Uranium Week: Uranium Supply Risk From Pandemic

While the uranium spot price continues in a narrow trading band, Cameco places its North Saskatchewan operations on care and maintenance

-Cameco suspends Cigar Lake operations
-Positive UK government nuclear initiatives
-Uranium spot price remains range-bound

Cameco, the world’s second largest uranium producer, suspended operations at its Cigar Lake Mine on December 14. This was after finding six positive covid cases in its North Saskatchewan operations.In an official statement, the company noted a "significant negative trend" in Saskatchewan case numbers, which has contributed to uncertainty over the mine’s operations. That uncertainty was attributed in part to a lack of access to qualified staff, due to a shrinking number of available workers resulting from self-isolation, absenteeism and pandemic-related disruptions to transportation.The company stated “Our deliveries to date have not been materially impacted by covid-19, nor do we expect there will be a material impact on our remaining 2020 deliveries.”Cameco CEO […]

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