Archive for the ‘COMPANIES’ Category

Paladin’s Kayelekera uranium mine; bad conditions led to loss of eyesight

May 23, 2013

Man loses sight due to Kayelekera radiation, SUNDAY TIMES, 19 MAY 2013   KAREN MSISKA  It is all doom and gloom for a Kayelekera Uranium Mine ex-employee who has lost his sight, his job and any means of eking out a leaving to fend for his extended family.

On July 7, 2010, Abraham Siliwonde started working as a labourer at [Australian]  Paladin Africa’s Kayelekera Mine in Karonga bubbling with hope that he would use the remuneration to improve living standards in his household.

But less than three years later, the 31-year-old, along with his six children and five wards from his deceased relatives, is a mere dependent on a small banana business his wife conducts at Karonga town market.

He lost sight in July 2012 and medical examinations have linked his condition, uveitis or inflammation of the uvea – the part of the eye that contains the iris and ciliary body and choroid – to exposure to radioactive chemicals.

Uranium ore is known to be highly radioactive.”In February 2012, I was moved to spotting. This is where one stands and guides the dumpers on where to drop the uranium ore from the pit as it is set to get into the crusher, the first point in uranium processing,” said Siliwonde on Friday.

“I was guiding dumpers carrying high grade uranium ore; the other grades are low and medium. I could feel intense heat from lumps of uranium ore and the next day I would be passing yellowish urine and feeling malarial symptoms.” He said regardless of the gear one puts on while at spotting, they feel the heat being emitted by the uranium ore, stressing “the situation is worsened by supervisors who keep people there longer than more productive.”

He said he was drafted into driving dumpers in January 2012 but by July, he had lost his vision and instead of working, he was a continuous visitor to health facilities seeking to restore his vision. ”After a series of visits to the mine clinic at Kayelekera, I was referred to Karonga district hospital where I was further referred to Mzuzu central hospital on 30 November 2012,” he added.

“At Mzuzu Central Hospital, they asked whether I had an eye operation before because they said my eyes had cracks. I underwent strenuous tests but after telling them the environment I was working in, they identified exposure to radiation as the possible cause and referred me to Kamuzu Central Hospital.”

According to medical documents The Sunday Times has seen, Siliwonde’s reference to Kamuzu Central Hospital’s Lions Sight First Eye Hospital was “to determine if patient’s condition may indeed be due to uranium dust exposure.” His situation was not improving even with spectacles. A reference report dated April 15, 2013 indicates that Siliwonde’s acuity (sharpness of vision) for both eyes had slightly improved to 6/36 from 6/60.

A report signed by Dr J Msosa, Chief Ophthalmologist at Lions Sight First Eye hospital, confirms exposure to radiation as the possible cause.

Part of the report reads: “The vitritis (posterior uveitis) may indeed be due to exposure to radiation. It is well known that all radioactive substances can cause radiation retinopathy which appears like posterior uveitis………

“The only source of income is a small banana business my wife conducts. It’s a pity that the situation at Kayelekera is not closely monitored. A lot of people are suffering because they are exposed to radioactive dust blowing from the pit area since the surface is not kept wet as per agreement.”

However, Paladin officials pushed the bucket to one of their contractors. In response to an emailed questionnaire, Paladin Energy Limited’s General Manager – International Affairs, Greg Walker, said Siliwonde was employed by one of their contractors at the mine. He added that the issue has not been brought to Paladin’s attention……http://www.bnltimes.com/index.php/sunday-times/headlines/national/15108-man-loses-sight-due-to-kayelekera-radiation

Further uncertainty about the future of Toro Energy’s Western Australia uranium project

May 23, 2013

Claims Toro’s uranium project may struggle May 20, 2013 http://www.abc.net.au/news/2013-05-20/claims-toro27s-uranium-project-not-financially-viable/4700982 An economist is warning that the first proposed uranium mine in Western Australia may struggle to get off the ground.

The comments are made in a report, commissioned by Greens Senator Scott Ludlam and environmental groups, into the viability of Toro Energy’s proposed Wiluna project.

The study by ‘Economics at Large’ indicates the project’s profitability relies on a number of sensitive factors. The paper’s author, Roderick Campbell, says Toro may struggle to make the project viable.

“The Wiluna project sits very high on the cost curve of global uranium projects,” he said. ”It’s difficult to see why any of the major uranium players would invest in this project when there’s a lot of cheaper projects out there.”

Toro has released a statement saying the Wiluna project has won WA and Federal Government environmental approval to proceed after a rigorous three and a half year assessment process. It says, as a result, there is significant market interest from international energy utilities and global resource investors in the Wiluna project.

Senator Ludlam claims the project will just manage to be financially viable if Toro can avoid clean-up and decommissioning costs.He says Toro has not submitted a costed mine closure plan and the numbers are against the company when the cost of the clean-up is factored in.

Toro is yet to respond to that particular claim.

