UPDATE 2-Goldman to wind down uranium desk; may sell Colombian coal mines -report
Goldman Sachs announces winding down of uranium desk citing “misconceptions” about uranium mining’s safety. Obviously, as they have shown zero concern about that in the past their decision is just about money, or the lack thereof they see going forward into a future increasingly unfriendly to nuclear energy.
Reuters / 20 November, 2014
From the article: “Notwithstanding these various considerations, given the misconceptions about this business, we have decided to manage down Nufcor’s assets to zero,” he [co-head of Goldman Sachs’ Commodities Trading Gregory Agran] will tell the committee.
Due to long-term supply contracts, Goldman will continue selling uranium to one power plant until 2018, according to the Senate report.
Goldman and Deutsche entered the uranium market in 2009, when tightening supplies threatened to send prices soaring before the Fukushima nuclear disaster in Japan. The two would grow to handle almost a third of all uranium trades in the spot market, according to sources.
Goldman’s trading of yellowcake, enriched uranium ore known as U308, rose tenfold from 2009 to reach 12.8 million pounds in 2013, according to the report. The value of its uranium inventories topped $240 million.
Read full article here