FP says Cameco, rivals jump on Japan nuclear plan
The Financial Post reports in its Wednesday, Feb. 26, edition that Cameco soared nearly two bucks to finish Tuesday in Toronto at $25.42, following the unveiling of a pro-nuclear energy plan in Japan that could lead to restarts of some of its idled nuclear reactors. The Post's Peter Koven writes that the restarts are a key catalyst for the uranium sector that investors have awaited for years. The news also lit a fire under the shares of Denison Mines, Ur-Energy and Paladin Energy. The long-awaited "Basic Energy Plan" makes a commitment to nuclear power as part of Japan's energy mix. The plan, which is expected to receive cabinet approval in weeks, could open the door to restarting Japan's 48 idled reactors as soon as this year. The plan also hints at new reactors. Shinzo Abe has pushed a pro-nuclear agenda since becoming prime minister in late 2012. He implemented new safety standards for the industry, which created a framework in which reactors could eventually restart. Currently, 17 reactors are being reviewed for potential restarts. Cameco chief executive officer Tim Gitzel says: "Things are lining up nicely as we go along. It's just taking longer than we thought it would [for the restarts]."