I feel that the uranium sector is going through a period of profit-taking. This has given me the chance to buy some Intermet Resources (ITT). All of its lease are in SA and the company was the uranium spin off from Hilgrove Resources. The stock seems cheap at 25c and is drilling for uranium this month at its Watson Project. Any thoughts? As always, do your own research before buying.
Uranium, a Raging Bull
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Everything looks set fair for Aussie sales of Uranium ( providing NSW and Western Australia Governments change their tack. ) : http://uranium.getfast.info/uranium/index.asp
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WOW what a jump in spot price, its been rising by 25c -50c for past few months, this was $1.25 jump!!!
May 8, 2006*
US$42.75/lb
(+1.25)
May 8, 2006*
US$42.75/lb
(+1.25)
$1.25 jump! Wow, that's a hell of a jump. I noticed in the last couple of days, a few of the uranium stocks are starting to move up again, including Torro Energy and Encounter. Even Intermet Resources (the Hillgrove uranium spin off) has moved up 2 cents today to 26c. Uranium is a cleaner energy than oil and will no doubt one day be the main source of fuel.
As ALWAYS, DO YOR OWN RESEARCH BEFORE BUYING.
As ALWAYS, DO YOR OWN RESEARCH BEFORE BUYING.
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I didn't realise but we are in ongoing discussions with the Indians re exporting our Uranium to them, see the attached articles, I thought it was a closed issue for now, but there were meetings last week
Australia insists it has no plans to sell uranium to India
5/12/2006
SYDNEY, MAY 11 (AP): Foreign Minister Alexander Downer insisted Thursday that Australia had no plans to start selling uranium to India and dismissed a newspaper report that officials from both countries were trying to strike an export deal.
India is keen to import Australian uranium to fuel its nuclear power reactors and appealed to Prime Minister John Howard during his visit to New Delhi earlier this year.
But Howard's government has a long standing policy of refusing to supply countries that have not signed the Nuclear Nonproliferation Treaty, and India is not a signatory.
According to a newspaper report Thursday, senior Australian diplomats met with Indian counterparts in New Delhi last week and discussed how Australia may agree to lift its ban if India agreed to strict safeguards, as China had done in a deal signed last month.
The deal with Beijing clears the way for uranium exports worth billions of dollars. In return, China, which has signed the NPT, pledged not to divert Australian nuclear fuel into its atomic weapons program.
Citing unnamed Australian government sources, The Australian newspaper said Canberra would require India to agree to inspections of its nuclear facilities by the International Atomic Energy Agency.
"Our position hasn't changed," Downer told reporters Thursday. "I've checked that out with the officials, because the newspaper report surprised me, and the officials have assured me that that's not correct."
He confirmed that officials had traveled to New Delhi, but said India had made it clear it had no intention in the foreseeable future of signing the NPT. India has refused to sign the treaty, saying it restricts nuclear weapons to a few countries rather than eliminates them completely.
"Now, our policy has always been that we'd be prepared to negotiate nuclear safeguards agreements with countries that have signed up to the Nuclear Non-Proliferation Treaty," he said. "We've not indicated to the Indians any planned change to that position."
Australia Has No Plans to Sell Uranium to India, Downer Says
May 11 (Bloomberg) -- Australia isn't planning to sell uranium to India until it signs the Nuclear Non-Proliferation Treaty, Foreign Minister Alexander Downer said.
``That is our position and we've not indicated to the Indians any planned change to that position,'' Downer told reporters today in Canberra.
The Australian newspaper said today the government will sell uranium to India even if it refuses to sign the treaty. ``Officials have assured me that that's not correct,'' Downer said. Talks were held in the Indian capital New Delhi last week, the newspaper said, citing sources it didn't name.
Australia's government, which last month signed an agreement to export uranium to China, wants to expand mining of the nuclear fuel to tap rising global energy demands. It has 41 percent of the world's uranium reserves, though only meets 21 percent of demand, partly due to mining bans by state governments.
India is a declared nuclear power that first tested atomic weapons in 1974. It has never signed the Nuclear Non- Proliferation Treaty, which subjects countries to international oversight of their nuclear programs.
