Investing In Uranium

Chu Outlines Support For Nuclear Energy

2009-01-13T16:20:00.000-08:00

Steven Chu said on Tuesday that he would push as the new energy secretary to help the nuclear energy and clean coal industries jump-start their contributions to battle the nation’s energy crisis.

The Nobel Prize-winning physicist told the Senate Energy and Natural Resources Committee during his confirmation hearing that he’d help streamline nuclear loan guarantees that would help the industry construct several new plants to produce low-emission energy and would push the Energy Department to examine options for recycling nuclear waste.

“I’m supportive of the fact that the nuclear industry should have to be part of energy mix in this century,” Chu said. “And recycling [nuclear waste] in the long term can be part of the solution.”

Uranium Consumers Delay Purchases

2008-12-22T19:26:00.000-08:00

According to TradeTech uranium-oxide concentrate for immediate delivery fell $2, or 3.7 percent, to $52 a pound last week as utilities delayed purchases until the 2009 calendar year.

“The severe economic environment seems to have created a greater sense of urgency for some year-end sellers than in previous years,” TradeTech said. “The majority of the buyers have no budget left in 2008.”

Uranium prices gained $10 a pound in November after major producers such as Cameco (NYSE CCJ) announced production cuts.

Uranium Spot Prices Continue To Decline

2008-10-19T18:18:00.000-07:00

Spot uranium prices are at levels not seen since January 2006. Amid the credit crisis many utilities are holding back on purchases.

TradeTech’s Uranium Spot Price Indicator dropped $4.00 this week to $47.00 per pound U3O8.

Strike Halts Uranium One Operations

2008-10-13T05:29:00.000-07:00

JOHANNESBURG (miningweekly.com) – Uranium-miner Uranium One has temporarily suspended mine operations at its troubled Dominion project, near Klerksdorp, in South Africa, after it was unable to reach an agreement with striking workers.

The miner said in a statement to shareholders on Monday that the move follows labour disruptions last week, which had culminated in a general illegal strike.

Most of the labour force at Dominion had refused to return to work, despite a court order, issued by the Labour Court of South Africa on October 9, which prohibited the continuation of the illegal strike.

Subsequently, Uranium One had, on Friday, started issuing termination notices to the striking workers at Dominion.

"In the meantime, the company is actively exploring all options available to it at Dominion," the company said in a statement to shareholders.

On October 8, the National Union of Mineworkers (NUM) had reported that workers were failing to go to work at the project, as they were being threatened by a group of armed men.

The group of armed men were recently dismissed by the mine and had started calling themselves the "crisis committee", said the NUM.

Uranium Leader Cameco Trading Below Net Asset Value

2008-10-01T18:09:00.000-07:00

Shares of uranium producer Cameco (NYSE CCJ) are 50% off their highs and are now trading below net asset value.

Desjardins Securities analyst John Redstone:

"Previous valuations accorded by the market used earnings with a high multiple based on the anticipation of a sharp increase in the price of uranium, he said in a note to clients. "Since then, however, the price has dropped considerably to US$53 from a high of US$146. It is highly debatable whether such high multiples will be applied anymore."

Mr. Redstone said he still believes Cameco stock can rise to its net asset value, adjusting his price target from $34.20 to $29.55. Reflecting the current share price, he also upgraded his recommendation from "hold" to "buy."

Uranium Supporters Score Political Victory In WA

2008-09-14T15:03:00.000-07:00

The pro-uranium mining stance of Colin Barnett's newly installed Western Australia Government will spark a significant drilling program in the state that is likely to deliver billions of dollars to both state and federal coffers, according to analysts and the industry.

The most advanced uranium projects in Western Australia include BHP Billiton's Yeelirrie project, the Cameco-Mitsubishi's Kintyre joint-venture, Energy and Minerals Australia's Mulga Rocks and Paladin's Oobagooma/Yampi and Manyingee projects.

continued.....

Uranium Industry Faces Labor Shortage

2008-09-07T11:51:00.000-07:00

NEW YORK (Associated Press) - The growing uranium and wind industries in Wyoming both face constraints with finding workers, panelists at an energy economics summit said.

Wyoming has seen rapid growth recently in wind projects, and uranium companies are looking to ramp up mining in the state. Both must compete for workers with the booming oil, gas and coal industries.

"Labor is an issue, skilled labor, top to bottom," Glenn Catchpole, president of Uranerz Energy Corp. in Casper, said during a break in Thursday's summit held at the University of Wyoming.

Chuck Foldenauer of Cameco Resources, which operates the only active uranium mine in Wyoming near Glenrock, said uranium mining companies are in need of workers for jobs ranging from construction to chemists.

"As the coal mines expand, and they are, and as more uranium mines come into production, and they will, it's just going to continue to be a very difficult problem," Foldenauer said.

Cameco employs 160 people in Wyoming and is currently looking to fill 30 additional positions, he said.

"I think availability of managers and geologists has definitely slowed down some projects with our company as well as other companies and other industries," Foldenauer said.

In trying to fill the jobs, Cameco is recruiting in Wyoming and nationwide, working with colleges and improving wages and benefits, he said.

Jonathon Naughton, director of the UW Wind Energy Research Center, said the rapidly growing wind energy industry has resulted in a need for more workers in the field.

"They can't hire the people they need for wind energy," Naughton said.

Last year, installed capacity of wind generated energy in the United States increased by 50 percent, he said.

Don Blackmon, faculty associate for freshman engineering and advising at the University of North Carolina at Charlotte, said the United States has been short about 400,000 graduate engineering students the last four or five years.

"It's literally any engineering discipline that you could look at," Blackmon said.

Uranium Spot Price Unchanged

2008-08-10T12:13:00.000-07:00

Ux consulting reports that spot uranium U3O8 was unchanged as of August 4, trading at $64.50 USD/LB.

The uranium futures market is showing a moderately bullish outlook with December 2008 uranium futures last settling at $72 USD on the NYMEX.

2008-06-18T15:18:00.000-07:00

Republican Presidential candidate Sen. John McCain is calling for the construction of 45 new nuclear reactors by 2030.

Senator McCain stated.........
"Every year, these reactors alone spare the atmosphere from the equivalent of nearly all auto emissions in America. Yet for all these benefits, we have not broken ground on a single nuclear plant in over thirty years,"....."And our manufacturing base to even construct these plants is almost gone."

In addition to the 45 new reactors by 2030 the McCain plan also outline a goal of an additional 55 nuclear reactors to serve the US market.
McCain outlines nuclear plan

Analysts Predict Uranium Prices To Stabilize

2008-05-30T08:57:00.000-07:00

Industry analysts John Redstone and John Hughes of Desjardins Securities are predicting that uranium prices will begin to consolidate and settle around $60 US.

"We expect supply growth to match our most aggressive demand growth profile, keeping total inventories well above adequate levels," they wrote in a note to clients.

Article/Report

Cameco Warns Of Possible Contamination

2008-05-22T16:17:00.000-07:00

Ottawa (NYT)---- Cameco (NYSE CCJ) the world’s largest uranium producer, has told the Canadian nuclear regulator that its refinery might have leaked uranium, arsenic and fluorides into Lake Ontario.

The plant at Port Hope, Ontario, across the lake from Rochester and down the shore from Toronto, first refined uranium for the Manhattan Project during World War II. It has been temporarily closed since July to remove contaminated soil.

“We’re anticipating that material may have been entering the harbor,” Mr. Krahn said, adding that Cameco did not know how long it would take to confirm any possible pollution.

Continued New York Times

Cameco Net Income Doubles

2008-05-14T07:53:00.000-07:00

Cameco (NYSE CCJ) announced that first quarter net income more than doubled to $133 million as uranium demand resulted in increased sales.

The Toronto Star reports........

Cameco, the world's top uranium producer, earned $133 million, or 37 cents a share, in the quarter ended March 31. That was up from $59 million, or 16 cents a share, in the year-earlier period.

The profit was shy of the 40 cents a share expected by analysts polled by Reuters.

2008-05-06T08:12:00.000-07:00

The May 2, 2008 spot price for uranium provided by the Ux Consulting Company LLC was $65.00 US per pound.

2008-05-02T04:51:00.000-07:00

Ux Consulting reports that spot uranium prices are unchanged as of 4-28-08 at $65USD per pound.

Uranium Spot Price Posts Further Decline

2008-04-23T14:34:00.000-07:00

Ux Consulting reports spot uranium prices down $3USD to $65USD per pound.

TradeTech reports a decline of $4USD to $64USD.

Uranium Hits 16 Month Low

2008-04-15T13:21:00.000-07:00

TradeTech reports that Uranium oxide for immediate delivery fell to $69 a pound, down $2 from the previous week.

