Uranium miners extend gains as output halted at Inkai deposit
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The news: Uranium explorers extended gains during morning trade on the ASX, after production at the Inkai uranium deposit in Kazakhstan was temporarily suspended last week.
The numbers: Uranium stocks Paladin Energy (5.8%), Boss Energy (5.4%) and Deep Yellow (3.5%) were all trading higher by 11:45am AEDT, having closed Friday's session as the three best performing ASX 200 companies.
The rally helped the energy sector climb 0.96% as the ASX 200 lifted 0.21%.
The context: The Inkai joint venture, which is shared by Canadian producer Cameco and state-run Kazatomprom, halted output due to a lapse in authorisation from the Kazakhstan government.
Cameco said it was "disappointed and surprised" by the unexpected suspension. It will seek further clarification on the potential 2025 and 2026 production and financial impacts, the company said.