Australia insists it has no plans to sell uranium to India
5/12/2006
SYDNEY, MAY 11 (AP): Foreign Minister Alexander Downer insisted Thursday that Australia had no plans to start selling uranium to India and dismissed a newspaper report that officials from both countries were trying to strike an export deal.
India is keen to import Australian uranium to fuel its nuclear power reactors and appealed to Prime Minister John Howard during his visit to New Delhi earlier this year.
But Howard's government has a long standing policy of refusing to supply countries that have not signed the Nuclear Nonproliferation Treaty, and India is not a signatory.
According to a newspaper report Thursday, senior Australian diplomats met with Indian counterparts in New Delhi last week and discussed how Australia may agree to lift its ban if India agreed to strict safeguards, as China had done in a deal signed last month.
The deal with Beijing clears the way for uranium exports worth billions of dollars. In return, China, which has signed the NPT, pledged not to divert Australian nuclear fuel into its atomic weapons program.
Citing unnamed Australian government sources, The Australian newspaper said Canberra would require India to agree to inspections of its nuclear facilities by the International Atomic Energy Agency.
"Our position hasn't changed," Downer told reporters Thursday. "I've checked that out with the officials, because the newspaper report surprised me, and the officials have assured me that that's not correct."
He confirmed that officials had traveled to New Delhi, but said India had made it clear it had no intention in the foreseeable future of signing the NPT. India has refused to sign the treaty, saying it restricts nuclear weapons to a few countries rather than eliminates them completely.
"Now, our policy has always been that we'd be prepared to negotiate nuclear safeguards agreements with countries that have signed up to the Nuclear Non-Proliferation Treaty," he said. "We've not indicated to the Indians any planned change to that position."
Australia Has No Plans to Sell Uranium to India, Downer Says
May 11 (Bloomberg) -- Australia isn't planning to sell uranium to India until it signs the Nuclear Non-Proliferation Treaty, Foreign Minister Alexander Downer said.
``That is our position and we've not indicated to the Indians any planned change to that position,'' Downer told reporters today in Canberra.
The Australian newspaper said today the government will sell uranium to India even if it refuses to sign the treaty. ``Officials have assured me that that's not correct,'' Downer said. Talks were held in the Indian capital New Delhi last week, the newspaper said, citing sources it didn't name.
Australia's government, which last month signed an agreement to export uranium to China, wants to expand mining of the nuclear fuel to tap rising global energy demands. It has 41 percent of the world's uranium reserves, though only meets 21 percent of demand, partly due to mining bans by state governments.
India is a declared nuclear power that first tested atomic weapons in 1974. It has never signed the Nuclear Non- Proliferation Treaty, which subjects countries to international oversight of their nuclear programs.
Sean K
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Labor States will only allow mining of the stuff when the national Labor policy is changed. This is only likely to occur if the States all want it to change.
Why not do it at next years national conference? Because the big coal mining lobby believes opening up uranium mining will eat into their tidy monopoly on energy production.
Forget the old Cold War mentality of uranium being the death of the planet through MAD. It's only the far left tree hugging greens who really believe this any more. More people have died in coal mining than through uranium production. (excluding the dropping of large bombs)
However, when the general mining boom starts slipping, when supply catches up with demand, then they'll have to find something else to dig up to take all those juicy taxes.
And there's billions of dollars of it, sitting just under the surface, saying 'mine me. Please!'.
Why not do it at next years national conference? Because the big coal mining lobby believes opening up uranium mining will eat into their tidy monopoly on energy production.
Forget the old Cold War mentality of uranium being the death of the planet through MAD. It's only the far left tree hugging greens who really believe this any more. More people have died in coal mining than through uranium production. (excluding the dropping of large bombs)
However, when the general mining boom starts slipping, when supply catches up with demand, then they'll have to find something else to dig up to take all those juicy taxes.
And there's billions of dollars of it, sitting just under the surface, saying 'mine me. Please!'.
