Cameco (TSE:CCO)(NYSE:CCJ) shares gained more than 5 percent on Wednesday even after the uranium producer said its 2014 production target may be affected by its Cigar Lake operations in northern Saskatchewan. The company told investors that as part of the ongoing commissiong process at the mine, the ground freezing has not advanced as quickly as expected in some localized areas of the asset and has therefore decided to temporarily stop jet-boring at Cigar Lake to allow the ore body to freeze more thoroughly in these areas.
Uranium miners rallied on Wednesday, however, as investors reacted to news that brings Japan closer to restarting nuclear reactors halted after the Fukushima disaster of 2011. Japan's nuclear regulator, the Nuclear Regulatory Authority (NRA), today confirmed the safety of two reactors at the Sendai nuclear power plant in northern Japan.
PDN Price at posting:
34.5¢ Sentiment: Buy Disclosure: Held
