Nothing new to report from Uncle Ben and his cronies but at least there was more talk of inflation with rising commodity prices. The $2.50 range carried on in Crude again today as traders try […]
Uranium Mining News
Tournigan Energy Ltd. (TVC: TSX-V; TGP: Frankfurt) has updated its resource estimate for the Kuriskova uranium deposit in Slovakia. This NI 43-101 compliant updated estimate increases the amount of uranium contained in the Indicated Resource by 39% to 28.5 million pounds of U3O8 and increases the overall size of the deposit. Tetra Tech, Inc., the firm that is conducting the ongoing Prefeasibility Study on Kuriskova, has reviewed, audited and approved the updated resource estimate.
Hathor Exploration has acquired Terra Ventures in an all-stock deal valued at approximately $24 million. Under the deal announced Monday, Terra shareholders will receive 20 cents of a Hathor common share for each common share held, which represents a 16% premium on Terra's April 15 closing share price of 33 cents.
The commodity bull has shown little sign of running out of steam - until now. Prices began to stumble as soon as a note from Goldman Sachs, the American banking giant, whizzed around trading desks across the globe last week. The broker advised clients to close its profitable "CCCP" play, which involved investing in a basket of crude oil, copper, cotton, platinum and soybeans. The commodities team, led by Jeffrey Currie, argued that after gaining 25pc since December, the risks to the trade had changed.
The heavy rains that have kept much of N. Australia waterlogged for months have also resulted in the suspension of one of the world's largest uranium mines - Ranger.
After investors fled the sector because of the nuclear power plant crisis in Japan, uranium stocks are beginning to mount a comeback. Nuclear power construction is likely to continue its rapid growth, largely because there aren't many strong alternatives. As vice-president of the China Nuclear Energy Association, Zhao Chengkun, explains, nuclear is the only energy source that can be used on a mass scale to achieve the nation's goal of developing cleaner, low carbon energy.
Nunavut to benefit from 'tsunami' of money flowing into Canadian mining, oil and gas: Nunatsiaq Online
Nunavut is attracting the attention of the world's miners like never before, says Scotiabank commodities analyst Patricia Mohr, speaking at a mining summit in the mineral-rich Canadian northern territory. Nunatsiaq Online reports: Pushed by the developing world’s growing hunger for consumer items, civil unrest in many countries, and “random” events like the recent tsunami, earthquake and nuclear power plant disaster in Japan, mining companies around the world are eying Nunavut with far more interest than before.
Definitive Feasibility Study suggests Husab (Rossing South) uranium project could develop into one of the three largest uranium mines in the world today.
Over two weeks ago a 8.9 earthquake hit off the coast of Japan, sending tsunamis to destroy the mainland. Once the tsunami hit, Japan had a new problem, nuclear reactors were failing and radiation was pouring out. Japan is still have trouble calming down those reactors and it looks like the worst may be over but it has caused the world to rethink nuclear energy as a good source of energy.
Although Greenland has been known as a source of uranium for many years, its recent development as a base for rare earth extraction could not be much timelier.
The uranium spot market will experience increased volatility over the next three to nine months, according to a study released today by Resource Capital Research. "The impact of the damaged nuclear reactors in Japan to the outlook for nuclear energy will likely take 12 months to fully unfold. However, mid to long term, growth in the sector is expected to remain buoyant, albeit on a flatter trajectory than previously thought, driven by strong fundamentals, including the global need for low carbon, base load electricity generating capacity," said John Wilson, Managing Director of Resource Capital Research, in a statement.
Top global miner BHP Billiton has moved into the feasibility study stage of preparing a long-awaited expansion of the Olympic Dam copper and uranium mine in South Australia.
