DML:CC - Uranium shares surge as Germany extends life of three nuclear plants
Uranium miners including Denison Mines ( NYSE: DNN ), Cameco ( NYSE: CCJ ) and Uranium Energy ( UEC ) surge in Monday's trading after Bloomberg reported Germany will extend the life of all three of its nuclear power plants until mid-April 2023 in the face of an unprecedented energy crisis.
German Chancellor Olaf Scholz reportedly overruled Energy Minister Robert Habeck, whose Green Party had voted against an extension of nuclear power during a party convention this weekend.
Germany agreed to phase out nuclear power following the 2011 Fukushima disaster in Japan but Scholz's government has come under pressure to shore up alternative sources of energy that do not use expensive natural gas.
Separately, Denison Mines ( DNN ), +9.5% , may be enjoying an additional boost on news it successfully recovered uranium bearing solution from the Phoenix in-situ recovery feasibility field test at its Wheeler River project in Saskatchewan.
Also: ( UUUU ) +8% , ( UEC ) +6.8% , ( NXE ) +6.7% , ( CCJ ) +6.6% , ( URG ) +4.5% .
"Uranium stocks are decoupling from broader market gloom," Permanent Value writes in an analysis published on Seeking Alpha .
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Uranium shares surge as Germany extends life of three nuclear plants