Make Kitco Your Homepage

Off The Wire

UPDATE 1-Yellow Cake says U.S. uranium import decision to help long-term prices

Reuters

Kitco News

(Adds details on U.S. decision, share movement)


July 15 (Reuters) - Uranium fund Yellow Cake said on Monday the U.S. decision to not implement fresh trade restrictions on the metal's import was likely to help long-term prices and bring production to a more normal level.


An investigation by the U.S. Commerce Department into uranium imports had constricted the uranium market and caused uncertainty in the past 18 months, the company said.


U.S. President Donald Trump said in a memorandum on Saturday he did not concur with the investigation that found uranium imports threaten to impair U.S. national security and ordered a deeper review by the U.S. Nuclear Fuel Working Group. "We therefore expect a more measured return to market activity in the near term and remain highly confident in the long-term price outlook for uranium," Yellow Cake Chief Executive Officer Andre Liebenberg said in a statement. Yellow Cake has uranium holdings of nearly 10 million pounds for the period ended March 31. AIM-listed shares of the company rose 3.7% to 224 pence in early trading.


(Reporting by Yadarisa Shabong in Bengaluru; Editing by Arun Koyyur)

9089;))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.