Cameco shares down after 'disappointing' payout in arbitration ruling [Business News Network (BNN) Energy & Resources (Canada)]
Cameco Corporation (CCJ)
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Source: Business News Network
Cameco shares down after 'disappointing' payout in arbitration ruling SASKATOON - Uranium producer Cameco Corp.'s shares were trading down more than eight per cent Monday after the company received a smaller sum than it was seeking in an arbitration dispute. Downward pressure that sent the stock price down $1.46 to $13.05 on the Toronto Stock Exchange followed what the company called a "disappointing" award of damages. Cameco says a tribunal of international arbitrators ruled that a Japanese utility did not have the right to leave a supply agreement and awarded Cameco US$40.3 million, far less than the US$700 million in damages that it was seeking. The utility Tokyo Electric Power Co. said in 2017 that it would terminate a long-term contract because of measures the Japanese government took after the 2011 Fukushima Daiichi nuclear disaster. The ruling, which can't be appealed, overshadowed a positive decision from the U.S. to refrain from imposing import restrictions on uranium due to
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