In a company statement yesterday Cameco revealed that the Port Hope Facility would be closed for at least two months due the discovery of uranium and potassium hydroxide in the soil.

This is not only unfortunate for Cameco, it will have a knock on effect across the uranium sector as this sort of problem serves to galvanise the environmentalists into action.

The leak is said to be in a contained area and shouldn’t present a threat to the general public, however it is close to Lake Ontario.

Port Hope is the only uranium conversion facility in Canada and one of only four in the western world and nuclear reactors around the world use fuel that was converted at the Port Hope operation.

It should also be noted that uranium dioxide conversion and other activities at the site are not affected.

This is yet another problem for Cameco, in addition to Cigar Lake.

We think that it is in everyone’s interest that this leak is indeed contained and that Cameco can rectify this problem quickly.