Latest Podcast & News

Spencer Abraham Podcast

UEC Chairman, Former US Secretary of Energy

Latest News

Cameco’s announcement is a major catalyst that will rapidly re-balance and remove 17 million lbs of over supply from the market.

Cameco’s announcement to shut down the McArthur River mine, is the BIGGEST catalyst for the uranium sector since FUKUSHIMA.  This is the world’s largest operating uranium mine, ~10% global production, coming offline.  Much bigger news than when Cameco’s Cigar Lake mine flooded in 2006 (at the time that was development stage) but that was the beginning of a major uranium rally.  We’ve been saying this all along, no mine on the planet can make money at $20/lb. uranium, and this announcement is the ultimate validation of this point.

The McArthur River Mine and Key Lake Mill complex are collectively the world’s largest uranium operation and a shutdown of this magnitude cannot be over-emphasized. The impact on spot uranium prices will be volatile and immediate. We have been describing the complacency of the utility fuel buyers despite their looming 1 billion pounds of uncommitted demand. This news will surely shake them out of a wait and see mode regarding their procurement strategies. Very positive news for UEC who are well positioned to capitalize on such a long-awaited development. We will continue to provide updates as news breaks. 

- Scott Melbye, UEC Executive Vice President