Cameco reported that it will disclose its earnings release summarizing the fourth quarter and annual results, audited financial statements and accompanying notes after markets close, Friday, February 11.The Canadian uranium mining giant was last in the news for operational delays in 2006 and again in 2008, when a rockfall in the underground production area of the Cigar Lake mine led to successive periods of flooding. The most recent producer to report a projected production shortfall is Paladin Energy Ltd. (TSE: PDN) (ASX: PDN), which announced on January 20, that its 2011 operational target was reduced 14 percent due to production delays at its Kayelekera project in Malawi. Upcoming Events On Wednesday, The Nuclear Energy Institute (NEI) is holding a one day forum in Washington on nuclear fuel supply to provide information on policy issues related to the nuclear fuel industry. The key speakers for the event include professionals from key government agencies and organizations that shape policy to present their latest insights on the current context and short term outlooks. Delegates in the past have included: investors and financial institutions; uranium exploration and mining companies; uranium converters and enrichment companies; nuclear fuel fabricators; nuclear fuel brokers, traders and consultants; transporters of nuclear fuel; energy economists, legal experts in uranium and fuel contracting issues; government officials, policymakers and regulators; utility nuclear fuel managers and international energy organizations. Uranium Spot Price Movement This week, the spot uranium price continued to climb upward increasing $2.50 to $69.00 per pound as reported by TradeTech. This marks the highest level reported for uranium prices on the spot market since April 2008. While some buyers have retreated from the marketplace due to the strengthening pressure on prices, others have been willing to pay a higher price in order to secure material. A total of over 800 thousand pounds of uranium was transacted over the course of the week, with the bulk of the volume purchased today at prices at, or very near the current spot market price range. Last week buyers included utilities, traders and financial entities and new demand has since emerged with a non-US utility seeking offers for a total of 400,000 pounds to be delivered in two shipments by July 2011.
Spot uranium supply remains thin and sellers are convinced of further price increases, resulting in suppliers holding material to increase the level of their offer prices with each consecutive transaction. The price rise has been spurred by reports of missed production targets from several producers.Uranium Spill Causes Delivery Delay from Uranium Investing News