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
“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
NYMEX Closing Prices As Of May 18, 2007
June 2007 Contract
$134.90
December 2007 Contract
$145
January 2008 Contract
$150
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.
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.
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