From WMD to energy
Iraqi yellowcake may soon power your home.
(Fortune Magazine) -- Yellowcake uranium may be known to most of us as President Bush's justification to go to war in Iraq, but the remnants of Saddam Hussein's once-feared WMD program may soon be lighting up homes across the United States.
Last month, under a deal brokered by the State Department, Canadian-based Cameco Corp. took possession of 600 tons of Iraqi yellowcake - not the yellowcake Saddam had allegedly sought in Niger, but a stockpile he amassed before the Gulf War.
The seed mineral may be best known for its ability to be turned into highly enriched uranium for nuclear bombs, but it can also be used as fuel for nuclear power reactors. Cameco (CCJ), the world's biggest uranium producer, will upgrade its new supply at a pair of plants in Ontario before shipping most of it to the United States, where the nuclear industry is under growing pressure to meet energy needs.
Uranium has joined potash and tar sands in driving Canada's commodities boom in recent years. But while a year ago it was trading at a record $136 a pound, it has since retreated to $64.50. That isn't so bad compared with the $7 low it hit in 2000. And some analysts think it could still surge to $500 since global supplies can't keep pace with demand - not even with a little help from the leftovers of Middle East dictators.
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