Antinuclear

Investors flee as uranium price collapses even further

A uranium price collapse has made mining companies radioactive to investors, Quartz By Jason Karaian   May 28, 2014 Here’s the latest sign that uranium-mining doesn’t pay: Paladin Energy, an Australian uranium mining group, announced today that it was ceasing production(pdf) at a key mine in Malawi. The move will take 3.3 million pounds of uranium per year off the market.

Paladin is far from alone. As uranium prices have tumbled, others have been feeling the pinch. Indeed, for some 60% of global uranium production, the cost of extraction is higher than the market price for the commodity, the firm says.

Uranium prices have been hit by a series of setbacks in recent years, from a global financial crisis that put a big dent in nuclear power demand, to a glut ofdecommissioned weapons-grade uranium, to the Fukushima nuclear disaster in Japan, which led to the shutdown of all that nation’s nuclear power plants and inspired nuclear phase-outs in places such as Germany and Switzerland.Investors in uranium mines have seen their assets plunge in value:……http://qz.com/213889/a-uranium-price-collapse-has-made-mining-companies-radioactive-to-investors/

May 30, 2014 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, business, uranium