Archive for April, 2011

Radioactive water threatens Kakadu

April 16, 2011

acid leaching would pose serious risks to the environment and local indigenous culture as well as complicating ERA’s planned closure and exit timeline for the mine, and further increase pressure for an extension to the company’s lease beyond its 2021 end date.

Radioactive water threatens Kakadu, The Age, Lindsay Murdoch, April 16, 2011
“…….The Bureau of Meteorology forecasts unpredictable wet season weather for several weeks.Since ERA announced an initial three-month suspension of production at Ranger in January, the company’s shares have plunged 45 per cent to $6.58 a share – a value loss of $1 billion.The crisis has thrown into doubt ERA’s plans to expand its operation to include an underground mine and the use of a controversial acid heap leach processing technique to process low-grade ore.

Mr Kyle said the Mirarr people who owned the Ranger land took the view that if ERA ”cannot manage what they are already doing, how can they support them doing more?”

ERA chief executive Rob Atkinson confirmed at the company’s annual meeting in Darwin on Wednesday that the severe wet weather at the site had raised doubts about whether the company could proceed with acid heap leaching, which has never been tested in a monsoonal climate.

A new report by the Australian Conservation Foundation says ERA has underestimated the size, complexity, cost and impact of the proposed expansion of the mine.

It said acid leaching would pose serious risks to the environment and local indigenous culture as well as complicating ERA’s planned closure and exit timeline for the mine, and further increase pressure for an extension to the company’s lease beyond its 2021 end date.

ACF campaigner Dave Sweeney said the expansion plan would ”significantly increase contamination loads at Ranger”. ”The company needs to be ending operations and cleaning up, not seeking to expand,” he said.

The Ranger mine has had more than 150 leaks, spills and mishaps since it opened despite opposition from Kakadu’s traditional owners in 1981……

Radioactive water threatens Kakadu

Virginians getting organised against uranium mining

April 9, 2011

Organization forms to push to keep ban on uranium mining | GoDanRiver.com, By John Crane, 28 march 11, A group of Pittsylvania County residents has formed a grassroots organization to oppose lifting the ban on uranium mining and milling in the commonwealth.
The citizens established Piedmont Residents in Defense of the Environment, a nonprofit, to be an environmental watchdog, monitor issues and hold government officials accountable for their actions, said PRIDE President Karen Maute.
“PRIDE will actively promote keeping the ban on uranium mining in Virginia and seek to empower the communities to bring awareness of other issues that have negative impact on citizen health, the environment and the economy,” the group stated in a news release……..
Organization forms to push to keep ban on uranium mining | GoDanRiver.com

Nevada’s vast areas of towering uranium waste piles

April 9, 2011

the towering waste piles, open pit lake and old leach ponds spread across an area the size of 3,000 football fields.

Polluted mine is back on feds’ list | Reno Gazette-Journal | rgj.com Scott Sonner, Associated Press  28 March 11, YERINGTON — Federal regulators who have spent a decade assessing the uranium and other toxic wastes seeping into the water table at an old Anaconda copper mine in Northern Nevada have concluded that the pollution can’t be cleaned up without adding the vast, abandoned site to the U.S. Superfund’s National Priorities List. (more…)

Fukushima casting a long shadow over uranium industry’s future

April 9, 2011

an accident or other significant event “could result in increased regulation, less public support for nuclear fueled energy, lower demand for uranium and lower uranium prices.”

Japan’s material adverse change: from financings to M&A | Financial Regulatory Forum   Reuters.com, by John Mackie, 28 March 11………the business and legal communities cannot stand still, as they deal with several quite-unexpected ripple effects. Both M&A and capital markets transactions have suffered, and disclosure practices are now coming under review. Set against a backdrop of plummeting stock prices, companies in nuclear-related industries are caught in their own battle to sustain themselves………. (more…)

A warning – your uranium stocks might be doomed

April 9, 2011

Even more ominous in this new environment is the fact that storage pools for spent uranium rods are now recognized as a threat. Every reactor has one of these glowing pools, specifically because the world has not found a way to dispose of nuclear waste…..

the developed world will eventually turn very sharply away from nuclear energy and towards cheap and abundant natural gas…….

