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Sep 25, 2015 - This was a week of milestones for several companies in the nuclear fuel industry. Mining company Cameco and French-owned uranium company AREVA celebrated the start of production at the Cigar Lake uranium mine and McClean Lake mill. The mining and mill operation started producing packaged uranium concentrate last year. The operation is expected to produce 18 million pounds of uranium by 2018. In the USA, the Tennessee Valley Authority’s (TVA) Watts Bar Nuclear Plant has completed one of its final major pre-operational tests to support readiness for licensing and fuel load for Unit 2. The US Nuclear Regulatory Commission is expected to soon issue an operating license for TVA to load fuel in its new reactor at Watts Bar, which is scheduled to become the first new reactor to be added to the USA’s electric grid in nearly two decades when it begins power generation in late 2015 or early 2016. China could build and own a nuclear power plant in the United Kingdom (UK) in the future, potentially paving the way for China’s first nuclear project in the West, according to UK Chancellor George Osborne. Chinese companies are expected to help finance the £16 billion (US$24.8 billion) Hinkley Point C nuclear plant in southwest England and Osborne said their participation could lead to China developing and owning a future nuclear plant, possibly at Bradwell, a site earmarked for development in eastern England. In the spot uranium market, one non-US utility is seeking offers for 800,000 pounds U3O8 for delivery next year; offers are due October 14. Throughout most of September, sellers have exhibited little willingness to lower offer prices and buying interest, which was expected to increase after the summer season ended, has generally failed to materialize. Several sellers await feedback from outstanding mid- and long-term tenders, but the lack of spot demand has led a few sellers to reduce offer prices in an effort to secure deals before month end. As a result, TradeTech’s Weekly Spot Price Indicator dropped slightly as the week came to a close. TradeTech’s Weekly U3O8 Spot Price Indicator fell $0.25 to settle at $37.00 per pound U3O8, down $0.25 from last week’s Indicator and down $0.25 from the September 24 Daily U3O8 Spot Price Indicator. read more