Uranium fell to a 16-month low, or half the record price reached in June, after new supplies became available and exceeded demand.
Uranium-oxide concentrate for immediate delivery slipped to $69 a pound, $2 lower than a week earlier, Denver-based pricing service TradeTech LLC said in an April 11 report. Four sales totaling 900,000 pounds took place last week. Supply exceeded demand by about 50 percent, TradeTech said.
``Although recent transactions have absorbed a significant quantity of supply from the spot market, additional supply continues to emerge,'' TradeTech said....MORE
Cameco is the world's largest publicly traded uranium miner.
From Barron's, last week:
...CAMECO GETS THE HEAT
What’s the opposite of radioactive? Whatever it is, Cameco (CCJ) is it. Shares traded higher for the second straight session amid talk the Canadian uranium producer could attract the attention of a prospective buyer. China National Nuclear company hinted that it was thinking about acquisitions or partnerships, though - with a cap of about $11 billion - an acquisition might be a little rich for the Chinese government’s tastes, suggesting that a partnership could be more likely. Nothing concrete has eminated from Cameco itself.
From the Saskatoon Star-Phoenix:
Shares in Cameco Corp. rose this week on the news that China National Nuclear Corp. (CNNC) is looking to Canada for acquisitions or partnerships.
Saskatoon-based Cameco, the world's largest uranium producer, rose 4.77 per cent, or $1.74, at the end of trading Thursday, closing at $38.25 -- the company's highest share value since March 14. More than three million Cameco shares were traded Thursday, the busiest day for the company since March 20.
State-owned CNNC, which has more than 100 subsidiaries, is reportedly considering options ranging in value from several hundred million to more than a billion dollars for takeovers and supply agreements....
