uranium news

After Fukushima, suddenly the expected darling of local mining investment, has turned into a pariah. Both the Areva and Marenica statements refer to events after Fukushima, highlighting the uncertainty that has entered the industry since the nuclear disaster in Japan……

Perhaps it is a case of both Kalahari Mineral and Extract Resources taking what they can get and opting out of an industry that is fast turning into a lame duck.  [or a dead cat - I haven't got a picture of a lame duck]

Namibia Economist 16 Dec 11 When three major players in one industry, all announce substantial shifts in strategy and/or focus in a very short span, it signals a fundamental change in the underlying assumptions. These past two weeks saw one surprise after another as first Extract Resources, then Marenica, and finally Areva announced a dramatic turn in their strategies which probably points to a change of heart and a significant reappraisal of prospects and strategies. (more…)

After Fukushima, suddenly the expected darling of local mining investment, has turned into a pariah. Both the Areva and Marenica statements refer to events after Fukushima, highlighting the uncertainty that has entered the industry since the nuclear disaster in Japan……

Perhaps it is a case of both Kalahari Mineral and Extract Resources taking what they can get and opting out of an industry that is fast turning into a lame duck.  [or a dead cat - I haven't got a picture of a lame duck]

Namibia Economist 16 Dec 11 When three major players in one industry, all announce substantial shifts in strategy and/or focus in a very short span, it signals a fundamental change in the underlying assumptions. These past two weeks saw one surprise after another as first Extract Resources, then Marenica, and finally Areva announced a dramatic turn in their strategies which probably points to a change of heart and a significant reappraisal of prospects and strategies. (more…)

UraMin deal was a wager on new power stations Financial Times, By David Blackwell, 14 Dec11“…..Areva’s purchase of UraMin was a long-term bet that power stations would be built around the world to meet concerns about energy security and climate change – as new reactors typically require a lot more uranium than those that have been in operation for some time.
Even before this year’s Fukushima disaster in Japan, Areva’s willingness to pay such a premium was in question as the price of unenriched “yellow-cake” uranium fell to $70 a pound, from $138 a pound around the time of the acquisition.

Since Fukushima, the price has fallen even further to about $50 a pound. Coupled with Monday’s announcement that deposits at UraMin’s mines were far smaller than expected, Areva has taken a hit – both to its balance sheet and to a mining business that accounted for 40 percent of its capital spending between 2007 and
2011….http://www.ft.com/cms/s/0/6506add8-2592-11e1-9cb0-00144feabdc0.html#axzz1gWdl0WlU

Areva suspends uranium mine project, SMH ,November 3, 2011 - French nuclear giant Areva says it is suspending a mining project in the Central African Republic for “a year or two” because of a drop in uranium prices since the Fukushima disaster.

Work on developing the Bakouma mine, which is estimated to hold about 32,000 tonnes of uranium, has been suspended until the market value of the commodity rises again, an Areva spokesman said on Wednesday……

Production at subsidiary Comhurex’s Malvesi and Tricastin sites will be suspended for two months because of the devastating earthquake and tsunami that struck Japan and swamped a nuclear site six months ago, the spokeswoman said.

“This decision is based on the events in Japan, which today has led to a drop in deliveries to Japanese power producers and short term downward pressure on prices in this market,” Areva said in a statement.

“A certain number of orders placed by the Japanese have been cancelled,” Areva chief executive Luc Oursel told AFP from New York….

Areva is majority state-owned and Paris has long considered nuclear power a strategic asset, despite power shortages last winter caused by labour disputes and delayed refuelling in some power stations.

On Monday, an explosion at nuclear waste reprocessing site in southern France killed one worker and injured four more, but regulators said there was no danger of a radiation leak and the area was declared safe within hours….

http://www.google.com/hostednews/afp/article/ALeqM5hTantVmc6yOJpsBcK95VrMC3VuQA?docId=CNG.845572e84348f2e5c01e7818573012ea.1251