``Although recent transactions have absorbed a significant quantity of supply from the spot market, additional supply continues to emerge,'' TradeTech said.

Uranium Sector Moves Higher Amid Takeover Rumors

2008-04-11T06:14:00.000-07:00

Cameco and Uranium One are seeing increased buying interest following a signal that China Nuclear Corp. is seeking acquisitions and partnerships with Canadian uranium producers.

``It's definitely a bullish development for the uranium space,''....... ``It signals China entering the nuclear space and the uranium space in a big way.''.....analyst Max Layton quoted in Bloomberg.

2008-04-08T15:29:00.000-07:00

Ux Consulting reports that spot uranium prices declined $2.00 U.S. per lb last week to $71.00 USD.

Uranium oxide inventories continue to build due to reduced processing capabilities. Cameco's (NYSE CCJ) processing plant remains offline and is not expected to resume production until the fourth quarter of 2008. Cameco's facility processes approximately thirty percent of the world's uranium oxide.

2008-04-05T09:24:00.000-07:00

Shares of uranium provider USEC (NYSE USU) hit resistance at the 50 day moving average of $6.19 before closing slightly lower at $5.24, down 2 cents from Thursday.

2008-04-03T16:34:00.000-07:00

Shares of Usec (NYSE USU) rocketed up more than 27% on Thursday.

"We are not hearing any rumors or news responsible for the bullish activity. But obviously people are betting that USEC shares might be running to fill the gap left on the charts created when they warned on Feb. 26 that their outlook would not match street estimates," said Jon Najarian, a founder of Web information site optionmonster.com in Chicago.

Uranium's Renaissance In The Age Of Global Warming

2008-04-03T13:07:00.000-07:00

2008-03-25T16:35:00.001-07:00

Uranium Spot Price
as of March 24, 2008
u3o8 (lb) $73 USD down $1 USD
quote from Ux Consulting

President Bush Promotes Nuclear At Renewable Energy Conference

2008-03-23T00:58:00.000-07:00

Excerpt from speech to Washington International Renewable Energy Conference.

.......And the truth of the matter is, you've got to be -- have a growing economy to be able to afford these technologies in the first place. So here are some ways that we're dealing with the issue of electricity. One, I strongly believe the United States must promote nuclear power here in the United States. Nuclear power -- (applause) -- if you're interested in economic growth and environmental stewardship, there's no better way to achieve both of them than through the promotion of nuclear power. Nuclear power is limitless. It's one existing source that generates a massive amount of electricity without causing air pollution or any greenhouse gases.

And yet the United States -- we haven't built any nuclear power plants in a long time. We have a promising technology available and yet we're stuck -- until recently. All of our citizens probably don't understand, but France, our ally and friend, gets nearly 80 percent of its power from nuclear power. Isn't that an amazing statistic? It's time for America to change.

My administration is working to eliminate the barriers to development of nuclear power plants. Last year we invested more than $300 million in nuclear energy technologies. We want our people to understand that this generation of nuclear power plants is safe. We want people to feel comfortable about the expansion of nuclear power.

There's regulatory uncertainty when it comes to permitting plants in the United States. You can't expect somebody to invest a lot of money and have the regulatory process at the very end stop that capital from being deployed. It makes no sense. Just like tax policy has to be certain, so does regulatory policy have to create a sense of certainty in order to get people to invest.

So in the energy bill I signed in 2005, we began to address that uncertainty with federal risk insurance for those who build nuclear power plants. This insurance protects the builders of the first six new plants against lawsuits -- we got a lot of them in America, by the way; too many lawsuits, in my judgment -- against bureaucratic obstacles and against delays beyond the -- that would cause people to hesitate to participate in this program.

We've also launched a program called Nuclear Power 2010. Sam Bodman is in charge of all these. It's a partnership between our industry and the U.S. government. Since we've started these programs, we've received six applications to build and operate new nuclear power plants in the United States. The paradigm is beginning to shift. And we anticipate that another 13 applications will be submitted this year.

Many of the construction projects will be supported by $18.5 billion in loan guarantees provided by the government. By the way, that's part of a loan-guarantee projects that we got out of Congress -- $18 billion for the nukes, $10 billion for renewable energy expansions in the United States. (Applause.) This will enable our plant owners -- guys that are applying for loans -- (laughter) -- the whole purpose is, is we want to expand our nuclear power industry. And we're taking specific actions to do it.
Speech transcript on WhiteHouse.gov

2008-03-21T04:53:00.000-07:00

Facts from World Nuclear Association.....Mining companies produced 39,429 tons of uranium in 2006 (the most recent year for which data is available). This represents only 62 percent of the world's nuclear reactor demand.

Australia, Canada and Kazakhstan produce more than half of the world's uranium supply. In 2007 Australia and Kazakhstan posted gains in output while Canada's uranium production declined.

Virginia legislators derail uranium mining study

2008-03-15T08:26:00.000-07:00

Efforts to study development of the uranium deposits of Pittsylvania County failed to win favor in the conference committee of the Virginia legislature.

“We took it out,” said Del. Clarke Hogan, R-Halifax, one of the 12 conferees.
“We said, ‘we’re not going to put that in the budget,’” Hogan said, speaking for the House’s six members of the conference committee.
“That was the end of that. It wasn’t something we debated,” Hogan said.

2008-03-02T11:05:00.000-08:00

The Virginia General Assembly plans to study a proposal to develop what is described as " the largest undeveloped uranium deposit in the U.S".

The site in Pittsylvania County, Virginia is estimated to contain as much as $10 billion of uranium ore.

The state of Virginia has banned uranium mining since 1983.

Virginia Uranium Inc. has offered up to $1M to fund the study.

2008-02-11T12:00:00.000-08:00

Ian Howat, an analyst at National Bank Financial, is cited in today's Globe and Mail as having a bullish outlook for Cameco (NYSE CCJ).

Howat stated in a research report "We still view Cameco as the premier way to play the uranium markets for which we still have a positive outlook even though we have lowered our near-term prices".

Howat predicts CCJ will hit $44 within the next 12 months.

2008 Uranium Forecasts Remain Bullish

2007-12-29T13:42:00.000-08:00

Resource Capital Research of Sydney says forward indicators suggest the price will range between $90 and $100 per pound for several months, then accelerate to $125 by September 2008.

"Uranium fund sentiment and activity remain important factors in the outlook for the spot uranium price," a Resource Capital Research report indicates.

"China has announced 116 planned and proposed new nuclear power reactors, up from 63 in Jan. '07 (an increase of 84 percent), and the USA is up from 23 in Jan.'07 to 32 units (up 39 percent)," according to the report.

As of December 24, the price for a pound of U308 was at $90, up from $85 three months ago. The price peaked six months ago at $138.

2007-12-22T07:35:00.000-08:00

Harmony Gold announced that it has sold a 60 per cent stake of a new company it formed to house uranium assets for $US252 million to Africa's biggest private equity fund, Pamodzi Resources Fund.

Harmony said it had launched the venture to take advantage of buoyant uranium prices and would retain a 40 per cent stake in the new company, which it said may be listed in the future.

The world's fifth biggest gold producer said cash from the sale would be used for capital expenditure and to pay off debt.

South Africa's Harmony wants to revive production of uranium -- which is used to fuel nuclear reactors -- as a by-product of gold mining and valued the new, unnamed firm at $US420 million.

Graham Briggs, Harmony's acting chief executive, said the new company would seek funds to build a uranium plant with an output of 500,000 tonnes of ore a month and a new gold waste site at a cost of about 1.7 billion rand ($US245.2 million).

The plant would produce 185,000 pounds of uranium yellow-cake a month or 2.2 million pounds a year, at a cash cost estimated at $US30 to 35 per pound. The yellow-cake would be exported, and there were no immediate plans for it to be enriched in South Africa, Mr Briggs said.

"It (the deal) crystallises out uranium assets and puts money into Harmony's pockets to support its existing capital projects," Mr Briggs told a teleconference.

Analysts welcomed the deal, saying it was a good step in the Harmony's stated aim of reviewing its entire operations.

Cameco Issues Statement On Rabbit Lake

2007-11-28T10:00:00.000-08:00

Cameco (NYSE CCJ) announced that it will scale back operations for a week at its Rabbit Lake mine due to increased water flow.

"Cameco Corporation announced today that underground activities at the Eagle Point mine at the Rabbit Lake operation have been temporarily reduced as a precautionary measure," Cameco stated in a press release.

Capacity of water-handling equipment at the Saskatoon, Canada mine had been reduced due to an equipment upgrade.

"Limited mining activity will continue and the mill continues to operate with a small amount of stockpiled ore. This mine has encountered similar situations in the past and dealt with them successfully," it said.

