Archive for November, 2011

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Gloomy days for Australia’s uranium companies, despite possibility of India sales

November 28, 2011

Uranium bombs despite India move, BY:  ROBIN BROMBY , The Australian,  November 21, 2011, YOU couldn’t even call it a boomlet. It was more like a ripple on a lake, and lasted about as long. Julia Gillard’s volte-face on selling uranium to India caused a mild stir among the uranium stocks, but the sector is still doing a passable imitation of Death Valley. A few stocks bounced but the present price levels are woeful. Even the spot price rising $US4/lb was of little help; nor does the general bear market…..

Over the 12 months to November 15, Energy & Minerals Australia (EMA) was off 48 per cent, Toro Energy (TOE) down 50 per cent and, despite its well-advanced project in Western Australia, last traded at just 8.6c, while Bannerman Resources (BMN) was down 58 per cent.

There was minimal interest last week even in Uranium Equities (UEQ), which has produced grades up to an extraordinary 6.71 per cent at its Nabarlek project in the Northern Territory. Its 6c price remained unchanged. UEQ’s ground is just 10km from the high-grade Nabarlek mine, which closed in 1989…….

And the India news, should it go through the ALP conference, is not that big a deal anyway. There are plenty of countries supplying the Indians with uranium and will fight to keep their shares and get more of any additional business.

Posted in economics, Toro Energy | Leave a Comment »

Australia will fuel arms race by selling uranium to India, says Labor Senator

November 28, 2011
Left fears uranium backflip will fuel arms race 1233 ABC  Newcastle, 19 Nov 11 A Victorian Labor Senator fears Australia will be fuelling a nuclear arms race if it lifts the ban on exporting uranium to India. Prime Minister Julia Gillard wants next month’s ALP conference to agree to change the policy, under the condition India only use it for peaceful purposes.
India possesses nuclear weapons but is not a signatory to the Nuclear Non-Proliferation Treaty, and current Labor policy prohibits selling uranium to any country that is not a signatory. But Senator Gavin Marshall says there is no doubt it will be used directly in India’s nuclear weapons program or to free up domestic supplies.

“Either way, Australian uranium assists in a nuclear arms race in that part of the world,” he said. ”I don’t think that’s a responsible thing for this government to do.” He also does not buy the Prime Minister’s argument it would be good for jobs and disputes it would reduce poverty…..

Senator Marshall says those fighting the policy shift could still win the argument. The left convenor will meet with his other faction colleagues tomorrow. http://www.abc.net.au/news/2011-11-19/labor-left-fears-uranium-backflip-will-fuel-arms-race/3681338/?site=newcastle

Posted in politics, weapons and war | Leave a Comment »

Pakistan will be wanting Australia to sell uranium to it

November 28, 2011

Like India, Pakistan is a nuclear armed state that refuses to sign the NPT. There is no doubt the Islamabad will be keeping a close eye Canberra and on Darling Harbour come Labor’s National Conference in December.

Inevitably, if Labor moves to sell uranium to India then Pakistan will make a political and diplomatic point of being the next cab in the radioactive rank. 

If Australia sells uranium to India, will Pakistan be next?, November 18, 2011   Crikey ,  Dave Sweeney   Uranium is both common and controversial in resource rich Australia. It is tricky stuff as it can be used to produce electricity or to fuel nuclear bombs. And India has both……. (more…)

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Australia’s options on nuclear non proliferation and uranium sales to India

November 28, 2011

Promises and U-turns of the nuclear kind, The Drum, Jim Green, 19 Nov 11“…..What steps could Australia take to extricate us from the current mess – the South Asian nuclear arms race, and the broader problem of nuclear proliferation?

Option #1 is to leave uranium in the ground. It’s not as radical an idea as it might sound. Uranium accounts for a paltry 0.3 per cent of national export revenue and 0.03 per cent of Australian jobs. Few would notice if the industry vanished and still fewer would miss it. (more…)

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Economic bad news for uranium miners Toro Energy and Paladin

November 28, 2011

Oz Minerals pulls out of Toro uranium JV,9 News, 19 Nov 11 OZ Minerals has pulled out of a uranium exploration
joint venture with Toro Energy in South Australia, saying no economic uranium has yet been found at the Mt Woods project.
The Toro board has accepted a $3.75 million cash offer from OZ Minerals as consideration for the termination, Toro said in astatement on Friday. ”No potentially economic uranium results have been reported from the
Mt Woods project,” Toro said…. Shares in Toro were down 3.41 per cent at 8.5 cents at 1540 AEDT while
OZ Mineral shares were 1.89 per cent weaker, compared to losses in the broader market of about 1.8 per cent.
http://finance.ninemsn.com.au/newsbusiness/aap/8376270/oz-minerals-pulls-out-of-toro-uranium-jv

Malawi’s uranium earnings decrease, Daily Times,  17 November 2011   Kingsley Jassi               “….. As the country continues to reel foreign exchange losses incurred through poor tobacco prices and loss of donor aid, more bad news has emerged from the Kayelekera Uranium Mine in Karonga where earnings have gone down due to low uranium prices on the world market.Paladin Energy reveals in its latest report that revenue from sales of Kayerekera uranium in the third quarter of the year 2011 up to September have dropped US$337 million in the quarter, a drop from USD470 realised in the quarter ending June.   The company attributes the poor prices to the Fukushima nuclear disaster in Japan that destroyed nuclear power plant consequently, reducing uranium demand on the market….
http://www.bnltimes.com/index.php?option=com_content&view=article&id=2415:malawis-uranium-earnings-decrease&catid=59:business&Itemid=390

Posted in economics, Paladin, Toro Energy | Leave a Comment »

BHP’s Mariius Kloppers devious on uranium mining and Olympic Dam

November 28, 2011

Further delays to force BHP’s hand, BY:MATT CHAMBERS, The Australian November 18, 2011, BHP Billiton chief executive Marius Kloppers has warned that further regulatory delays on the $20 billion-plus Olympic Dam copper, gold and uranium expansion could mean the company looks at other options for its huge cashflows.

