Two reports out on Thursday suggest better times ahead for the uranium mining industry. The Globe and Mail quotes Tim Gitzel the new chief executive of Cameco Corp. – the world’s largest producer – who is taking the job on Friday as saying the current slump in uranium prices is a chance for the company to take another look at acquisitions. The Financial Post reports that RBC Capital Markets believe uranium price weakness will be shortlived and that China, India and South Korea are maintaining their nuclear build plans while Saudi Arabia, the United Arab Emirates, Turkey and Vietnam have all announced new nuclear plans.
Uranium Mining News
The world seems set to enter a period of slower growth and higher inflation and investors would do well to gain some direct exposure to commodity markets, said Barclays Capital MD Kevin Norrish on Wednesday.
Uranium North Resource Corp. reports that planning for the 2011 exploration and drilling programs are underway on the company's Nowyak, F13 and Robin projects in Nunavut. Plans for the Nowyak program include prospecting and geophysical surveying followed by an August drill program. Plans for the F13 and Robin projects include detailed prospecting and geophysics to delineate targets for future drilling.
BusinessDay reports on Wednesday Rio Tinto vowed not to abandon its uranium ambitions, despite conceding the recent crisis at the Fukushima nuclear power plant would slow growth in the uranium mining and nuclear power sectors for several years. Nuclear energy represents about 14% of global electricity and is set grow: 25 new plants are currently under construction in China and some 100 are on the drawing board to add to the 400 operating around the world. Uranium prices fell immediately following the Japan earthquake, but have since recovered to around US$55 per pound.
China’s massive appetite for commodities is creating concerns for the global economy, the environment and workers in other countries. In a series of reports, VOA is looking at the economic power modern China wields. Chinese government and company officials are signing agreements at a dizzying pace around the world, including in places where few other foreigners invest.
East Asia Minerals Corporation (TSXV-EAS) ("East Asia Minerals") is pleased to report on the progress with regards to the proposed distribution by way of dividend-in-kind to eligible East Asia Minerals shareholders of all the shares in
Rum Jungle Resources Limited has received an initial assessment of the Resource potential of the drilled grid area at Barrow Creek 1 from the Independent Geologists. The Company is extremely optimistic with these early favourable results that a major new resource of world class can be established by increasing the drill grid to incorporate an additional 20,000 metres of drilling in the current field season.
Proactive Investors reports Canada-based Fission Energy Corp said Monday that it has discovered a 4 kilometre long radioactive boulder train at its joint venture Patterson Lake South uranium property, located on the southwest margin […]
Cameco invests third tranche investment of $5 million for further development of Uranium Equities’ PhosEnergy Process. Demonstration Plant construction completed and undergoing final commissioning for the recovery of uranium as a by-product of phosphate fertiliser production.
aimex-tecpro.jpg Tecpro Australia will unveil innovative new dust suppression products for the mining industry on Stand R176 during AIMEX - Asia-Pacific’s mining exhibition 2011, to be held at Sydney Olympic Park, Homebush, from September 6-9. On show for the first time in Australia will be the Elefante and Giraffa fog makers from Italian company Idrotech. They [...]
West Australia's Labor Party says it will ban uranium mining if it gets elected in 2013. The announcement came Friday in the form of a motion by state AMWU secretary Steve McCartney. According to ABC News: The move is set to anger Federal Resource Minister Martin Ferguson, who called the policy ridiculous last month, warning the position is not sustainable and means the state will miss out on funds for schools, education and roads.
A significant base may be forming in uranium stocks — seen in the Global X Uranium ETF (URA) — as Japan’s troubled nuclear energy industry passed its first major vote since the Fukushima tragedy. Many of the stocks that make up this ETF are down more than 40% such as Uranium Resources (NASDAQ:URRE) and Uranium Energy Corporation (UEC). But positive news is beginning to reemerge after three months of naysaying. Fukushima is proving nuclear is here to stay.
Capital Mining (ASX:CMY) announced that initial drilling at the Mundaerno South project in South Australia has indicated uranium and vanadium mineralization. The press release is quoted as saying: Capital Mining said the drilling has provided valuable new information about the geology and prospectivity of the area, which puts follow up exploration on a sound footing.