Uranium Futures Prices

2007-11-09T09:09:00.000-08:00

December 2007 contract $98.00

January 2008 contract $80

March 2008 contract $80

2007-10-16T11:49:00.000-07:00

In a statement issued Tuesday, Energy Resources of Australia forecast that long term demand for uranium remains strong.

ERA, which is 68% owned by Rio Tinto, forecasts that demand will remain strong, despite recent weakness in spot prices.

Uranium long term market prices in September settled at $95 US dollars per pound. During the same period in 2006 prices were $54 USD per pound. Uranium prices have begun to rebound after 16 weeks of falling or flat prices.

TradeTech LLC reported Monday that spot uranium price rose $3 USD to $78 USD per pound. Spot uranium hit a high of $138 USD in June.

2007-10-10T06:57:00.000-07:00

South Africa's Rand Merchant Bank (RMB) and AngloGold Ashanti (NYSE AU) are considering the sale of Nufcor International Ltd.

Nufcor is co-owned by the two entities and is in its 50th year of uranium production. Nufcor is the marketing agent for all uranium produced in South Africa.

Activists Pressure BHP On Uranium

2007-10-01T13:26:00.000-07:00

A group of activist shareholders plan to pressure BHP Billiton to stop uranium production.

The group of shareholders is asking BHP to take a "moral stand" against the uranium trade.

The group, BHP Billiton Shareholders for Social Responsibilities, has received 60 signatures to support their measure. 100 signatures are needed to get the issue on the agenda of BHP's annual meeting next month.

"BHP Billiton's outstanding commercial success and market pre-eminence carries an equally large moral obligation to provide leadership on issues of uranium production and nuclear proliferation," the group's spokesman John Poppins told The Guardian newspaper.

"Claims that uranium is `carbon free' completely ignore the substantial carbon costs of its mining, processing, power station construction, protection and disposal."

You are invited to visit The New Uranium Thread on the ADVFN message boards.

NYMEX Uranium Closing Prices As Of September 21 2007

2007-09-22T14:48:00.000-07:00

December 2007 Contract

$85

January 2008 Contract

$90

February 2008 Contract

$90

Cameco Expanding Uranium Interests

2007-09-16T13:50:00.000-07:00

The uranium bull market has dramatically increased the market caps of uranium producers. The world's largest uranium miner, Cameco Corp., is seeking to increase production while avoiding paying inflated prices for smaller uranium producers.

Other large uranium player such as Uranium One and Areva have spent billions this year making acquisitions. In contrast, Cameco is choosing to make smaller investments in joint ventures with smaller uranium prospectors. These joint ventures provide powerful leverage for Cameco, giving the company up to 70% stakes in prospective developments.

Recent Cameco investments and joint ventures:

Cameco acquired a 10% stake in Western Uranium for $20.5 million.

Cameco acquired 19.5% of UNOR inc.

$19 million investment in Cue Capital to explore for uranium in Paraguay.

Joint venture with Vena Resources to explore for uranium in Peru.

Cameco Issues Update On Cigar Lake

2007-09-06T10:01:00.000-07:00

Cameco issued the following information in a press release on Thursday........

The following information provides an update on major activities at Cigar Lake since the second quarter report.

Cameco continues to make progress on its remediation plan, following the flooding of the underground development at Cigar Lake last year. The initial remediation activities included drilling holes to the source of the inflow and to a nearby tunnel, pumping concrete through the drill holes, sealing off the inflow with grout and drilling dewatering holes. Regulatory approval is required for each phase of the remediation plan.

All of the holes for pouring concrete and dewatering are now complete as well as reinforcement of the adjacent tunnel. Pouring of the concrete plug in the tunnel at the vicinity of the inflow began at the end of July and is nearly complete. Pouring cement and injecting grout into the rock fall pile and up into the location of the water inflow source has commenced and at this point it is expected to take another six to 10 weeks to complete. The effectiveness of the plug will need to be assessed and will not be known until dewatering is underway.

Cameco is also drilling a number of new diamond drill holes to assess the pore water pressure and rock quality and structure to determine if depressurization, reinforcement or other precautionary measures may be necessary in two other areas of the mine prior to dewatering. We expect this assessment to be complete by year end.

The next steps of the remediation will include dewatering the mine, verifying that the inflow is sufficiently sealed, and installing the contingency surface freezing pipes, if required. Subsequent remediation activities will include restoring underground areas and resumption of mine development and may include ground freezing in the area of the inflow. Following regulatory approval, dewatering pumps and infrastructure are now installed and electrical work is underway.

A revised production forecast will be provided after the decision is made on the timing of the second shaft completion, the mine has been dewatered and the condition of the underground development has been assessed. As previously announced, completing the second shaft as a priority item and the delay in some remediation activities would set back the planned production startup date from 2010 to 2011.

This update on Cigar Lake will replace the scheduled update for September 19 unless there are material developments to report. The next update will be available with the third quarter report.

The scientific and technical information related to Cigar Lake in this news release was prepared under the supervision of C. Scott Bishop, a professional engineer employed by Cameco as the chief mine engineer of the Cigar Lake project and a qualified person for the purpose of National Instrument 43-101.

Cameco Plans To Buy Back Common Stock

2007-09-06T08:44:00.000-07:00

Uranium producer Cameco has announced that it will repurchase up to 5% of the company's common shares. This represents an investment of roughly $750 million based on today's trading price.

"Cameco's strong financial position provides us with the opportunity to invest further in the nuclear industry," said Jerry Grandey, Cameco's president and CEO. "We are committed to strengthening our core asset base for the long term. And, in the near term, as attractive assets have not been available at reasonable valuations, the best investment today is repurchasing our own shares."

Cameco plans to use cash on hand to finance the stock repurchase and will purchase the shares on the open market between September 11 2007 and September 10 2008.

NYMEX Uranium Closing Prices As Of August 31 2007

2007-09-02T14:38:00.000-07:00

December 2007 Contract

$80

January 2008 Contract

$80

March 2008 Contract

$80

NYMEX Uranium Closing Prices As Of August 24 2007

2007-08-26T12:14:00.000-07:00

December 2007 Contract

$79

January 2008 Contract

$70

March 2008 Contract

$80

2007-08-21T07:38:00.000-07:00

Ux Consulting lowered its spot price Uranium indicator to $90 (US) on Monday, down from $105 the previous week.

TradeTech continues to price spot Uranium at $105.

NYMEX Uranium futures are also under pressure with the December 2007 contracts hitting $68 per pound.

Uranium prices have been under pressure due to weak demand from speculators as well as seasonal shifts within the nuclear industry.

NYMEX Uranium Closing Prices As Of August 17 2007

2007-08-18T01:31:00.000-07:00

December 2007 Contract

$70

January 2008 Contract

$70

March 2008 Contract

$80

September 2008 Contract

$85

NYMEX Uranium Closing Prices As Of August 10 2007

2007-08-11T21:03:00.001-07:00

December 2007 Contract

$109

January 2008 Contract

$99

March 2008 Contract

$99

ADVFN is an excellent resource for uranium news and analysis.

2007-08-09T09:27:00.000-07:00

Russia's oldest investment bank Troika Dialog is forecasting that Uranium prices may fall as low as $95 per pound within the next few months. However, Troika reiterated its target price of $115 for 2007 and $140 for 2008.

"We expect price growth to resume in autumn, when the active purchasing season starts," Mikhail Stiskin, an analyst at Troika Dialog stated in a report issued this week.

Ux Consulting reports that spot prices for Uranium slipped to $110 a pound for the week ending August 4.

Prices have been pressured by The U.S. Department of Energy’s sale of up to 200 tons of uranium hexafluoride (UF6,). Bids for this sale are due August 17.

NYMEX Uranium Closing Prices As Of August 3 2007

2007-08-05T08:14:00.000-07:00

July 2007 Contract

$120

December 2007 Contract

$118

January 2008 Contract

$118

February 2008 Contract

$118

2007-08-04T08:17:00.000-07:00

Shares of Cameco have been under extreme pressure in recent weeks. The next level of support is $37.50.

NYMEX Uranium Closing Prices As Of July 27 2007

2007-07-29T06:20:00.000-07:00

July 2007 Contract

$120

December 2007 Contract

$118

January 2008 Contract

$118

February 2008 Contract

$118

ADVFN is an excellent resource for uranium news and analysis.

2007-07-23T07:43:00.000-07:00

Cameco Corp.'s recent production disruptions could lead to a spike in Uranium prices.

On Friday Cameco announced that it was suspending operations at its Port Hope uranium conversion plant after uranium was found in the soil beneath the plant. Cameco has not speculated on the cost of the delay which is anticipated to last at least two months.

