The Cameco mine at McArthur River. Photo courtesy Cameco.ca
Cameco has announced that Tokyo Electric Power Company has issued a termination notice for a uranium supply contract.
In a release, the uranium mining company says it sees no basis for terminating the contract and considers TEPCO to be in default.
Cameco also says it will pursue legal action.
Yesterday, TEPCO confirmed it would not accept a uranium delivery scheduled for today. It also announced it would not withdraw the contract termination notice it provided to Cameco on January 24th.
TEPCO says it has been unable to operate its nuclear generating plants for 18 months due to government regulations arising from the Fukushima Nuclear Accident in March 2011.