NEW YORK, NY — (Marketwire) — 10/17/11 — Uranium prices are finally starting to stabilize as companies are cutting back on production. Demand has softened following the Fukushima nuclear disaster, leading producers to slow production to conserve margins. The Bedford Report examines the outlook for companies in the Uranium Sector and provides investment research on USEC, Inc. (NYSE: USU) and Uranium Resources, Inc. (NASDAQ: URRE). Access to the full company reports can be found at:
Uranium prices have yet to recover from the aftermath of Japan–s devastating earthquake in March. Demand has slumped as Germany announced plans to close all 17 of its nuclear power reactors by 2022. Until recently, production remained on the upswing. However, earlier this month the world–s top producer, Kazakhstan, announced that it has stabilized production to around 20,000 metric tons annually in order to avoid further depressing prices.
Sergei Dara, Director of Strategic Development and International Projects at Kazatomprom, the state nuclear company, said as long as prices remain at their current low levels, “Kazakhstan will not develop new projects and our production will remain at the current level.”
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Uranium Resources Inc. explores for, develops and mines uranium. Since its incorporation in 1977, URI has produced over 8 million pounds of uranium by in-situ recovery (ISR) methods in the state of Texas where the Company currently has ISR mining projects.
USEC Inc., together with its subsidiaries, supplies low enriched uranium (LEU) to commercial nuclear power plants in the United States and internationally. The company recently announced that its board of directors voted to continue the company–s investment in the American Centrifuge Plant for the month of October, but at a reduced spending rate as the company continues working with the Department of Energy (DOE) to achieve a conditional loan guarantee commitment for the project by November 1.
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