Energy policy — nuclear: Japan’s disaster sinks uranium futures

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From The Durango Herald (Joe Hanel):

The disaster shook the world’s uranium market the same week that Energy Fuels Inc. was wrapping up a financing deal for its proposed Piñon Ridge uranium mill, between Naturita and Paradox, said Gary Steele, the company’s vice president for corporate marketing. “I’ve had better weeks than the last one, believe me,” Steele said. Tuesday’s weekly spot price of uranium fell to $60 per pound, according to UxC Consulting, a company that tracks global uranium prices. That’s down $6.50 from a week earlier and $12 from the end of January…

Already, China and Germany have announced moratoriums on new nuclear plants, and U.S. congressmen like Massachusetts Democrat Ed Markey are calling for the same thing here. Italy will hold a national referendum on building more nuclear plants in June. Reaction to the disaster has played havoc with Energy Fuels and other uranium companies, which mostly are headquartered in Canada. “It is sell now, ask questions later for the uranium market,” Canada’s Financial Post said Tuesday.

Energy Fuels wrapped up its plan Thursday to sell $10 million in shares of the company. The price was dependent on market conditions at the time, and Energy Fuels stock had dropped to 41.5 cents per share at Thursday’s close on the Toronto stock exchange, down from 87 cents the day before the earthquake.

More nuclear coverage here and here.

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