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
Uranium Mining News
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.
Australian uranium counters took a substantial hit on Monday in the wake of the crisis at the Fukushima nuclear power plant in Japan.
Media coverage of the Japanese nuclear power plant that suffered damage after Friday's earthquake is overblown, according to Dr. Josef Oehmen, a research scientist at MIT. His thoughts were summarized in a blog post that is […]
Western Lithium USA Corporation (WLC) and Western Uranium Corporation (WUC) said Friday that they have completed the previously announced transaction for the sale, by WUC to WLC, of the royalties and titles constituting substantially all […]
Denison Mines Corp. has secured permits needed to reopen three uranium mines near the Grand Canyon, CB Online is reporting. The Toronto-based company already operates one uranium mine on federal land north of the iconic park. The company processes the ore extracted from the mine at a mill in Blanding, Utah.
The Fukushima Daiichi Nuclear Power Plant has been in the news after the earthquake in Japan cut off the plant's cooling system. Robin Bromby, writing for The Australian, says that all the sensational news could […]
Denison Mines reported 1,442,000 pounds of uranium oxide and 2,347,000 pounds of vanadium blackflake last year. The company had originally forecast 1.6 million pounds U3O8 and 2.8 million pounds of vanadium production for 2010. Production for the fourth-quarter totaled 234,000 pounds of uranium oxide and 391,000 pounds of vanadium.
Vena's Uranium Resource Expansion Program in Macusani Successfully Extends Higher Grade Uranium Zone to South and West
Vena Resources Inc. ("Vena" or the "Company") (TSX:VEM)(LIMA:VEM)(FRANKFURT:V1R)(OTCBB:VNARF)(XETRA®:V1R.DE), a Company with strong partnerships with some of the world's largest mining companies, is pleased to announce the initial results of the third major drill campaign on […]
Pancontinental Uranium Corporation: High Value Rare Earth Elements ("REE") Stream Sediment Results and New REE Hard Rock Drill Intersection at Charley Creek Project
Pancontinental Uranium Corporation (TSX VENTURE:PUC) ("Pancon") and its joint venture partner Crossland Uranium Mines Limited ("Crossland") (ASX:CUX) are pleased to provide the following update on the latest results from their expanding (REE) exploration program at […]
China's move on Kalahari Minerals could flush out other bidders for the uranium miner but even long-term suitor Rio Tinto may balk at getting into a bidding war with such a formidable foe.
Forum Uranium Corp. (TSX VENTURE:FDC) is pleased to announce that the Company has entered into an option agreement with Cameco Corporation whereby Forum and Mega Uranium Ltd. may jointly earn a 60% interest in the 98 square kilometer North West Athabasca project, including the historical 1.5 million pound Maurice Bay uranium deposit in the Western Athabasca Basin.
CBC reported that there will be a series of public forums held across Nunavut to guage the public's views about uranium mining.
Uranium One, the world’s largest publicly-traded uranium producer, reported on Tuesday a net loss of $142.8 million in the fourth quarter. In 2009 the company reported positive earnings of $179.8 million for the same period. The loss was attributable to a one-time charges. The company said that the carrying value of the Honeymoon Uranium Project was written down by $113.5 million due to the strengthening of the Australian dollar and increased capital expenditures.