Spot uranium prices have been slipping in recent weeks but the loss of Cameco's conversion facility is likely to impact the supply of UF6 to the point where prices will be pushed upward.

NYMEX Uranium Closing Prices As Of July 13 2007

2007-07-14T02:08:00.000-07:00

July 2007 Contract

$140

December 2007 Contract

$140

January 2008 Contract

$152

The New Uranium Thread on the ADVFN
message boards.

NYMEX Uranium Closing Prices As Of July 6, 2007

2007-07-06T11:55:00.000-07:00

July 2007 Contract

$140

December 2007 Contract

$139

January 2008 Contract

$152

NYMEX Uranium Closing Prices As Of June 29, 2007

2007-06-29T18:16:00.000-07:00

July 2007 Contract

$140

December 2007 Contract

$150

January 2008 Contract

$152

2007-06-26T15:05:00.000-07:00

Cameco fell 5.59% on Tuesday, closing at $48.63.

Trading volume was 4,856,100.....almost twice the average daily volume.

CCJ is now below the 50 day moving average of $50.48

The next level of support stands at $47.50

NYMEX Uranium Closing Prices As Of June 22, 2007

2007-06-22T19:43:00.000-07:00

June 2007 Contract
$136.00

July 2007 Contract

$140

December 2007 Contract

$154

January 2008 Contract

$152

Uranium Futures Closing Prices

2007-06-15T16:59:00.000-07:00

NYMEX Closing Prices As Of June 15, 2007

June 2007 Contract
$137.00

July 2007 Contract
$140.00

December 2007 Contract

$152

January 2008 Contract

$152

2007-06-11T15:05:00.000-07:00

Shares of South Africa-based uranium development company UraMin Inc (UMN-Toronto) gained more than 12 percent on Monday after the company announced that is currently in negotiations with an undisclosed buyer.

French newspaper Les Echos is reporting that French state-owned nuclear reactor builder and uranium producer Areva is the suitor.

UraMin is engaged in exploration and development of uranium resources in Africa and Canada.

Last week Uramin announced a joint venture with Northwestern Mineral Ventures Inc. to develop uranium properties in Niger.

Uranium Futures Closing Prices 6-08-07

2007-06-08T19:06:00.000-07:00

NYMEX Closing Prices As Of June 8, 2007

June 2007 Contract
$137.00

December 2007 Contract

$150

January 2008 Contract

$152

Uranium Futures Closing Prices

2007-06-02T09:25:00.000-07:00

NYMEX Closing Prices As Of June 1, 2007

June 2007 Contract
$140.00

December 2007 Contract

$144

January 2008 Contract

$150

2007-05-25T17:33:00.000-07:00

NYMEX Closing Prices As Of May 25, 2007

June 2007 Contract
$134.90

December 2007 Contract

$144

January 2008 Contract

$150

Rio Tinto Predicts Uranium Market To Remain Tight Until 2012

2007-05-22T05:49:00.000-07:00

“The market is likely to be tight to 2012, and potentially beyond,” Rio Tinto energy CE Preston Chiaro said in a presentation posted to the company’s website, citing the World Nuclear Association.

Rio Tinto also announced a project to extend the life-of-mine at its Rossing uranium mine, in Namibia, which began production in 1976.

Uranium Futures

2007-05-20T16:03:00.001-07:00

NYMEX Closing Prices As Of May 18, 2007

June 2007 Contract

$134.90

December 2007 Contract

$145

January 2008 Contract

$150

2007-05-13T10:14:00.000-07:00

Canada's Southampton Ventures Inc, Delta Exploration Inc and UraMin Inc., Britain's COJ Commodity Investments Ltd., Agadez Ltd. and Indo Energy Ltd., and India's Taurian Resources Pvt Ltd. are among the firms granted uranium exploration permits by the African country of Niger.

A total of 23 permits were granted, allowing the companies to explore in Niger's Arlit and Tchirozerine regions, which consist of vast swathes of land in the southern Sahara desert.

The companies are expected to invest $55 million in exploration activities over the next three years.

Niger is the word's third largest producer of uranium.

2007-05-07T16:35:00.000-07:00

Uranium Contract for June 2007 closed @ $135.00

2007-05-07T06:08:00.001-07:00

Uranium U308 Swap Jun '07 last traded @ $132.05

2007-05-07T05:39:00.000-07:00

TradeTech has increased U3O8 spot prices to an all-time record of US$120 per pound in advance of Monday's startup of on and off-exchange traded uranium futures on the New York Mercantile Exchange, Inc.

This represents an all time record high for spot Uranium.

In other Uranium news, Uranium Resources, Inc. (NASDAQ: URRE), a uranium exploration and mining company with resources in Texas and New Mexico, announced today that it will release its first quarter 2007 financial results after the close of financial markets on May 10, 2007. The company will host a teleconference to discuss the results on May 11, 2007 at 10:00 a.m. ET.

2007-05-05T17:46:00.000-07:00

7 Things You Should Know About Uranium Futures

by Christopher J. Norton

On April 16, 2007 The New York Mercantile Exchange signed a 10-year agreement with the Ux Consulting Company, LLC to introduce on and off-exchange traded uranium futures. The futures products are set to debut on May 6 for trade date May 7 on both the CME Globex and NYMEX Clearport electronic platforms.

1. Trading Units
NYMEX Uranium Futures will trade in units of 250 pounds of U308.

2. Price Quotations
NYMEX Uranium Futures will trade in U.S. dollars and cents per pound.

3. Minimum Price Fluctuation
NYMEX Uranium Futures will trade with a minimum price fluctuation of 5 cents.

4. Trading Hours
NYMEX Uranium contracts are available for trading on the CME Globex® and NYMEX ClearPort® electronic trading systems from 6:00 PM Sundays through 5:15 PM Fridays, Eastern Time. There is a 45-minute break each day between 5:15 PM and 6:00 PM.

5. Last Day Of Trading

NYMEX Uranium Futures terminate at the close of business on the last Monday of the contract month. If the last Monday in the contract month is not a business day, trading shall terminate on the last business day prior to the Monday that is not a business day.

6. Settlement
Financial, based on the spot month-end U3O8 price published by Ux Consulting Company, LLC.

7. Trading Symbol
NYMEX Uranium futures will trade under the symbol "UX".

Unlike most traditional commodity futures, NYMEX Uranium Futures are not linked to the physical material and are only financial instruments. This is due to the fact that the U.S. Nuclear Regulatory Commission is required to license individual storage facilities.

Uranium producers are poised to benefit from the increased liquidity and transparency of the NYMEX market. Increased hedging ability will allow end users to more effectively manage their positions within the marketplace.

Uranium has been in the midst of a tremendous bull market in which prices have risen from the mid $50 per pound range in mid 2006 to over $113 per pound. Spot uranium prices are up 1775% since January 2001. The debut of the NYMEX Uranium Futures Contracts should bring increased attention to already torrid Uranium market.

2007-05-04T15:34:00.001-07:00

The New York Mercantile Exchange, Inc. announced margin rates for its new uranium futures contract that will begin trading on May 6 for trade date May 7.

Margins will be $2,500 for clearing members, $2,750 for members, and $3,375 for customers.

The intra-commodity spread margins will be $500 for clearing members, $550 for members, and $675 for customers.

2007-05-03T08:07:00.000-07:00

Gold Fields CEO Ian Cockerill announced on Thursday that the company has received interest from various parties seeking to acquire GFI's uranium assets.

Cockerill stated that GFI is debating the current options which include selling the assets or entering into a joint venture with an uranium producer.

John Munro, head of corporate operations at Gold Fields, stated that the company currently owns 65 million pounds of uranium at it's Beatrix mine.

2007-05-01T05:46:00.000-07:00

Now that the Labor Party has overturned its no new uranium mines policy, South Australian Premier Mike Rann says he will fast-track 100 applications for uranium exploration licences.

Labor scrapped its uranium policy at its national conference at the weekend.

Mr Rann says there are 60 companies in South Australia with 160 exploration licences for uranium, with another 100 in the queue.

"What we'll be seeing is a rush for exploration licences," he said.

Jason Kuchel from the South Australian Chamber of Mines and Energy says companies that have found substantial deposits have so far been reluctant to move ahead.

"Prior to the Labor conference on the weekend those companies were unsure of whether or not they would be able to proceed," he said.

Mr Kuchel expects companies to apply to open new uranium mines within 12 months.

2007-04-24T14:13:00.000-07:00

As of April 23 weekly spot prices for uranium stood at $113 a pound.

Nymex Holdings Inc. uranium futures contract is set to debut on May 7.

