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.