The metals markets were briefly sidetracked by the Japanese earthquake and subsequent nuclear emergency. Gold did not know whether to go up or down in response to the damage wrought in Japan and the financial measures the Japanese government took. Was it inflationary? Or was it the straw that broke the camel's back of global recovery? Read the full report
A world breakthrough in extracting uranium from hyper saline water - previously not possible with conventional technology - has been announced in South Australia by uranium developer, UraniumSA. Addressing the first day in Adelaide of the Paydirt 2011 Uranium Conference, earlier this qweek, UraniumSA’s Managing Director, Russel Bluck, said the breakthrough had been achieved after collaborative metallurgical research with international and Australian suppliers of the special chemicals used to help extract uranium.
Professor Barry Brook, chairman of the Sir Hubert Wilkins Chair of Climate Change at the University of Adelaide, told the final day of the Paydirt 2011 Uranium Conference in Adelaide that change in supply dynamics would require a large-scale but prudent expansion of nuclear energy infrastructure.
Cameco Corp (CCO.TSX) remains confident that the long-term outlook for uranium is solid despite global anxiety over radiation from an earthquake-crippled nuclear plant in Japan, Chief Executive Jerry Grandey said on Monday. Speaking to Reuters in an exclusive interview at the Mining and Steel Summit, Grandey said that while the so-called nuclear renaissance will be slowed by the crisis in Japan, more uranium will be needed in the next few years to fuel reactors already online and under construction.
Despite the crash in uranium stocks last week, including a 15% drop in Rio Tinto majority-owned Energy Resources of Australia, Australian PM Julia Gillard insists the Japanese crisis will not affect uranium sales. Gillard made the remarks on Sky News and were reported in The Australian:
The East African reports that the Russian state-owned nuclear energy firm JSC Atomredmetzoloto (ARMZ) is shelving a plan to acquire the $1.16 billion Mkuju Uranium assets in Southern Tanzania over the recent Japanese nuclear plant crisis. The move comes a month after the Russian firm obtained a take-over approval from the government of Tanzania under the Fair Competition Act 2003. The Tanzanian government had said that it would start higher grade uranium mining in early 2012 at Mkuju River following the completion of the feasibility study and the approval of environmental impact assessment of the area.
As Japanese workers and scientists battle to prevent a nuclear meltdown at the Fukushima plant, most Nunavut residents who showed up to a public forum Thursday night rejected the spectre of uranium mining in the northern Canadian territory. Many Nunavummiut who attended a uranium forum Thursday night said they do not want uranium mining in Nunavut, while some even attacked the territory's Inuit group for supporting uranium development.
Canadian gold and uranium producer First Uranium Corp (FIU.TO) said on Friday it has resumed underground operations at its Ezulwini gold mine in South Africa. A temporary work stoppage instruction was issued on March 12 by the South African Department of Mineral Resources, pending investigations after a worker died in fall of ground.
The Australian's Tim Boreham weighs in on the uranium stock crash: How many more images of steam billowing from nuclear reactors and reports of on-again, off-again fires can investors endure before they tune out?
The balloon in uranium stocks has suddenly been popped by the imminent threat of a nuclear reactor meltdown in Japan. Jonathan Ratner from The Financial Post looks at what could happen next for uranium stocks.
BHP's $30-billion expansion of its Olympic Dam copper, uranium and gold mine could be in doubt as a result of the nuclear emergency unfolding in Japan, Barry Fitzgerald writes in The Sydney Morning Herald. With uranium stocks plunging over the last two days, BHP will have to factor in the outlook for a stable uranium outlook when determining the future of the project, which is the world's largest uranium deposit.
As Japan teeters on the brink of a disaster at its Fukushima DaiIchi nuclear power plant, Cameco chief Jerry Grandey suggests the uncertainty may delay, but not end the global nuclear renaissance.
While the jury remains out on exactly what went wrong at certain tsunami-and earthquake-impacted nuclear power reactors in Japan, investors took decisive action on Monday, selling down listed uranium stocks by up to a third. Smaller stocks were especially punished. During Australian trade, Pitchstone Exploration was sold down by 32% on the day. The world's biggest listed uranium producer, Canada's Cameco, fell 12.7% to close at $31.70.