The uranium futures contracts will provide nuclear power plants with a vehicle to hedge against rising prices.

Uranium prices are up more than tenfold in the past four years as commercial stockpiles dwindle and more plants are built.

The new uranium futures also provide traders a direct way to speculate on the price of uranium.

The contract would be cash-settled, eliminating the need for a delivery point for the radioactive material, the sources said.

"Uranium has been the market to be in over the past couple of years," said Phil Flynn, an analyst at Alaron Trading Corp., which trades both energy and metals from its Chicago office. "Whenever you get a run like this in something that's not listed" exchanges see it as a chance to list a new contract, Flynn said.

2007-04-17T11:06:00.001-07:00

Cash Minerals Ltd. (TSX VENTURE: CHX) today announced that a definitive joint venture agreement has been signed with Cornerstone Capital Resources Inc. (TSX VENTURE: CGP) on the Aillik uranium property, located in the Central Mineral Belt, Labrador. Cornerstone staked the property in November 2006 and in January 2007 signed a Letter of Intent with Cash minerals to enter into the joint venture agreement.

The Central Mineral Belt is a major focus for uranium exploration in Canada. The largest and most advanced projects currently in the belt are those held by Aurora Energy Resources, who recently announced new resource estimates of 58 million pounds of U308 ("uranium") Measured and Indicated and 38 million pounds of uranium Inferred at their Michelin and Jacques Lake deposits (http://www.aurora-energy.ca).

The 40.5 sq km (162 claims) Aillik property adjoins Aurora Energy Resources' holdings. The property is underlain by rocks interpreted by the Geological Survey of Newfoundland & Labrador to be the same as or similar to those which host the Michelin and Jacques Lake deposits. The Aillik claims are immediately west of and on trend from Aurora's Otter Lake uranium system and its associated radiometric anomaly. The 2007 exploration program at Aillik will start with an extensive airborne geophysical survey of the property, scheduled to begin in the third quarter 2007.

2007-04-15T15:37:00.000-07:00

The Pakistan Atomic Energy Commission (PAEC) has discovered around 1,000 uranium favorable rock sites.

Dawn newspaper reports that nine sites among the 144 potential uranium ore deposits had been identified as very promising,

Mineral sector establishments of the PAEC have been mandated to prospecting and exploration of strategic minerals for which various techniques are being employed to discover uranium deposits.

2007-04-09T10:49:00.001-07:00

The uranium spot price surged to a new record of US$113 per pound as buyers aggressively bid for a lot of uranium at a recent bell-weather auction in Corpus Christi, Texas.

The modest-sized lot of 100,000 pounds was offered by Texas-based Mestena Uranium LLC, a small privately owned firm, while the aggressive bids came from both utilities and investors. The company's auctions are closely watched in the industry because they've resulted in strong price increases in the past, including a previous auction in late 2006.

According to a report by The Northern Miner, senior executives at Mestena were "surprised" at the range of bidders participating in recent auctions, which include hedge funds looking to buy in anticipation of future price increases, as well as various utilities.

At the time of the auction (the deadline for the sealed bids was April 3rd) spot prices had reached US$95 per pound, up from US$75 per pound in February. The record spot price set at the April auction is a mere US$2 shy of the all-time high in inflation-adjusted dollars. The long-term uranium price remains unchanged at about US$85 per pound.

Industry analysts had predicted that spot prices might surpass the US$100-level this year because of supply shortfalls and rising demand as government agencies and utility companies seek "green" long-term energy solutions. On the supply side, flooding at Cameco's Cigar Lake mine in Saskatchewan and the long lead-times to construct new mines also contribute to the bullish outlook for uranium.
U3O8 Media Inc.'s Website www.u3o8.biz delivers original market analysis, breaking news, and insightful editorial on the economic, political, and environmental issues fueling the reemerging uranium industry. U3O8.biz also provides valuable market and company research, as well as a listing of leading public mining and exploration companies at the forefront of the uranium business.

2007-04-01T09:28:00.000-07:00

Resource Capital Management has raised it's spot price forecast for uranium to $125 in 2007 and $140 by September 2008.

The group's latest report on the global uranium boom says "forward indicators continue to strengthen . . . with 48 new nuclear-power reactors currently expected to be commissioned globally by 2013".

Uranium spot price is now 45 per cent higher than three months ago and 78 per cent higher than its level of $US53.25 a pound six months ago.

2007-03-20T14:12:00.000-07:00

The Uranium Focused Energy Fund will concentrate on the securities of uranium miners and others in the sector, “supplemented with the securities of other energy-related issuers,” says fund promoter Middlefield Group.

The $195-million initial public offering will be listed on the Toronto Stock Exchange.

“In light of the significant capital and time requirements associated with the development of new uranium mines, the adviser expects uranium prices to remain strong over the life of the fund, which will terminate on Dec. 31, 2013,” Middlefield said Tuesday.

2007-03-16T11:16:00.001-07:00

Russia, the world's biggest oil and natural gas producer, will boost atomic power output and increase uranium reserves by a quarter as electricity demand grows faster than generation, threatening to curb a nine-year economic boom.

„The need to diversify our fuel-energy balance is obvious,” Deputy Prime Minister Sergei Ivanov said today in Moscow. „In the foreseeable future, Russia will take third place in the world in terms of uranium resources, which will be about 1 million tons.” Russia plans to spend 674 billion rubles ($26 billion) in the next eight years to develop its nuclear industry, he said. The former Soviet state now has about 800,000 tons of uranium resources, lagging behind Australia and its 1.14 million tons and Kazakhstan, which has 1.13 million tons.

Russia is turning to atomic energy amid concerns about the nation's capacity to meet export commitments for oil and gas. Concern about pollution and the potential scarcity of oil and gas is spurring international demand for nuclear power. Cameco Corp., the world's biggest nuclear power producer, agreed this month with Russia's state-owned nuclear trader to become the first foreign miner to explore for uranium in the country after prices of the radioactive metal soared. The spot price for uranium, from which fuel for nuclear power plants is made, advanced to $85 a pound earlier this month, 18% higher than at the start of the year, according to industry publication Metal Bulletin. The price has surged in part on speculation by investors that there may not be enough of the metal to fuel the next generation of nuclear reactors.

Russia is now planning to get 30% of its energy from nuclear power by 2030, almost double the current proportion. The country's nuclear industry gets a third of its revenue from exporting nuclear fuel services, which includes enrichment of uranium and construction of power plants. Building power plants abroad allows Russia „to gain global influence and authority,” as well as bringing in cash, Ivanov said. Russia will soon register OAO Atomenergoprom, a holding company that will to take charge of all of Russia's civilian nuclear industry, Ivanov said today. All of Atomenergoprom's shares will belong to the government and all its transactions will be subject to presidential decree, he said.

Uranium Quick Facts.......Supply & Demand

2007-03-04T16:47:00.000-08:00

There are approximately 435 nuclear reactors operating in 30 countries. These reactors (including 103 in the United States) consume about 180 million pounds of uranium a year........ current worldwide production of uranium is about 100 million pounds.

The International Atomic Energy Agency expects another 30 nuclear reactors to be built in the next 15 years.

2007-02-22T09:49:00.000-08:00

Uranium producers South Africa and Russia planned to establish international nuclear centres to facilitate the sale of uranium to global markets, Minerals and Energy Minister Buyelwa Sonjica said this week.

Russia was courting SA and other countries to co-operate on finding new technologies to process uranium to fuel nuclear power stations, said Sonjica.

Government planned to declare uranium a "strategic mineral" and would start stockpiling the sought-after nuclear fuel in part to ensure it could power SA's ambitious nuclear expansion program.

Russia was "looking at SA as a market, but probably we can look at co-operating with them on beneficiating uranium", Sonjica said.

Government wanted uranium processing to take place in SA as "we want to have some control over it".

SA is the only country in Africa with a nuclear power plant.

Borrowing from the French example, Sonjica said, SA would also look at recycling and reprocessing spent uranium fuel. "We think it will help us in terms of ensuring that we have the source for generating nuclear (power)."

French Industry Minister Francois Loos said SA should build a second conventional nuclear power plant instead of investing in the highly technological pebble bed modular reactor (PBMR) -- a new nuclear power plant to be established near the Koeberg plant. Loos said the PBMR project might not significantly alter SA's inadequate electricity capacity.

SA has embarked on a massive nuclear energy expansion program, with 24-30 new nuclear plants being mooted. The entire project is expected to cost R900bn.

France has encouraged SA to embrace conventional "thirdgeneration" nuclear power plants to expand electricity capacity. French group Areva is bidding to build such a 1300MW plant.

