Uranium Giant Cameco Shuts Plants, 2020 Outlook Uncertain
Cameco Corp. (NYSE: CCJ), one of the world's largest uranium producers, has announced plans to shut down a fuel service facility barely a couple of weeks after suspending uranium production at its key mine, Cigar Lake. Here's why it's a big deal for Cameco: Cameco will be producing next to nothing for some weeks at least.
The announcement comes at a time when uranium prices are rallying, ironically for the same reason as above: production curtailments, including by the world's largest uranium miner Kazatomprom. Uranium is a key chemical element used to fuel nuclear power plants primarily run by utilities.
Cameco is shutting its uranium hexafluoride plant at its Port Hope conversion facility for four weeks "due to the increasing challenge of maintaining an adequate workforce as a result of screening protocols and other measures put in place to align with the directives and guidance of government and public health authorities for the Coronavirus (COVID-19) health crisis."
Source Fool.com