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The nuclear/uranium arena looks set to heat up again (pardon the pun)
It seems labour is having a party meeting next month and almost @ the top of the agenda is Aus Uranium Mining, also that other Company (non-listed foreign) in S.A. with the mine, beverley or honeymoon can't remember which one, is set to give go ahead decision in June/July
And finally it seems Tony Blair wants to ramp of Nuke energy in Britain
Blair turns N-power switch to go
Peter Wilson, Europe correspondent
May 18, 2006
TONY Blair wants to build a new generation of British nuclear power plants, providing another lucrative market for Australian uranium exports.
The British Prime Minister made it clear yesterday he planned to revive his country's 50-year-old nuclear power industry, which had been due to start shutting down in the next few years.
Australia's uranium miners, with 40per cent of the world's known reserves, are best placed to provide yellowcake to Britain, which joins China, India and possibly Indonesia as potentially lucrative new export markets.
Green groups reacted furiously to Mr Blair's declaration yesterday that the replacement of Britain's ageing nuclear power plants was back on the agenda "with a vengeance".
Pre-empting a review of national energy needs commissioned by his Government, Mr Blair said the nuclear option was crucial to securing new power supplies while keeping Britain's promise to reduce the greenhouse gas emissions that cause global warming.
Mr Blair had previously identified the future of the nuclear industry as one of the long-term challenges he wanted to resolve before stepping down as Prime Minister before the next general election, due in 2010, but yesterday he removed any doubt about his willingness to renew the nuclear option.
"If we do not take these long-term decisions now, we will be committing a serious dereliction of our duty to the future of this country," the Prime Minister told a dinner meeting of British business leaders.
Mr Blair's intentions to go nuclear were signalled before his speech, when his official spokesman predicted his comments would provoke "despairing shrieks of outrage".
Many Labour MPs and environmental groups fiercely oppose an extension of the nuclear power industry, but Mr Blair has the support of his cabinet on the issue and is clearly willing to take on any critics of his decision.
His long-serving Environment Secretary, Margaret Beckett, was sceptical about nuclear power, but Mr Blair moved her to the Foreign Office two weeks ago and replaced her with one of his strongest supporters, David Miliband, who has already professed "an open mind" on the construction of new nuclear power plants.
Mr Blair's expected successor, Chancellor Gordon Brown, also supports new power stations, so the mainly left-wing MPs who oppose nuclear power have little chance of prevailing.
Greenpeace director Stephen Tindale said Mr Blair's decision made a farce of the energy review he set up last November, which is not due to report its findings for another two months.
"The Prime Minister obviously made up his mind about nuclear power some time ago," he said.
Mr Blair said tough choices were inevitable, because the run-down of Britain's North Sea gasfields and the imminent closure of most of its nuclear and many of its coal-fired power plants coincided with record high prices for oil and gas and the search for ways to reduce carbon emissions. "We will move from 80 or 90per cent self-reliance on gas to 80 or 90 per cent dependency on foreign imports, mostly from the Middle East, Africa and Russia," he said.
Those stark facts "put the replacement of nuclear power stations, a big push on renewables and a steep change on energy efficiency, engaging both business and consumers, back on the agenda with a vengeance".
Mr Blair's decision is a major turnaround for Britain - where no new nuclear plants have been ordered for almost 20 years - and for Europe.
Outside nuclear-keen France, a reactor in Finland is the only nuclear plant to be commissioned in Europe in the past 20 years, and Germany has pledged to shut down all its nuclear reactors by 2020.
Almost all of Britain's current nuclear plants will be decommissioned by 2020, but if they are replaced there is plenty of potential for Britain to increase its reliance on nuclear energy.
Nuclear power provides 19 per cent of Britain's electricity, which is about the same proportion as in the US on 20 per cent, but well down on European Union countries such as France (78 per cent), Lithuania (72 per cent), Belgium and Slovakia (55 per cent), Sweden (52 per cent) and Germany (28 per cent).
It seems labour is having a party meeting next month and almost @ the top of the agenda is Aus Uranium Mining, also that other Company (non-listed foreign) in S.A. with the mine, beverley or honeymoon can't remember which one, is set to give go ahead decision in June/July
And finally it seems Tony Blair wants to ramp of Nuke energy in Britain
Blair turns N-power switch to go
Peter Wilson, Europe correspondent
May 18, 2006
TONY Blair wants to build a new generation of British nuclear power plants, providing another lucrative market for Australian uranium exports.
