November 9, 2017 / 8:26 AM / a year ago

BRIEF-Areva says uranium deliveries not impacted by suspension on Saskatchewan operations

Nov 9 (Reuters) - AREVA:

* AREVA acknowledges decision of Cameco Corporation to temporarily suspend by end-January 2018 production from the McArthur River mining and Key Lake milling operations in northern Saskatchewan, Canada, due to continued low uranium price.

* AREVA says temporary suspension - which is expected to last ten months – will not affect uranium delivery to its customers

* Regarding Cigar Lake mine and McClean Lake mill, 2018 production is expected at the same level as in 2017

* AREVA says market conditions have been very unfavourable with a drop of uranium spot price from early 2015 to the end of 2016 by 50% to reach 20$/lb and so far, the market does not show any sign of recovery

* New AREVA is committed to remain a reliable and competitive long-term uranium supplier

* New AREVA was split off from state-owned integrated nuclear group Areva this year after its parent company’s equity was wiped out following years of losses.

* The French state recapitalised the new AREVA company with a 2.5 billion euro capital increase in July, while Japan’s MHI and JNFL also plan to put in 500 million euros.

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