Uranium Pain Seen Worsening by Paladin as Glut Extends Slump
- All uranium mines are loss-making at $21 a pound: Paladin CEO
- Prices decline on Wednesday to lowest level since January 2005
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Uranium producers should brace for a longer period of lower prices as the fuel extends its decline to an 11-year low amid a glut, according to Australian miner Paladin Energy Ltd.
Every uranium mine is running at a loss with prices at $21 a pound, said Alexander Molyneux, the chief executive officer of Paladin Energy. The atomic fuel fell to $20.50 on Wednesday, capping a 40 percent decline for the year, according to data from Ux Consulting Co. Prices were last below $21 in January 2005, according to Ux, a provider of research on the nuclear industry.