The British Prime Minister made it clear yesterday he planned to revive his country's 50-year-old nuclear power industry, which had been due to start shutting down in the next few years.
Australia's uranium miners, with 40per cent of the world's known reserves, are best placed to provide yellowcake to Britain, which joins China, India and possibly Indonesia as potentially lucrative new export markets.
Green groups reacted furiously to Mr Blair's declaration yesterday that the replacement of Britain's ageing nuclear power plants was back on the agenda "with a vengeance".
Pre-empting a review of national energy needs commissioned by his Government, Mr Blair said the nuclear option was crucial to securing new power supplies while keeping Britain's promise to reduce the greenhouse gas emissions that cause global warming.
Mr Blair had previously identified the future of the nuclear industry as one of the long-term challenges he wanted to resolve before stepping down as Prime Minister before the next general election, due in 2010, but yesterday he removed any doubt about his willingness to renew the nuclear option.
"If we do not take these long-term decisions now, we will be committing a serious dereliction of our duty to the future of this country," the Prime Minister told a dinner meeting of British business leaders.
Mr Blair's intentions to go nuclear were signalled before his speech, when his official spokesman predicted his comments would provoke "despairing shrieks of outrage".
Many Labour MPs and environmental groups fiercely oppose an extension of the nuclear power industry, but Mr Blair has the support of his cabinet on the issue and is clearly willing to take on any critics of his decision.
His long-serving Environment Secretary, Margaret Beckett, was sceptical about nuclear power, but Mr Blair moved her to the Foreign Office two weeks ago and replaced her with one of his strongest supporters, David Miliband, who has already professed "an open mind" on the construction of new nuclear power plants.
Mr Blair's expected successor, Chancellor Gordon Brown, also supports new power stations, so the mainly left-wing MPs who oppose nuclear power have little chance of prevailing.
Greenpeace director Stephen Tindale said Mr Blair's decision made a farce of the energy review he set up last November, which is not due to report its findings for another two months.
"The Prime Minister obviously made up his mind about nuclear power some time ago," he said.
Mr Blair said tough choices were inevitable, because the run-down of Britain's North Sea gasfields and the imminent closure of most of its nuclear and many of its coal-fired power plants coincided with record high prices for oil and gas and the search for ways to reduce carbon emissions. "We will move from 80 or 90per cent self-reliance on gas to 80 or 90 per cent dependency on foreign imports, mostly from the Middle East, Africa and Russia," he said.
Those stark facts "put the replacement of nuclear power stations, a big push on renewables and a steep change on energy efficiency, engaging both business and consumers, back on the agenda with a vengeance".
Mr Blair's decision is a major turnaround for Britain - where no new nuclear plants have been ordered for almost 20 years - and for Europe.
Outside nuclear-keen France, a reactor in Finland is the only nuclear plant to be commissioned in Europe in the past 20 years, and Germany has pledged to shut down all its nuclear reactors by 2020.
Almost all of Britain's current nuclear plants will be decommissioned by 2020, but if they are replaced there is plenty of potential for Britain to increase its reliance on nuclear energy.
Nuclear power provides 19 per cent of Britain's electricity, which is about the same proportion as in the US on 20 per cent, but well down on European Union countries such as France (78 per cent), Lithuania (72 per cent), Belgium and Slovakia (55 per cent), Sweden (52 per cent) and Germany (28 per cent).
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After reading Y_T's post, I hope UXA find some uranium soon.
Tony Blair, is said to be on the ropes in the UK with his Government under pressure. He said he was going to go and give way to Chancellor Gordon Brown, but is now hanging on. His deputy was having an affair with his Secretary, whilst his wife was waiting downstairs, and that all took place in his office. Two other ministers have been dumped, one for telling everyone Iran was about to threaten with nuclear bombs and the other because he let illegal immigrants stay when they should have been deported, after being released from prison, then he did not have any idea how many there were or what had happened to them.
Tony Blair probably wants to dump the used uranium and why not send it back on the ships that bring it.
