The price we pay for past U miners mistakes ( processes ) . . . . . albeit it will keep the general public and the Greenies happier for the expansion of Nuclear power in the USA. Even "Kevdog" should have a smile on his face.
=========================================================== Courtesy of Bloomberg
Uranium Drops 4.7% After U.S. Approves Fuel Transfers, UxC Says
By Jason Scott - Mar 8, 2011 6:15 AM GMT+0100 inShare.1More
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Uranium prices fell 4.7 percent after the U.S. authorized transfers of the nuclear fuel to fund accelerated cleanup operations at a former enrichment plant owned by the government, according to Ux Consulting Co.
Uranium-oxide concentrate for immediate delivery traded at $66.50 a pound in the seven days ended yesterday, down from $69.75 the week before, UxC said in an e-mailed report today, based on the most competitive offer tracked by the Roswell, Georgia-based company.
The Portsmouth Gaseous Diffusion Plant in Piketon, Ohio, owned by the Department of Energy, ceased uranium enrichment production in 2001. Energy Secretary Steven Chu said March 2 the department had found the proposed transfers through the third quarter of 2013 would have no adverse material impact on the domestic uranium, conversion and enrichment industries.
�Most of the uranium market�s attention over the past week has centered on the Department of Energy�s announcement of no adverse impact from its sales/transfers of uranium inventory during the 2011-2013 time period,� UxC said. �Volatility seems to be the watchword today, as seen not only in the stock and oil markets but the uranium market as well.�
Uranium prices, which rose to a record $136 a pound in 2007 before falling to about $40, have gained since mid-2010 as China increased the use of nuclear power to curb emissions from burning coal. More than 150 new reactors are planned worldwide by 2030, with China expected to add 50 units, according to data compiled by the World Nuclear Association.
Prices of uranium climbed 17 percent in January and fell 4.5 percent last month. Selling from China contributed to the February decline, according to UxC.
Nuclear-power utilities buy the bulk of their uranium for processing into fuel from mining companies, with the contracts mostly extending beyond a year. The immediate delivery, or spot market, allows trading for delivery within a year and includes financial investors. The U.S. government also periodically conducts auctions to reduce stocks.
To contact the reporter on this story: Jason Scott in Perth at [email protected]
To contact the editor responsible for this story: Clyde Russell at [email protected].
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