New report dispels Toro’s glowing propaganda about Wiluna uranium project

May 23, 2013

20 May 13,  West Australia’s first planned uranium mine has been put under the spotlight and found lacking in a detailed new economic analysis.

The viability of Toro Energy’s Wiluna uranium proposal has been examined by the independent economic consultancy Economists at Large in a report jointly commissioned by the Anti-Nuclear Alliance of WA and the office of WA Senator Scott Ludlam.

“It is time for Toro to come clean on the full costs of the Wiluna project”, said ANAWA member Mia Pepper. “Toro’s mine closure plans and costs require particular attention as the project’s viability rests on these.”

“In 2013 ERA – the operator of the Ranger uranium mine in Kakadu – estimated closure costs at $640 million. Even if you half that and half that again for this small low grade project, mine closure estimates are still around $150 million – we are yet to hear full details from Toro about this cost.”

The report outlines that for Toro to achieve a positive Net Present Value would require the convergence of a range of external scenarios including low mine closure costs, structural changes in the long term uranium contract price, a drop in Australian exchange rates, cost easing in the mining sector and better efficiency in mining, milling and recovery rates so the project proceeds on time, within budget and without technical snags. The chance of all these factors occurring is very low.

“The Toro project represents risk at every stage”, said Mia Pepper. “It is a risk to the environment at Lake Way, a risk to shareholders and investors and a risk to WA tax payers. This report confirms that the economics of the project are volatile and uncertain – however it is certain that the project will remain strongly contested”.

“From people taking action on country – like the seventy committed people walking through the region in opposition to uranium mining right now – to sounding the alarm in the board room, this flawed mine plan will be contested. The Toro Energy plan has never made sense and this report shows that it also won’t make dollars”.

The author of the report, Roderick Campbell, economist with Economist at Large, is available for comment on 0438503249.

Paladin writes down value of Kayelekera Uranium Mine in Malawi

May 23, 2013

Kayelekera value cut over weak spot prices THE DAILY TIMES , 17 MAY 2013  THOM KHANJE Australian-uranium miner, Paladin Energy, has slashed a further US$45 million from the value of its Kayelekera Mine in Karonga as poor spot prices of uranium continue to negatively affect its earnings from the mine.

Following the write-down, the mine is now valued at only USid=”mce_marker”40.8 million, down from over US$200 million nine months ago.

In its financial report for nine months to March 31 released this week, Paladin blamed continued poor uranium prices for the losses.

The spot uranium price, which has been in the doldrums since the 2011 Fukishima nuclear disaster, went down to a three-year low of US$40.75 a pound by the beginning of this week.

Paladin has since reported an overall net loss of US$247.7 million for the nine months, a sharp drop from the USid=”mce_marker”37.7 million net loss for the similar previous period…….

The falling uranium price and reduced production levels at both the Kayelekera and Langer Heinrich Mine in Namibia during the first quarter of 2013 compared to the previous three months, have also led to a fall in Paladin’s stock market value….. http://www.bnltimes.com/index.php/daily-times/headlines/business/15096-kayelekera-value-cut-over-weak-spot-prices

ERA, Paladin, Bannerman Resources all have over 90% decline in share price

May 23, 2013

Coal, uranium and gold stocks among the hardest hit as good times end BY:ROBIN BROMBY  The Australian   May 20, 2013  “…… Among those hardest hit are coal, uranium and gold. The base metal stocks don’t seem to have suffered to quite the same degree, although few stocks have come off less than about 60 per cent.

Among those with declines of more than 90 per cent since their peak are leading uranium stocks. In their case, their peak was back in 2007. Producer Energy Resources of Australia (ERA) has come down from $18.92 then to $1.04 now. Paladin Energy (PDN) hit $10.80 back in 2007 and now sits at 94c. Bannerman Resources (BMN) with its Namibia project was a star back then at a high of $4.14, now at 5.8c…..”

Bad prospects, indefinitely, for uranium market

May 23, 2013

Uranium on the nose, The Motley Fool By  - May 16, 2013  More than 26 months after the nuclear accident at Fukushima, Japan, the nuclear industry is still feeling the effects with depressed uranium prices and cost pressures that are squeezing margins……

The price for uranium has fallen 40% since Fukushima to US$40 a pound, as Japan suspended its fleet of nuclear plants, while Germany…

….. the uranium price could stagnate at current levels for many years, much like it did after previous nuclear incidents. Japan may not restart its reactors, preferring instead to seek other energy alternatives, and reactors currently under construction could still be cancelled or postponed.