Tony Blair, is said to be on the ropes in the UK with his Government under pressure. He said he was going to go and give way to Chancellor Gordon Brown, but is now hanging on. His deputy was having an affair with his Secretary, whilst his wife was waiting downstairs, and that all took place in his office. Two other ministers have been dumped, one for telling everyone Iran was about to threaten with nuclear bombs and the other because he let illegal immigrants stay when they should have been deported, after being released from prison, then he did not have any idea how many there were or what had happened to them.
Tony Blair probably wants to dump the used uranium and why not send it back on the ships that bring it.
kennas said:
Moron Beattie was quoted not long ago as being against a change in the ALP policy because uranium mining might "distract" from coal mining
It's a pity far sighted men like Peter haven't been more common in Australia's political history. We've already made the mistake of letting gas exports distract us from coal, not to mention cotton distracting us from wool, aluminium distracting us from iron, wine distracting us from beer, and diamonds distracting us from opals.
http://www.abc.net.au/news/newsitems/200603/s1593007.htm
cheers,
Chemist
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This "running out of gas" is something we'll be hearing a LOT more of in the future as demand surges and discovery slips further behind production.
The rational choices for electricity generation are thus only those options which are not oil or natural gas. A point to remember next time you hear someone trumping up the "benefits" of gas - it's an increasingly scarce and expensive resouce worth more as export $ than as a domestic replacement for coal. At some point we'll likely see "import parity pricing" for Australian gas with those prices ultimately set by Russia and OPEC.
In simpler terms, the gas industry has followed the oil industry since the early 20th century and is still doing so. No reason to stop now.
The rational choices for electricity generation are thus only those options which are not oil or natural gas. A point to remember next time you hear someone trumping up the "benefits" of gas - it's an increasingly scarce and expensive resouce worth more as export $ than as a domestic replacement for coal. At some point we'll likely see "import parity pricing" for Australian gas with those prices ultimately set by Russia and OPEC.
In simpler terms, the gas industry has followed the oil industry since the early 20th century and is still doing so. No reason to stop now.
RichKid
PlanYourTrade > TradeYourPlan
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chemist said:Moron Beattie was quoted not long ago as being against a change in the ALP policy because uranium mining might "distract" from coal mining
It's a pity far sighted men like Peter haven't been more common in Australia's political history. We've already made the mistake of letting gas exports distract us from coal, not to mention cotton distracting us from wool, aluminium distracting us from iron, wine distracting us from beer, and diamonds distracting us from opals.
http://www.abc.net.au/news/newsitems/200603/s1593007.htm
cheers,
Chemist
I don't know the detail of this debate but that was one great quip at the end there chemist!
Sean K
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Nuclear power inevitable say PM
CANBERRA (Dow Jones)--Australian Prime Minister John Howard Friday said he
believed it was inevitable his nation would eventually have some form of nuclear power.
"I think it is inevitable," Howard told Melbourne 3AW Radio from Ottowa,
Canada.
"The time at which it will come should be governed by economic considerations. Clearly the environmental advantages of nuclear power are there for all to see."
Howard has previously said nuclear power is not yet economically viable in
Australia because of its coal reserves.
Australia, which last year produced about one-fifth of the world's uranium
output, at present exports all the uranium produced by the country's three
mines.
CANBERRA (Dow Jones)--Australian Prime Minister John Howard Friday said he
believed it was inevitable his nation would eventually have some form of nuclear power.
"I think it is inevitable," Howard told Melbourne 3AW Radio from Ottowa,
Canada.
"The time at which it will come should be governed by economic considerations. Clearly the environmental advantages of nuclear power are there for all to see."
Howard has previously said nuclear power is not yet economically viable in
Australia because of its coal reserves.
Australia, which last year produced about one-fifth of the world's uranium
output, at present exports all the uranium produced by the country's three
mines.
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SXR's Honeymoon mine will get decision fromS.A in June/July could cause another mass surge in Uranium,
Also interesting article,
Indian company plans $1.2bn spend on uranium
MUMBAI: India’s nuclear power company plans to spend $1.2bn on a stake in a uranium mine to support an expanded atomic power programme, entering international bidding for the reactor fuel by nations including China and Japan.
