• 2 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 4 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 6 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 7 hours Schlumberger Warns Of Moderating Investment In North America
  • 8 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 9 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 11 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 12 hours New Video Game Targets Oil Infrastructure
  • 14 hours Shell Restarts Bonny Light Exports
  • 15 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 21 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 1 day Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 1 day Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 day OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 1 day London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO

Yet Another Key Uranium Mine Gone

Yet Another Key Uranium Mine Gone

The news on uranium mine closures seems to be coming regularly now.

Last week, I wrote about major producer Cameco delaying its Millennium mine in Saskatchewan. And this week we got news of another high-profile producer that's being lost to the market.

That's the Imouraren mine in Niger. Being developed by French nuclear major Areva.

Imouraren had been scheduled to open this year, alongside Areva's two existing mines in Niger. But sources in Niger's mining ministry were quoted as saying that development of the project will now be suspended--as part of a new production agreement Areva is signing in the country.

Once again, the reason for the deferral is reportedly simple economics. With Reuters noting that Imouraren won't proceed "until uranium prices improve."

This is another significant loss for global uranium supply. The Imouraren mine had been slated to be a sizeable one--with a total resource of more than 100 million pounds. Production capacity had been announced at over 11 million tonnes of uranium yearly.

None of that will now see the light of day. At least not for the foreseeable future.

It's possible that some of the delay is a result of politics. With Areva lately having been locking in a disagreement with Niger's government about fiscal terms for uranium production in the country.

But it's also completely plausible the delay is simply a matter of low prices. Fitting with the pattern we've seen lately of almost every major uranium development globally being shelved. From Canada to Africa to Kazakhstan, there just doesn't seem to be any appetite for new projects in current market environment.

That's not surprising at today's prices. Which see uranium oxide sitting at an ultra-low $28 per pound on the spot market.

Few producers new or old are making money at these rates. We'll see how long supply can hold out if mining developments keep disappearing.

Here's to a shrinking market,

By Dave Forest




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News