While Japan's nuclear future is still unclear, leading uranium mining company Cameco believes that it's only a matter of time before the country begins to restart their nuclear reactors. Speaking at Reuters Mining and Steel Summit from Saskatoon, Saskatchewan, CEO Tim Gitzel said that Japanese utilities have turned down Cameco's offers to purchase excess material, a sign that the country expects to soon return to nuclear power.
"I think over the next months we'll start to see some reactors come back on," said Cameco CEO Tim Gitzel. "It will be a slow process, but eventually they'll bring those back on."
According to Gitzel, some Japanese utilities have deferred deliveries over the course of the last year, but none have reduced inventories. He also noted that the company's Japanese partners continued development of new mines is a good sign for the industry.
"We're partners with some of the Japanese utilities in some mining projects," said Gitzel. "We've talked to them about whether they're staying in the game and indeed they are staying in. They're continuing to invest in exploration."
On Monday, TEPCO shut down No. 6 reactor at its Kashiwazaki-Kariwa plant for regular maintenance, leaving the No. 3 unit at the Tomari plant the only remaining plant in operation. According to a Hokkaido Electric spokesman, the Tomari plant will shut down to undergo maintenance in May.
Since the Fukushima disaster, local communities have been refusing to allow reactors to be restarted after routine maintenance, which has to take place every 13 months. However, the country's nuclear regulator is conducting stress tests to check the safety of plants and give assurance to residents. Once this is completed, the government will determine restarts based on the amount of public and political support.