In its latest Quarterly Commodities Review, Société Générale takes the view that , at a "time of significant doubt for the outlook for the global economy" the recovery is sustainable and the bank is looking for a stronger second half-year. Headwinds persist, however, and the recovery in the advanced economies is likely to remain relatively sluggish.
Bloomberg reports that commodities dropped the most in seven weeks after the International Energy Agency announced plans to release emergency oil supplies.Gold for August delivery fell 2.4 percent to $1,516.60 an ounce, the first drop in eight sessions, and palladium for immediate delivery declined 2.2 percent to $747.25 an ounce.
Switching to the long-term price, which better indicates how utilities see things, it was around $73/lb. prior to the disaster. After the first post-Fukushima price update, it only declined $1/lb., a fantastic sign that the utilities and the producers didn't see much of a long-term impact. It has declined a little since then-and is currently down 7%, to $68/lb.
Solitaire's Partner Terra Ventures Inc. commences drilling on uranium properties adjoining Denison's Phoenix high-grade uranium discovery, Athabasca Basin
Solitaire Minerals Corp. (TSX VENTURE:SLT) reports that Terra Ventures Inc. (TSX VENTURE:TAS) has commenced a diamond drilling programs on the Wheeler River uranium properties, adjoining the Denison Mines property and the Phoenix Zone, in the Athabasca Basin of Saskatchewan.
World Nuclear News reports that the working conditions at Fukushima Unit are improving. The market news is quoted as saying: Workers at the damaged Fukushima Daiichi nuclear power plant have entered the reactor building of unit 2 to assess the working environment. Ventilation of the building has led to a drop in humidity. Meanwhile, the system to decontaminate water on the site is in operation.
The head of Denison Mines (DML.TO: Quote) said on Tuesday he is frustrated by the U.S. government's move to extend a ban on mining on 1 million acres of federal lands near the Grand Canyon, though the impact of the ban on his company remains unclear. In an interview with Reuters, Chief Executive Ron Hochstein said that while three of its Arizona Strip projects are unaffected, Denison is still looking into whether the six-month extension announced on Monday will have an impact on the development of its EZ Complex uranium deposits in Arizona.
Resource Star Limited has completed an independent update of the Mineral Resource Estimate for the Livingstonia Uranium Project in Malawi, south-eastern Africa. Increases in both tonnes and grade are based on the 1,500m of drilling completed in late
While the Obama Administration extended its emergency ban on new mining claims around the Grand Canyon only until December 20, 2011, statements made by federal officials at a press conference at Mather Point in the Grand Canyon National Park Monday indicate the ban will probably be permanent. Although U.S. Secretary of the Interior Ken Salazar repeatedly stressed that mining projects currently in the regulatory pipeline remain alive and viable, fears of possible contamination of the Grand Canyon watershed were repeatedly stressed by federal officials speaking during the news conference. Image of Secretary of the Interior Ken Salazar at the Statue of Liberty is from Wikipedia.
U.S. Secretary of the Interior Ken Salazar is expected to announce this morning at 10 a.m. PDT the Obama Administration's decision regarding the extension of a 1-million acre mining ban around the Grand Canyon for 20 years. In 2009 Salazar ordered a two-year time-out from all new mining claims in the Arizona Strip near the Grand Canyon.
Pitchstone Exploration Ltd. ("Pitchstone") has finalized plans for summer exploration activities in the eastern Athabasca Basin, Saskatchewan. Work will include 2,250 meters of diamond drilling at Gumboot and Johnston Lake, plus 2,000 meters of diamond drilling at Wolverine. Additionally, Pitchstone has recently staked three new claims in the eastern Athabasca Basin.
The Directors of Peninsula Energy Limited are pleased to announce a further upgrade to the JORC-compliant resource estimate for the Lance uranium projects in Wyoming, USA. This upgrade has been achieved from the February upgrade by the completion of an additional 300 drill holes.
In a dramatic about-face, Chancellor Angela Merkel announced last Monday that Germany will phase out nuclear power completely by 2022, shutting down its nine operational reactors and never restarting the seven reactors that were suspended in the wake of the nuclear disaster at Japan’s Fukushima Daiichi plant.