Uranium price to recover next year on shortage, Trump policy, Sprott CEO says
The heavy metal’s spot price fell to $76.56 per lb. this week, down from a 17-year high of $106 per lb. in February.
Cameco stopped shipping yellowcake from its northern Saskatchewan mines due to wildfires.
During a phone interview with BNN, Cameco CEO Tim Gitzel characterized the action as prudent in the face of potential safety risks.
“The northern half of the province is pretty much on fire these days,” Gitzel told BNN during a phone interview today.
“We are stockpiling production at the site just waiting for things to calm down in the north a bit. Once the all clear is given, we’ll start shipping our yellowcake south.”
Gitzel says all of Cameco mines continue to operate. He said supplies to the mines are intermittent.
The company has been helping nearby affected communities. Cameco’s mine site was turned into an evacuation center.
Saskatchewan has been facing exceptionally hot, dry and windy conditions, which has created a number of extreme fires. About 13,000 people have been displaced.
Experts says fires could burn all the way up to the first snowfall.
