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Hot Commodity: ‘Uranium will touch $100’

April 5th, 2009

With the prospect of 30 million pounds of uranium evaporating from the supply lines four years hence, Blackmont Capital research analyst George Topping sees sovereign stockpiling already beginning to make itself felt on the demand side of the equation. In this exclusive interview with The Energy Report, George says he sees the price nudging up to $65 by the end of this year, then to $70 in 2010, $80 in 2011 and $100 within five years. read article

CHINA is hungry for more of our uranium

April 4th, 2009

Article from: The Australian

CHINA is hungry for more of our uranium to feed a planned doubling of its nuclear reactors — and the Rudd Government believes we should be mining more to step up exports.

China has undertaken to rapidly expand its network of nuclear reactors to supply abundant, cleaner energy.

Australia sent its first load of uranium to China in November last year under a comprehensive bilateral agreement developed by the Howard government.

“The expansion of the nuclear industry here in China opens up new resource opportunities in Australia from the point of view of uranium mining,” Resources and Energy Minister Martin Ferguson said in Beijing this week.

“We are a leading nation in terms of uranium mining. We should be actually mining more than we are at the moment.”

Australia accounts for about a third of global uranium resources.

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Ferguson calls for increased uranium mining 3/4/09

April 3rd, 2009

Ferguson calls for increased uranium mining
Friday April 3, 2009, 9:07 am

Resources Minister Martin Ferguson says China is preparing to expand its nuclear energy program and Australia needs to increase uranium mining.

Mr Ferguson, who is visiting Beijing, says Australia’s second-biggest trading partner will buy a lot more uranium if it is given half the chance.

Last November, the first shipment from the Northern Territory arrived in the Chinese capital but Mr Ferguson says that after discussions he has had with local Chinese companies, they are going to want plenty more.

“Clearly the intention of the community in China is to actually expand its nuclear activity over time,” he said.

“The expansion of the nuclear industry here in China opens up new resource opportunities in Australia from the point of view of uranium mining. We are, as a nation, a leading nation in terms of uranium mining. We should be actually mining more than we are at the moment.

“There has been considerable exploration across Australia in terms of the uranium industry over recent years. It will expand, and it also will expand at a time at which we expect an increased demand for uranium internationally.

“Because the secondary sources of old nuclear warheads are now starting to decline in number, hence market opportunities, such as in China, will open up for Australia.”

Mr Ferguson says Australia will only sell uranium to China on the basis that it will not be stockpiled and will only be used for civil nuclear energy purposes.

And he has played down suggestions that selling uranium to China expressly for civil purposes would free up the country’s other stocks to be turned into weapons.

“I just say that in terms of our responsibilities, to mine our uranium with safe hands and guarantee that it’s used only for peaceful purposes, I actually think that is a well-founded policy that has served Australia well in the past.

“I think it’s also appropriate to the future.”

Yellowcake companies up despite lower spot price

April 1st, 2009

From today’s miningnew.net

THE market valuation of Australia’s listed uranium plays increased by 11% in March, despite the spot uranium price currently trading at 19% lower than the December 2008 price.

According to Resource Capital Research’s March quarter equity report on global uranium companies, the uranium spot price is currently $US42.50/lb, down from $52.50/lb at December 31, 2008.

This can be seen in this chart