Newmont sells Ontario mine to Orla for $850 million
The addition of the Musselwhite mine to its portfolio more than doubles Orla Mining's gold output to 300,000 ounces per year.
NexGen Energy (CVE:NXE) stock fell Monday amid the ongoing weak uranium pricing environment.
Shares in the Vancouver-based uranium junior, whose flagship venture is the Radio Uranium Project in Saskatchewan’s Athabasca Basin, lost 10% to $0.285.
Pressure on companies in the sector is intensifying as an expected increase in uranium prices has failed to materialize. The June spot price of U3O8 is down to $28 per pound, a nine-year low.
The long-term price remains at $45, the lowest since 2008 and compared with $67 prior to the Fukushima nuclear disaster in 2011.
Many uranium miners are putting projects on hold to focus on cost-cutting measures.
Last month, Canada’s Cameco (TSE:CCO, NYSE:CCJ), the world’s number one listed uranium producer, said it was deferring its Millennium project in Saskatchewan due to the poor market conditions.
Comments
RockStox
Stock is up 12% today. Venture stocks are volatile. 10% swings aren’t irregular.