2007-02-14T09:11:00.001-08:00

French energy group Areva NC has tripled its stake to 18.5 pct in Northern Uranium Ltd (NTU) and is taking operational control of the uranium explorer's main project - the Gardiner-Tanami project in Australia's Northern Territory, NTU said.

The project comprises 9,950 square kilometers of exploration ground in the Granites-Tanami region which extends into Western Australia.

NTU said Areva unit Cogema which previously held 6.25 pct, has taken up a placement of six mln shares at 0.80 aud a share.

The 4.8 mln aud raised by NTU through the placement will fund further exploration.

Areva, owned by the French government, is the world leader in nuclear power.

As part of the deal Cogema and NTU have formed a strategic alliance.

2007-02-12T12:34:00.001-08:00

A $3.27-billion friendly takeover deal between UrAsia Energy and SXR Uranium One Inc. came under intense scrutiny at a conference call Monday, as executives fielded many questions about the risks involved with UrAsia's mine in Kazakhstan.

The terms of the deal will create a major global uranium player named Uranium One Inc., trailing only behind Saskatchewan's Cameco Corp. It will have a combined market capitalization of about $5.87 billion. During a Monday conference call, SXR Uranium One and UrAsia executives addressed many concerns about the stability of UrAsia's Kazakhstan operations.

UrAsia operates three mines in the former Soviet-bloc country, including Akdala, already in production, and two others - South Inkai and Kharassan - expected to begin production this year.

2007-02-08T07:24:00.001-08:00

Cameco Corp. has deferred planned uranium sales from its flooded Cigar Lake mine for up to seven years, putting further supply constraints on an already tight market and raising concerns the crucial project could be delayed even longer than expected.

The world's largest uranium producer said it has postponed deliveries of Cigar Lake uranium initially scheduled for this year to the end of those contracts and said other customer deliveries affected by the supply interruption will be put off for "a five- to seven-year period."

TD Newcrest analyst Greg Barnes said this may suggest a more protracted holdup in getting Cigar Lake into production than first thought. "This statement is likely, in our view, to provide further upward momentum behind the uranium price," Mr. Barnes said in a note to clients.

The massive Cigar Lake mine in Northern Saskatchewan filled with water in late October, quashing hopes it would begin producing uranium -- which is used as fuel in nuclear reactors -- by the end of this year.

2007-02-05T21:54:00.001-08:00

Governments around the world have been responding to a United Nations report that warns of the need for urgent action on climate change, to avoid irreversible damage to the planet.

The Inter-governmental Panel on Climate Change says global warming is very likely due to human activity, and predicts rising sea levels, and worsening storms and droughts.

Australian Prime Minister John Howard says the report is further proof that the country should be looking toward nuclear energy.

Mr Howard says wind energy and solar power are not the solution.

He says his government will not change its mind over the Kyoto protocol treaty, which it has refused to sign.

The EU describes it as the starkest warning yet, and Britain says climate change threatened world peace and prosperity.

The United States, which produces about quarter of the world's greenhouse gases, called the report valuable, but the White House has again expressed opposition to compulsory caps on greenhouse gas emissions.

And American Energy Secretary Sam Bodman rejected criticism of the United States' record.

The New Zealand government says it is targeting transport, electricity, forestry and agriculture to try to reduce greenhouse gas emission.

2007-02-01T08:12:00.000-08:00

Rio Tinto Ltd has followed the lead of larger rival and world's biggest miner BHP Billiton Ltd in drawing attention to future prospects in uranium.

As the company unveiled a record 2006 annual net profit jump of 48 per cent to $US7.438 billion ($A9.59 billion), it repeatedly mentioned yellowcake as one product to keep an eye on.

Chairman Paul Skinner said increased production of uranium by Rio Tinto, the world's second-largest producer of yellowcake, may be on the cards.

"We've probably got the opportunity for a significant lift in our uranium production within the short to medium term," Mr Skinner said.

He also said the market would have higher contract prices for uranium this year and beyond.

"What you will see increasingly in 2007, and particularly in 2008 and beyond, is a greater proportion of contracts written in this more heady environment," Mr Skinner said.

Outgoing chief executive Leigh Clifford, who will be replaced by US-born Tom Albanese in May, says Rio Tinto has expansion prospects.

"We are extremely well placed in the uranium market," chief executive Leigh Clifford said.

"I wouldn't be surprised to see a uranium contribution increase in the coming years."

BHP Billiton, which owns the world's largest uranium deposit Olympic Dam in South Australia, used its annual general meetings in Australia and the UK last year to also draw attention to uranium.

It said that it expected the costs of producing uranium to fall into line with other energy sources such as coal and gas and added that as energy consumption in India and China escalated, those nations would look increasingly to yellowcake as an energy resource.

2007-01-22T08:06:00.001-08:00

Investors and banks pumped half-a-trillion dollars into emerging markets last year, with China and other Asian economies accounting for the lion's share of such money flows, the Institute of International Finance (IIF) said on Thursday.

Last year's figure of US$502 billion was just slightly below the record level of US$509 billion in 2005, according to an IIF report.

The report by the global association of big financial institutions and banks, showed investors remained upbeat on countries with greater economic risks last year, but that this trend will likely moderate somewhat this year.

The IIF, chaired by Deutsche Bank AG chairman Josef Ackermann, said the volume of private capital flows to emerging markets was likely to total US$469 billion this year.

Although this would mark a slowing of overall capital flows, to the 30 countries covered in the survey, the IIF said it would still represent the third highest level of flows recorded.

The institute, however, cited several risks to its outlook, including "uncertainties about the duration and severity of the ongoing housing slump in the United States, as well as its impact on the rest of the economy."

The IIF said net private capital flows of US$197 billion went to Asia last year, while emerging European economies acccounted for US$218 billion. Some US$46 billion went to Latin America and US$31 billion to Africa.

The IIF said that Asian economic powerhouse China would likely continue to be the recipient of the largest share of net direct investment.

"China will continue to dominate in this category, accounting for US$55 billion of total net direct investment flows to emerging markets," the report said.

Europe's emerging economies are likely to receive the biggest share of commercial bank lending in the coming year, however, "accounting for 70 percent of all such lending to emerging markets," the report said.

The report's authors said they generally expected the world's financial markets to remain stable over the next 12 months.

Growth in Asia is seen exceeding 7.5 percent for the fifth straight year, with China's breakneck economy moderating to "a more sustainable" growth clip of 9.5 percent this year.
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2007-01-17T07:56:00.000-08:00

URANIUM miner Energy Resources of Australia looks set to miss out on the immediate benefits from a surging yellowcake price despite posting record production in the December quarter.

ERA produced a record 1662 tonnes of uranium in the fourth quarter of 2006 from its Ranger mine in the Northern Territory, a 3 per cent increase on the previous fourth quarter in 2005 and a 51 per cent increase on the third quarter of 2006. Shares in the uranium miner surged $1.20, or close to 6 per cent, to $21.46 after yesterday's news.

However, despite its record production quarter, ERA will not be able to take advantage of the surging uranium spot price, as it entered into long-term contracts when the price was weaker.

"ERA's average contractual sales price is only partially influenced by the spot market due to its portfolio of contracts containing a range of pricing mechanisms entered into when the uranium oxide market was considerably weaker," ERA said.

The spot price of uranium was $US72 per pound at the end of December compared with $US36.13 a year earlier.

2007-01-16T08:36:00.001-08:00

Gold fell slightly on Tuesday after rising to a near two-week high the previous day, but buying interest persisted at lower levels as investors slowly regained confidence in the precious metal.

Spot gold was at 625.10/625.60 an ounce at 0634 GMT, after earlier hitting a high of $626.75.

"The tendency is to buy on dips, mainly from investors. We should test the upside and make our way up to $635 to $637," said a dealer in Singapore.

"For today, we can put the trading range at between $620 and $635," he said.

Gold was quoted at $626.00/627.00 late in London on Monday, when it had risen to as high as $627.80 an ounce, its highest since Jan. 4, on the back of technical buying and a slight dip in the dollar against the euro.

2007-01-16T08:35:00.001-08:00

Uranium miner Energy Resources of Australia has shrugged off operational difficulties experienced in the first half of 2006 and posted record quarterly production.

ERA produced a record 1,662 tonnes of uranium in the fourth quarter of 2006 from its Ranger mine in the Northern Territory.

The figure is a three per cent increase on the previous fourth quarter in 2005 and a 51 per cent increase on the third quarter of 2006.

The uranium miner attributed the record production performance to sustained mill throughput and a higher head grade.

Production during the first half of the year was impacted by heavy rainfall from tropical cyclone Monica and difficulties with the acid plant after a planned maintenance shutdown.

Uranium production for 2006 came in at 4,748 tonnes, 20 per cent lower than the 2005 figure of 5,910 tonnes, which was impacted by an elevated water level in the pit following high rainfall.

