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Global Markets: Weak uranium prices hurting CDN mining giant

By Commodity News Service Canada
Nov. 10 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Canadian uranium giant Cameco is shuttering two large mills in northern Saskatchewan as the company grapples with more low prices. At one point, the price for a pound of uranium was over C$60 per pound but has since dropped to the C$20 mark. 845 workers will be laid off for an unknown length of time at mines in McArthur River and Key Lake.

– Prime Minister Justin Trudeau is on the hot seat after the breakdown of a meeting at the Asia-Pacific Economic Co-operation leaders’ summit in Danang, Vietnam. Trudeau did not attend a meeting at the correct time with other TPP leaders, prompting several international media outlets to blame him for its cancellation. The Prime Minister’s Office said Trudeau and other leaders had concerns about the proposed deal, and weren’t going to rush into an agreement.

– Ontario’s largest electricity company suffered losses in the third quarter. Hydro One Ltd. saw profits fall six percent compared to last year. The company said much of the decline could be traced back to its proposed acquisition of rival company Avista Corp. That deal is expected to cost C$6.7 billion.

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