Is Uranium A Buy Again? Beware of These Radioactive Stocks ETF DAILY NEWS, byn George Wolff, 27 March 11, “………The industry’s future is “red hot” according to CBS Business News writer David Phillips. Cameco and other uranium miners are already spending heavily on the construction of new mines and processing facilities. They’re still scrambling in anticipation of the global nuclear boom which seemed so inevitable before the Japanese disaster…… (more…)

USA to buy enriched uranium from Russia

April 9, 2011

Rosatom Signs $2.8 Billion Contract to Enrich Uranium for U.S.  Bloomberg, By Ilya Khrennikov – Mar 26, 2011 Rosatom Corp., Russia’s government- owned nuclear holding company, agreed a contract valued at about $2.8 billion to supply enriched uranium to the U.S., Russian state-run newspaper Rossiyskaya Gazeta said, citing the company.The accord includes an option to double supplies, possibly boosting the value of the deal to $6 billion, Kommersant said in a separate report, citing Rosatom Chief Executive Officer Sergei Kirienko.….Rosatom Signs $2.8 Billion Contract to Enrich Uranium for U.S. – Bloomberg

Uranium industry hypes itself, but it doesn’t ring true

April 9, 2011

Insurance liability caps granted to the American nuclear power industry,  for example, produce an annual indirect subsidy of $33 million for every reactor in the United States…..liability costs to the Japanese government arising from Fukushima Daiichi, while still impossible to estimate, were presumably large, and might make other governments see that offering subsidies to renewable energy sources might be a comparative bargain…

Uranium Processor Still Optimistic About Nuclear Industry, NYTimes.com, By IAN AUSTEN : March 25, 2011 OTTAWA — On the same day earlier this month that the  Canadian company Cameco, a global leader in uranium mining and processing, gathered its executives from around the world for a strategic planning session, news broke of Japan’s staggering earthquake….. (more…)

Cameco’s shares join in the nuclear selloff

April 9, 2011

Nuclear sell-off sweeps to uranium mining, Financial Times, By William MacNamara in London,  March 20 2011 The sell-off slamming the nuclear power industry has swept to uranium mining, the source of nuclear fuel, with a range of miners’ shares opening this morning at least 15 per cent lower than levels preceding the earthquake in Japan.
Shares in Cameco, the major Canadian uranium producer, have fallen 20 per cent since March 10 despite Jerry Grandey, chief executive, saying that the impact of the Japanese nuclear crisis on the company’s sales would be “minimal”….

Uranium One suffers price dive

April 9, 2011

Uranium One has year-end loss  The Calgary Herald March 8, 2011 . Uranium One Inc. reported a fourth-quarter loss of $148.2 million on Tuesday, compared with a profit of $179.6 million in the same period a year earlier. It said the loss was due to a series of one-time expenses.
The company, based in Vancouver and Johannesburg, said the loss amounted to 24 cents a share, compared with a profit of 38 cents a share during the fourth quarter of 2009……

Iran to get uranium from Zinbabwe

April 9, 2011

Zimbabwe to sell uranium to Iran,  Telegraph, bu Aislinn Laing, 6 Mar 11, Zimbabwe is to defy United Nations sanctions in a deal to sell uranium to Iran

Simbarashe Mumbengegwi, Zimbabwe‘s foreign minister, said the sanctions – which prohibit member states from providing Iran with raw materials that it could use to make a nuclear weapon – were unfair and hypocritical.

He said that Zimbabwe, which is also the subject of sanctions over human rights abuses perpetrated by President Robert Mugabe’s supporters, would benefit economically from the agreement.

A leaked intelligence report suggests Iran will be awarded with exclusive access to Zimbabwe’s uranium in return for providing the country with fuel……. Zimbabwe to sell uranium to Iran – Telegraph


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