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For the fourth week in a row, the spot price of uranium has dropped in a continuing meltdown from several years of speculative buying.
The Ux Consulting Co., one of two industry consultancies that determines the weekly benchmark spot price, moved uranium to $120 (U.S.) a pound, down $10, while the other, TradeTech, held the weekly spot price at $129.
Weighing on the market is a decision by the U.S. Department of Energy to auction up to 200 million tonnes of uranium hexafluoride, containing about 520,000 pounds of uranium oxide, in eight lots to finance the clean-up of contaminated DOE uranium inventories.
Wellington West analyst Leonie Soltay points out that buyers remain active in the long-term uranium market, where the current price is $95 a pound and demand is robust, with at least 11 buyers actively seeking supply of about 27 million pounds for the 2007-2017 period.
In trading on the TSX Tuesday, uranium producer Denison Mines Ltd. is down 4.8 per cent to $11.98 and Cameco Corp., reeling from several operational problems, is down 3.3 per cent to $44.62.
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ed lacika from cobourg, Canada writes: Pls.correct 200 million tonnes,since it should be 200 tonnes.
- Posted 25/07/07 at 6:43 AM EDT | Alert an Editor | Link to Comment
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