Cameco Corp's stock plunged 9% in pre-market trading on Monday as the Canadian uranium producer announced its JV Inkai operation in Kazakhstan has resumed production following a suspension.
The Saskatoon-based company said it was informed by its partner Kazatomprom that the Inkai uranium mine, where Cameco holds a 40% stake, has restarted operations. Kazatomprom owns the remaining 60% interest in the joint venture.
While positive from an operational standpoint, the news appears to have disappointed investors who were likely anticipating a prolonged outage at Inkai. A extended suspension could have further tightened global uranium supplies and supported higher prices for the nuclear fuel.
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