Uranium names continue higher as Japan moves closer to nuclear restart

|By:, SA News Editor

Top uranium miners rise for a second straight day after the Japanese government reversed plans to shift away from atomic energy, designating nuclear as an integral part in meeting the country’s long-term electricity needs.

PM Abe's plan, which is expected to receive cabinet approval in weeks, could open the door to restarting some of Japan's 48 idled reactors as soon as this year; the plan also hints at possible new reactors.

Japan’s turnaround on atomic energy has as much to do with finances as anything else; Japan's utilities have been making up the shortfall caused by the absence of nuclear energy by buying liquefied natural gas on the international market at record high prices.

Denison Mines (DNN +8.6%), which today announced high grade uranium intersections at its Phoenix deposit, and Cameco (CCJ +4.2%), Canada's largest uranium producer, continue to move higher; smaller miners are fading after posting strong gains yesterday: USU +3.3%, URRE -0.9%, UEC -1.1%, URG -3.4%.