Speaking after the company’s annual general meeting in Melbourne yesterday, Mr Kloppers tempered chairman Jac Nasser’s enthusiasm for the project by saying things needed to move quickly.

“In our base-case plan, we’ve got a preferred date for Olympic Dam . . and it’s probably fair to say we’re a little later than we’d like to be,” Mr Kloppers said. ”If something gets delayed, then inevitably, probably what the
management will do, it will present the board with other options. I think that’s important.”

The comments were made after Mr Nasser said $US1.2bn of pre-commitment spending already approved by the board indicated how keen the boardwas to go ahead with Olympic Dam….

Mr Kloppers strengthened previous indications BHP was not looking at producing more uranium from Olympic Dam until well into the expansion’s production life. “The first two phases of Olympic Dam are really copper only and gold only type of things,” he said. “In due course we need to think about whether we extract more uranium, but I
see that as a separate decision, separate kit, separate capital decision, separate returns.”http://www.theaustralian.com.au/business/companies/further-delays-to-force-bhps-hand/story-fn91v9q3-1226198302416

Posted in BHP Billiton, economics, Olympic Dam | Leave a Comment »

BHP Billiton’s AGM reveals uncertainties, and opposition to Olympic Dam expansion

November 28, 2011

Road ahead looks uncertain for BHP, Canberra Times, BY GREG ROBERTS,18 Nov, 2011   ”……Chief executive Marius Kloppers said yesterday businesses were cutting back on inventory and taking fewer risks as liquidity and trade financing dried up.

  The shareholders’ meeting was dominated by a question and answer session lasting more than three hours, with speakers – including indigenous people who had travelled from central Australia – angrily accusing the company of destroying the environment through uranium and coal mining. The planned Olympic Dam mine expansion would make it arguably the biggest mine in the world.

Posted in BHP Billiton, economics, Olympic Dam | Leave a Comment »

Australian Greens want uranium to be taxed like other minerals

November 28, 2011

Greens want Mining Resources Rent Tax on uranium, The West 18 Nov 11, The Australian Greens will seek to broaden the minerals resource rent tax to cover uranium.

As the legislation for the tax is due to be debated in the House of Representatives next week, Greens leader Bob Brown said he was in talks with his party colleagues on moving an amendment to include not just coal and iron ore but uranium.

Senator Brown told reporters in Canberra the decision came after Prime Minister Julia Gillard announced she would seek approval of the Labor national conference to back the sale of uranium to India.

Labor has long opposed India being able to buy Australian uranium because it is not a signatory to the nuclear non-proliferation treaty…..

“It seems logical to me, in an age where health care and public education are short of funds right around this country, should we not be taxing the largely foreign ownership of our uranium mines?” Senator Brown said.

“We will be looking at adding that amendment in the light of the huge change that we are seeing not just in the promotion of uranium to India by Prime Minister Julia Gillard but with the uranium prices going up.”

Senator Brown said he had no doubt that Australian uranium “is going into nuclear weapons or making it possible for other uranium to go into nuclear weapons in some of the most volatile circumstances around the world”. He said it remained Greens policy to stop all uranium exports. http://au.news.yahoo.com/thewest/business/a/-/business/11757119/greens-want-mrrt-on-uranium/

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protest against uranium transport through Alice Springs

November 28, 2011

Protesters air uranium transport fears, ABC News, 17 Nov 11 The Northern Territory Government has tried to shut down a protest in Alice Springs. People were meeting to protest about the increased uranium that will pass through the town if the South Australian Olympic Dam is expanded.

The protest comes as dam developers BHP Billiton holds its annual general meeting in Melbourne today. Protester Lauren Mellor says she feels people do not know about the extra uranium that will be travelling through the town.

“We’re protesting here today for the specific reason of the transport risks to people who are along this rail line that the radioactive ore will be carried on up to Darwin,” she said.”So here in Alice Springs we’re at the intersection where this radioactive ore, two trains a day will be coming through our town and putting the lives of people here at risk and also the environment in Alice Springs.” http://www.abc.net.au/news/2011-11-17/protesters-air-uranium-transport-fears/3677478

Posted in opposition to u-mining | Leave a Comment »

BHP shareholders demand answers on environmental dangers of planned expansion of Olympic Dam uranium mine

November 28, 2011

BHP Billiton AGM asked about mining radiation risk , ABC News, 17 Nov 11 The environmental credentials of the planned Olympic Dam mine expansion in outback South Australia have been questioned by some shareholders at BHP Billiton’s annual general meeting in Melbourne.

Dr Jenny Grounds from the Medical Association for the Prevention of War has questioned the BHP Billiton board about monitoring radiation exposure levels for Olympic Dam workers. She has also raised the issue of disposal of radioactive tailings by the company “with its open cut mine and the surface tailings piles and the potential for dispersion by dust storms and groundwater retention.”….

Water demands The board also was asked about water demands for the proposed expansion. A desalination plant will be built on upper Spencer Gulf near Whyalla to supply water for the huge mining expansion. Anne Kennedy from the Great Artesian Basin Protection Group says it will produce a surplus of 80 million litres of water daily.

She asked if it would replace water now being drawn from the basin. ”To allocate half of that surplus would enable [the company] to return that same quantity of water to the Great Artesian Basin,” she told the meeting…. http://www.abc.net.au/news/2011-11-17/bhp-billiton-agm-environment-olympic-dam/3677110?section=sa

Posted in BHP Billiton, environment, Olympic Dam | Leave a Comment »

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