NEW YORK, NY -- (Marketwire) -- 06/19/12 -- The Uranium Industry has been showing signs of improvement recently as long term uranium prices last month increased for the first time since January 2011. Long term uranium prices jumped 2.5 percent to $61.50 from $60.00 according to Ux consulting. Demand for uranium is expected to grow as Japan over the weekend brought two reactors back online. The Paragon Report examines investing opportunities in the Uranium Industry and provides equity research on Cameco Corporation (NYSE: CCJ) (TSX: CCO.TO) and Uranium Energy Corp. (NYSE MKT: UEC) (NYSE Amex: UEC).
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More than a year after the Fukushima disaster, which triggered three meltdowns and halted all 50 reactors in Japan, Japanese Prime Minister Yoshihiko Noda has ordered the restart of two nuclear reactors. These will be the first time the Japanese government have used nuclear power since the incident. A decision on the remaining 48 reactors will likely be held off until a new nuclear regulatory agency is created. Japanese parliament is expected to pass a bill calling for a new nuclear regulatory agency as early as next week. "We will increase our efforts to restore the public's trust over nuclear safety regulation and atomic energy administration," Noda said, following a meeting with ministers.
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Cameco recently announced that the agreement with AREVA Resources Canada Inc. to purchase AREVA's 27.94 percent interest in the Millennium project for $150 million has closed. With the closing, Cameco's interest in the Millennium project increases to 69.9 percent. The remaining 30.1 percent is owned by JCU (Canada) Exploration Company. Shares of Cameco are up over 14 percent year-to-date.
Of the 273,000 pounds produced in the third quarter 2012, Uranium Energy has sold 120,000 pounds at an average price of $52 per pound generating revenues of $6.2 million, and has 153,000 pounds available for sale in inventory with a market value of approximately $7.9 million. Shares of the company jumped nearly 22 percent Friday.
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