Uranium stocks soar after Inkai production halted

The news: Uranium stocks surged in morning trade on the ASX after Canadian producer Cameco said output from its Inkai joint venture in Kazakhstan was unexpectedly halted due to a lapse in authorisation from the government.

The numbers: Uranium explorers Deep Yellow (11.2%), Paladin Energy (10.8%) and Boss Energy (9.9%) were the three best performers across the ASX 200 by 10:45am AEDT. Energy was the best performing sector, rising 1.24% as the wider index lifted 0.12%.

The context: Toronto- and New York-listed Cameco has a 40% stake in the Inkai joint venture with state-run Kazatomprom, which didn't get an extension to submit its project paperwork due to a delayed submission to to Kazakhstan’s energy ministry.

The extension was expected to come through last year, Cameco said, adding that there had been no indication that production might be suspended as part of the process.