Cameco Rallies on View Shutting Mine Will Bolster Uranium Prices
- Miner suspends output at Rabbit Lake operation in Saskatchewan
- Company cites `depressed market conditions' in shutting site
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Canadian uranium producer Cameco Corp. rose the most in a year in Toronto on speculation suspending operations at its Rabbit Lake mine will support sagging prices for the raw material in nuclear reactor fuel.
Cameco climbed 6.8 percent to C$16.73 at 1:56 p.m. after rising 7.5 percent, the most intraday since April 22, 2015. The shares have declined 19 percent in the past 12 months.