Cameco Rejects TEPCO's Uranium Contract Termination Notice
Cameco Corporation (CCJ)
Last cameco corporation earnings: 5/1 07:00 am
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Source: Marketwire
SASKATOON, SASKATCHEWAN -- (Marketwired) -- 02/01/17 -- Cameco (TSX:CCO)(NYSE:CCJ) announced Tokyo Electric Power Company Holdings, Inc. (TEPCO) has issued a termination notice for a uranium supply contract with Cameco Inc. that we do not accept. Cameco Inc. sees no basis for terminating the contract, considers TEPCO to be in default, and will pursue all its legal rights and remedies. On January 31, 2017, TEPCO confirmed it would not accept a uranium delivery scheduled for February 1, 2017, and would not withdraw the contract termination notice it provided to Cameco Inc. on January 24, 2017. TEPCO alleges that an event of 'force majeure' has occurred because it has been unable to operate its nuclear generating plants for 18 consecutive months due to government regulations arising from the Fukushima nuclear accident in March 2011. "We are surprised and disappointed that TEPCO is seeking to terminate its contract given all the past productive discussions we ha
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