2007-01-12T06:42:00.000-08:00

SXR Uranium One’s Dominion project in South Africa is among the top ten uranium deposits in the world and accounts for half of South Africa’s uranium resources.

Officials have said said the company would not mine deeper than 500 metres in its first ten years of production. Dominion has a life of 80 years in terms of current production plans, but Uranium One is working on increasing the rate of production.

The average mining depth in South African is around 3 500 or 3 700 metres.

The CEO said the increase in uranium demand, stemming from countries such as India and China, has not filtered through to the uranium price yet.

“The reasons are that we are being very conservative in the industry regarding forecasting increases in demand. I think constrained supply is driving the uranium price at this stage. We are not even seeing the benefit of increased demand yet.”

Froneman said the industry could not afford a number of failures like Cigar Lake, but has to deliver for people to invest billions of dollars in new nuclear power plants.

The fact that a competent company such as Cameco suffered a failure of this size meant that end-users realised how difficult it was to see new uranium coming into production.

Production costs at Dominion will be in the region of $14,5/lb, while the current spot price for uranium is $72 per pound.

Uranium One announced four new sales contracts with “western” power plants for delivery of 3,2m pounds of uranium between 2008 and 2012 on Thursday. This brings production that has been contracted to buyers to 28% of production in this period.

2007-01-10T09:13:00.000-08:00

The price of uranium oxide is expected to climb as high as $100 a pound this year for the first time in history on the back of speculative interest in the commodity as well as strong demand from the nuclear power sector.

After falling to a multi-year low of $6.40 in the first quarter of 2000, the price of uranium rocketed elevenfold.

The last quoted price for uranium oxide was a record $72 a pound.

Adam Schatzker, a Toronto-based analyst for RBC Capital Markets, expected the price of uranium to climb to $100 a pound this year. He expected the global market for uranium to be in deficit this year and next year.

For next year, Schatzker forecast a uranium price of $85 a pound, followed by $75 a pound in both 2009 and 2010, and then $50 a pound from 2011 to 2015. The long-term price was $25, he added.

The average price last year was $47.56 a pound compared with $27.89 in 2005.

Uranium One chief executive Neal Froneman forecasts that uranium will break $100 a pound this year.

Schatzker said: "We continue to believe that strong uranium prices should provide sufficient incentive for exploration and investment, and ensure that the supply-demand gap will be filled after 2013."

Toronto-based Scotiabank commodity market analyst Patricia Mohr expected uranium oxide to climb as high as $90 a pound this year. She said uranium should average close to $80 a pound during the year.

The price of uranium would continue to climb due to the very tight spot market for the commodity.

There was a great deal of interest from power utilities around the world in entering into contracts for the supply of uranium, Mohr said. Many utilities needed to restock with the metal.

It was estimated that 168 new nuclear power stations would need to be built before 2020.

Uranium is used as fuel for nuclear reactors and the explosive material for nuclear weapons.

Depleted uranium is used in armour plating.

2007-01-09T07:46:00.000-08:00

After nearly doubling last year, the price of uranium appears poised to continue its bull run in 2007 as demand for the radioactive fuel continues to outstrip supply, analysts say.

"It is a commodity that has for years been under a lot of pressure from excess supply and now the seeds have been sown and we're beginning to see the flip side of that," said RBC Capital Markets analyst Adam Schatzker, who has forecast the price will average US$100 per pound in 2007.

"There is not a lot of mine production. The inventories that were being sold into the market are disappearing and we're actually in a supply-demand deficit."

Though hedge funds and other speculators are beginning to move into the uranium market, he said the biggest driver to the recent increase in price is a shortfall in supply and growing demand.

New nuclear power plants are being built in China and other parts of the world, while few new major deposits have been developed, leading to demand that is 40 per cent ahead of current supply.

For years the price of uranium removed the incentive to spend the money building any new production or searching for new deposits. With governments selling their inventories the markets were flooded with cheap uranium and there was no need to dig up new deposits.

But those inventories are depleting and uranium users still need the fuel for their reactors.

The price of uranium averaged US$28.15 per pound in 2005 and jumped to and average of $48.10 per pound in 2006. However the spot price for the radioactive metal was a whopping US$72 per pound at the end of the year.

Scotiabank commodity specialist Patricia Mohr has suggested that the current upswing in uranium prices is a "secular" change in global energy markets, due to the price of oil and that nuclear power generation emits virtually no greenhouse gases.

"While exploration activity has surged for uranium - across Canada, Australia, Africa and in Kazakhstan - there has been little improvement in mine production," Mohr wrote in a recent report forecasting an average price of US$80 in 2007, ending the year close to $90.

She suggested mine production gains this year will be limited as Cameco (TSX:CCO) and Areva will likely boost output in Kazakhstan, the Dominion project will start up in South Africa and Smith Ranch may be expanded in the United States.

The shortfall in supply was made worse when Saskatoon-based Cameco, the world's biggest uranium producer, reported flooding at its Cigar Lake mine in northern Saskatchewan, a project it had hoped to bring into production in 2008.

Construction at the deposit, which has proven and probable reserves of more than 232 million pounds of uranium at an average grade of 19 per cent, began in January 2005, but came to a halt last year after a flood that pushed back completion by at least a year.

Though the company has started round-the-clock work drilling holes to the source of the water inflow so it can pump in concrete, it is not known when the mine will actually be able to come into production.

Some market watchers have speculated that the Cigar Lake mine may never begin commercial production.

Schatzker said the flood at the mine that is expected to produce 18 million pounds a year when it comes does come into production, had a "fundamental impact on the market."

"The range of expectations of where that might go is all over the place because really a lack of information and a lack of clarity," he said.

But even with the trouble, Salman Partners analyst Raymond Goldie still rated Cameco a top pick for the year.

"We believe that investors have been overly concerned about the link between oil prices and uranium prices and about the flood at Cameco's Cigar Lake uranium project," said Goldie, who has a C$55.95 12-month price target on the stock.

"However, as investors realize that what Cameco loses at Cigar Lake on volume, it more than makes up on price, Cameco's share price continues to recover."

Investors have been flocking to uranium stocks, particularly those of junior companies with a lower stock price.

For example, Paladin Resources Ltd. (TSX:PDN), a small Australian miner that trades on the TSX and has uranium properties in South Africa, has been a top trading stock for several weeks on the Canadian markets.

SxR Uranium One Inc. (TSX:SXR), a Toronto-based resources company, has also been a popular investment as has been Denison Mines Corp. (TSX:DML), an intermediate uranium producer, with mining assets in the Athabasca Basin of Saskatchewan, and the southwestern U.S. as well as exploration properties in the U.S., Canada and Mongolia.

Investors have been drawn to Denison because the company owns parts of two of the four uranium mills operating in North America today, giving the company a diversified mining asset base as well as milling infrastructure.

The Toronto company recently got C$100 million in financing to back its bid to acquire OmegaCorp Ltd., an Australian-traded miner with uranium projects in southern Africa, including the advanced stage Kariba Project in Zambia.

2007-01-03T08:59:00.001-08:00

Energy Metals Corp., an advanced uranium exploration company, is rated "buy" by Brian Mok, an analyst with Research Capital Corp.

The shares closed yesterday at $10.75, up 65 cents on the S&P/TSX. Mr. Mok initiated coverage of the company with a 12-month share price target of $13.

Energy Metals is developing uranium properties in Texas and in the Powder River Basin and Great Divide Basin in Wyoming. It also holds properties in Colorado, Utah, Nevada, Oregon and Arizona.

During the past 12 months, Energy Metals has acquired two companies and it is in the process of acquiring a third as part of its plan to "accelerate the pace towards production," Mr. Mok said. The company's uranium production could reach five million pounds a year by 2012, according to his report. Uranium recently traded at $72 (U.S.) a pound.

2006-12-21T06:53:00.001-08:00

First Uranium IPO Soars In Debut

Shares of First Uranium Corp., a developer of uranium and gold prospects in South Africa, rose 16 percent during their first day of trading on the Toronto Stock Exchange.

First Uranium rose C$1.12 to C$8.12 at 4:16 p.m. in Toronto, after earlier reaching C$8.39, giving the company a market value of about C$952 million ($829 million). The company, a unit of Johannesburg-based Simmer & Jack Mines Ltd., sold 29 million shares at C$7 each.

``The market is hot for anything uranium right now,'' said Brian Mok, an analyst at Research Capital Corp. in Toronto.

Uranium prices have risen more than sevenfold over the last five years as demand from investors and power station operators has grown. Uranium, the raw material in fuel for nuclear reactors, has risen on concern that new supplies of the radioactive metal may not rise fast enough.

