Rio Tinto decides to keep idled US uranium property - report |
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Published
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Tue, 09 Jan 2007 23:42
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SYDNEY (XFN-ASIA) - Booming uranium prices have prompted Rio Tinto to keep an idled US uranium property that it had planned to sell, The Age newspaper reported, citing a statement from Canada's sxr Uranium One, which held an exclusive right to negotiate with Rio to acquire the Sweetwater uranium mill and associated properties in Wyoming.Uranium One told its home exchange the sales process had been discontinued because of 'significant and unexpected changes in the worldwide uranium market'.Sweetwater operated for only a short period from 1981-83.Since Uranium One's right-to-negotiate deal with Rio in 2005, uranium prices have more than doubled on the spot market to 72 usd a pound, reflecting the growing acceptance that nuclear power has a role to play in the fight against global warming.bruce.hextall@xfn.com
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