nuclear crisis has caused “a pause” in demand for uranium.

“There’s been high-profile countries like Germany, who had 17 reactors operating before Fukushima and quickly shut down eight and are just running nine now and plan to phase out (the rest) over time,” said Gitzel….

February 12, 2013 - Posted by Christina Macpherson | business, uranium