First Uranium raised C$203 million with the initial share sale, the biggest in the Canadian market by a mining company since Saskatoon, Saskatchewan-based Cameco Corp. sold C$282 million of shares in Toronto-based Centerra Gold Inc. in 2004. Simmer will continue to own about 70 percent of First Uranium.

Simmer plans to use proceeds from share sale to repay debt and to fund First Uranium's development of the Ezulwini and Buffelsfontein uranium and gold projects in South Africa.

Uranium Rally

The price of uranium has risen 99 percent in the past year to $72 a pound this week, according to market assessments published Dec. 18 by Ux Consulting Co. of Roswell, Georgia. Prices were at $36.25 at the end of December 2005.

Sxr Uranium One Inc., another developer of uranium prospects in South Africa, today completed an offering of C$155.3 million of convertible unsecured subordinated debentures, boosting the amount Uranium One has raised this year to C$499 million, said Jason Neal, an investment banker at BMO Capital Markets in Toronto.

RBC Capital Markets, a unit of Canada's biggest bank, led a group of eight banks in the sale of First Uranium's shares, including Canaccord Capital Corp., National Bank Financial and GMP Securities.

The banks may sell another C$30.5 million of First Uranium shares to meet demand through a so-called overallotment option, valuing the share sale at C$233.5 million, RBC said.

2006-12-19T16:22:00.000-08:00

Uranium Hits Record Levels

The price of uranium surged to a record $72 (U.S.) a pound, capping an extraordinary year for the radioactive metal which has now doubled over the past 12 months.

The spot price for the material used to fuel nuclear reactors jumped 9.9 per cent from a week earlier, according to Roswell, Georgia-based Ux Consulting Co.

The gains came after an auction last week of 260,000 pounds of uranium by Mestena Uranium LLC, a privately held producer based in Corpus Christi Texas.

Spot uranium prices have climbed from $36.25 a pound last January, to current levels as hedge funds and other financial investors have snapped up the commodity in anticipation of supply shortages amid increasing demand from energy producers.

In October, the world's largest uranium producer Cameco Inc. of Saskatoon, said it would delay production at its Cigar Lake Mine by at least a year, following a flood.

The mine was supposed to begin production in 2008 and eventually supply up to 10 per cent of the world's uranium needs.

Uranium related equities have soared this year in tandem with the rising spot prices. A Sprott Securities index of 37 uranium companies, consisting mostly of exploration firms or near-term producers, has gained an average of 182 per cent year to date.

2006-12-14T16:20:00.001-08:00

First Uranium Corp. has filed a final prospectus for its $203-million initial public offering of shares with Canadian securities regulators.

A syndicate of underwriters, led by RBC Capital Markets, has agreed to buy 29 million shares at $7 each, the company said Thursday.

The underwriters have also been granted an over-allotment option to buy up to 4.35 million additional shares within 30 days after closing of the offering, which is expected Dec. 20.

The Toronto Stock Exchange has conditionally approved listing the stock under the symbol FIU.

The company also said Thursday it will acquire certain assets, including shares of First Uranium and Ezulwini Mining Co., from South Africa's Simmer & Jack Mines Ltd., concurrent with the IPO closing.

The assets pertain to the proposed Ezulwini and Buffelsfontein uranium and gold projects in South Africa.

The Ezulwini project will involve recommissioning an underground uranium and gold mining operation while the Buffelsfontein project will involve the construction of a tailings reprocessing facility.

After the reorganization and IPO, Simmer & Jack will hold a 69.8 per cent interest in First Uranium if the over-allotment option is not exercised.

Net proceeds of the offering are to be used primarily to fund development of the Ezulwini and Buffelsfontein projects. It will also allow First Uranium to repay debt incurred by Simmer & Jack on Ezulwini Mining's behalf.

2006-12-14T16:18:00.000-08:00

A fourfold increase in the price of uranium in the past three years has led to a rush of new claims by uranium companies in the Western United States, according to a new survey by an environmental group that wants to inform the public of the potentially harmful consequences.

Mining claim data compiled by the Environmental Working Group, a research organization based in Washington, shows that in Colorado, Utah, Wyoming and New Mexico, the total claims rose from just over 2,000 in 2001 to about 18,000 in 2005.

In Arizona, a project manager for the Canadian mining concern Quaterra Resources, has filed 616 claims, many within a few miles of the Grand Canyon's north rim.

"There's a renaissance of people's attitudes toward nuclear energy as a viable, green, clean, clean-air type of energy source," said Paul Matysek, president of Energy Metals, based in Vancouver.

Matysek added that the increase in oil and natural gas prices, even though they have eased in recent months, had spurred a miniboom in the price of uranium.

"Three years ago it was $12 or $14" a pound, he said. "Today it's $65.50."

Matysek's company has signed a letter of intent to merge with High Plains Uranium, a company formed in New Brunswick, Canada, less than two years ago. High Plains, with headquarters in Cheyenne, Wyoming, has filed more than 2,250 claims.

2006-12-04T19:04:00.001-08:00

All impediments to mining Australia's uranium resources should be removed, a parliamentary committee said Monday in the latest attack on national policies restricting sales of the radioactive fuel.

"All members are agreed that the present restrictions on uranium exploration and mining are illogical, inconsistent and anticompetitive," said Geoff Prosser, a lawmaker from the ruling Liberal Party and chairman of the committee that examined uranium issues.

"State policies preventing development of new uranium mines should be lifted and legislative restrictions on uranium mining should be repealed," he said in a statement.

The committee's report came two weeks after an expert task force set up by Prime Minister John Howard to examine a range of uranium issues recommended lifting restrictions on export and enrichment of the fuel to boost the multimillion-dollar nuclear industry and help reduce greenhouse gas emissions from fossil fuels.

Prosser's 10-member cross-party committee was asked to report on the strategic importance of Australia's uranium resources, which account for almost 40 percent of the world's known reserves.

Prosser said that when the inquiry was established in March last year, there was little discussion in Australia about uranium mining and even less about nuclear power.

"There is now a growing recognition that nuclear power makes a significant contribution to the mitigation of greenhouse gas emissions," he said.

"As a matter of energy justice, Australia shouldn't deny countries that wish to use our nuclear power in a responsible manner the benefits from doing so," he added.

Australian uranium production has been limited since 1983 by a "no new mines policy" established by the federal opposition Labor Party when it was in government. The Labor-governed states of Western Australia and Queensland also have bans on uranium mining and processing, and there is a national ban on building nuclear power stations.

Labor governments of four of Australia's six states -- Western Australia, New South Wales, Victoria and Queensland -- have indicated they do not intend to review their policies.

Australia, which supplies about 23 percent of the current world uranium market, imposes strict conditions on its sales to ensure that the fuel is not put to military use.

But sales are expected to soar with a recent agreement to supply China. Australia is also considering selling uranium to India despite New Delhi's refusal to sign the Nuclear Nonproliferation Treaty.

2006-11-29T13:46:00.001-08:00

Zambia will not issue licences for mining uranium until it gets guidelines from the International Atomic Energy Agency (IAEA) despite the discovery of huge uranium deposits, the mining minister said on Wednesday.

"Nobody has been given a licence to mine uranium because we are looking at issues of storage and marketing. We are also waiting for guidelines from the International Atomic Energy (Agency)," Mines and Minerals Development Minister Kalombo Mwansa told journalists.

Officials and exploration firms have reported the discovery of major uranium deposits in in the mineral-rich southern African country in recent months.

Mwansa said firms had been given licences to explore uranium and that mining licences would only be awarded once guidelines were provided from the IAEA, the U.N. nuclear watchdog.

"The government is cautious because it does not want to raise controversy with the world's big nations on the mining of uranium and its subsequent sale," a senior official in the mines ministry said.

Mwansa said significant uranium deposits have been found around Lake Kariba in the southern province and at the Lumwana copper mine in northwestern province.

He told a mining conference in Lusaka that the state Geological Survey Department had preliminary data showing more uranium deposits in eastern Zambia and that exploration would be undertaken to determine the amount of the minerals.

The minister also said Zambian authorities had extended incentives awarded to copper and cobalt mines to other mining firms to explore and mine different base metals.

"The government has decided to extend all the tax incentives that apply to mining of copper and cobalt ...to all other base metals," Mwansa said.

Mwansa said firms mining base metals in Zambia would no longer be required to pay duty on imported mining equipment which is normally charged at 25 percent, and that they would not be compelled to pay 17.5 percent value added tax for a period of five years for pre-production expenditure.

The firms also will be exempted from paying tax on dividends to shareholders and tax on interest payments to financial lending institutions which provide financing to the mining firms.