That is not good news for ASX listed uranium miners Paladin, Energy Resources of Australia (ASX: ERA), Toro Energy (ASX: TOE) or Deep Yellow Limited (ASX:

Mega Uranium posts a loss

May 23, 2013

Mega Uranium Ltd. Releases Unaudited Results for the Three and Six Months Ended March 31, 2013, Market watch, 14 May 13,  ”…….Summary results for the three months ended March 31, 2013, as compared to the three months ended March 31, 2012:

        --  Net loss for the three months ended March 31, 2013 was $2.6 million
            ($0.01 per common share) compared to a net loss of $0.4 million for the
            three months ended March 31, 2012 ($0.00 per common share).

….Summary results for the six months ended March 31, 2013, as compared to the six months ended March 31, 2012:

        
        --  Net loss for the six months ended March 31, 2013 was $4.2 million ($0.02
            per common share) compared to a net loss of $1.1 million for the six
            months ended March 31, 2012 ($0.00 per common share).......

http://www.marketwatch.com/story/mega-uranium-ltd-releases-unaudited-results-for-the-three-and-six-months-ended-march-31-2013-2013-05-14-16173136?reflink=MW_news_stmp

Profits own, shares down for Cameco uranium mining

May 23, 2013

Cameco Profit Trails Analysts’ Estimates as Uranium Price Drops  http://www.bloomberg.com/news/2013-05-01/cameco-profit-trails-analysts-estimates-as-uranium-price-drops.html By Christopher Donville - May 1, 2013  Cameco Corp. (CCO), the world’s third- largest uranium producer, reported first-quarter profit and revenue that trailed analysts’ estimates after a decline in the price of the raw material in nuclear-reactor fuel.

Net income fell to C$9 million ($8.9 million), or 2 cents a share, from C$129 million, or 33 cents, a year earlier, Saskatoon, Saskatchewan-based Cameco said today in a statement. Profit excluding one-time items was 7 cents a share, missing the 8-cent average of 14 estimates compiled by Bloomberg. Sales declined to C$444 million from C$466 million, less than the C$473 million average of six estimates.The price of uranium for immediate delivery has slumped 40 percent since the March 11, 2011, earthquake and tsunami in Japan led to a meltdown at Tokyo Electric Power Co.’s Fukushima Dai-Ichi nuclear power plant. In response to the disaster, Japan suspended its fleet of reactors while Germany canceled license extensions, shut down some of its oldest nuclear plants and ordered the others close by 2022.

“Fukushima is still a major factor in the uranium market,” Rob Chang, a Toronto-based analyst at Cantor Fitzgerald LP, said in a telephone interview before the results were released. “On top of that, commodity prices around the world have been dragged down by worries about global growth and Chinese demand for raw materials.”

Kazatomprom, Kazakhstan’s state-owned producer, and Paris- based Areva SA (AREVA) are the biggest uranium miners, according to the World Nuclear Association.

(Cameco scheduled a conference call to discuss results at 1 p.m. New York time at +1-877-240-9772or +1-416-340-8530.)

Uranium One makes aloss agasin

May 23, 2013

Uranium One posts $9.5m Q1 loss, production up 10% Mining Weekly, By: Natasha Odendaal 14th May 2013 JOHANNESBURG (miningweekly.com) – JSE- and TSX-listed Uranium One on Monday reported a net loss of $9.5-million for the first quarter ended March 31.

This was down from earnings of $4.5-million recorded in the comparative period the year before.

The group, which owns assets in Kazakhstan, the US, Australia and Tanzania, recorded a 60% drop in earnings from mine operations, including joint ventures (JVs), reaching $19.6-million during the first quarter, compared with the $49.3-million achieved in the corresponding period the year before.

Revenue for the period dipped to $5.2-million, from $5.3-million in the first quarter of 2012, while its JV operations contributed revenue of $57.4-million, down from the $90.6-million earned in the comparative quarter last year.

Uranium sales also declined year-on-year with 1.38-million pounds of uranium sold at an average price of $45/lb in the first quarter, compared with the 1.8-million pounds sold at $53/lb in the first quarter of 2012…… the company warned that the year ahead would be capital intensive as it incurred capital expenditure of $164-million on its assets in Kazakhstan, the US and Australia.

About $98-million was allocated for wellfield development, and the remaining $66-million for plant and equipment.

Uranium One noted that general and administrative expenses – excluding noncash items – were expected to reach about $40-million.

Exploration expenses were expected to reach $8-million. http://www.miningweekly.com/article/uranium-one-posts-95m-q1-loss-production-up-10-2013-05-1

Cameco’s 93% fall in earnings this year

May 23, 2013

Earnings down for Saskatoon uranium giant   CBC News May 1, 2013   Lower sales, lower prices and higher costs pushed down first quarter results at Cameco.

So far this year, the Saskatoon-based uranium company earned $9 million — down 93 per cent from the $129 million Cameco made in the first quarter of 2012……

The company recently laid off a number of staff at its Saskatoon headquarters.

Cameco said most of the power utilities that buy its nuclear products are locked into contracts until 2016….. http://www.cbc.ca/news/canada/saskatchewan/story/2013/05/01/saskatoon-cameco-earnings.html


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