Nuclear Power Corp of India approached Australian and Canadian companies on a possible joint venture in uranium mining, Chairman S K Jain said, without naming them. India may compete with China for deposits of the metal, he said.
“Many uranium mines are not being fully exploited today’’ and they will be expanded because of demand from India and China, Jain said in a phone interview from Mumbai on May 24. “This may lead to a temporary peaking in uranium prices.’’
The uranium is needed to run about 28 reactors that India plans to build after the US and other countries end an international embargo on the sale of atomic technology to the world’s second-fastest-growing major economy. India has doubled its nuclear power generation target to 40,000MW by 2020.
Prices for uranium, used to generate about 16% of the world’s electricity, have gained about 80% in the past year as demand from utilities rises faster than output. Uranium for immediate delivery was last priced at $43 a pound on May 26, according to Metal Bulletin.
Higher oil, gas, and coal prices and new controls on emissions have prompted utilities to build nuclear reactors. More than $200bn may be spent on the plants worldwide by 2030, according to the International Energy Agency in Paris.
India is planning to spend as much as $40bn over the next 16 years to buy nuclear reactors from suppliers such as France’s Areva SA, Electricite de France and US-based General Electric Co and Westinghouse Electric Co, Jain said in an earlier interview on May 16.
Nuclear Power Corp is seeking a joint venture in which the state-owned company and the foreign partner will each invest $200mn and $800mn will come from loans, Jain said. “We are looking at investments of $1.2bn per mine.’’
The cost of acquiring energy resources has risen because of increased competition between China, the world’s fastest-growing major economy, and India.
China outbid India for oil field assets worth $5.6bn in Kazakhstan and Ecuador in the past year and purchased a $2.27bn stake in a Nigerian field that the South Asian nation deemed too risky to buy.
The rivalry between the two countries increased prices of energy assets, Subir Raha, then chairman of Oil and Natural Gas Corp, India’s largest explorer, said on December 13. “There is a logical case to work together because by competing we only benefit the seller.’’
Uranium may become a new area of competition as India follows China in seeking uranium to generate nuclear power to feed increasing electricity demand.
“The Chinese are trying to engage Australian companies, and in fact any company in the world that’s dealing in uranium,’’ said John Borshoff, managing director of Paladin Resources Ltd, Australia’s biggest uranium explorer. “We are aware that the Indians are looking at potential sources, although it is very preliminary.’’
Uranium, a heavy metal, is concentrated through an enrichment process to produce fuel for a reactor. India would need about 700 tonnes of uranium a year from overseas because local reserves are insufficient to meet local demand, and are three times more expensive than imported supplies, Jain said.
“It makes sense,’’ said Gavin Wendt, senior resources analyst at Fat Prophets Funds Management in Sydney.
India’s Aditya Birla group’s acquisition of a copper mine in Australia and Gail (India) Ltd’s accord this year to develop coal-seam gas projects along with Brisbane-based Arrow Energy NL are instances of India’s search for resources, he said.
“It would be a logical progression that would then flow on into uranium, particularly with the US recently seeming to support the Indian nuclear power industry,’’ Wendt said.
US President George W Bush has agreed to ask Congress to end nuclear sanctions against the world’s second-most populous nation. The US is also asking the Nuclear Suppliers Group, including France, Russia and Australia, to exempt India from the list of countries banned from receiving nuclear technology.
Australia may lift its prohibition on selling uranium to some countries that haven’t signed the nuclear Non-Proliferation Treaty, because of a US accord that will bring India’s atomic industry under international supervision, Prime Minister John Howard said in Dublin on May 22.
“Our current policy is not to sell to countries that don’t adhere to the treaty, but we are interested in the US-Indian agreement,’’ Howard said in response to questions from students at University College Dublin.
Australia’s government, which last month agreed to export uranium to China, wants to expand mining of the nuclear fuel to tap rising global energy demands. – Bloomberg
Also interesting article,
Indian company plans $1.2bn spend on uranium
MUMBAI: India’s nuclear power company plans to spend $1.2bn on a stake in a uranium mine to support an expanded atomic power programme, entering international bidding for the reactor fuel by nations including China and Japan.
Nuclear Power Corp of India approached Australian and Canadian companies on a possible joint venture in uranium mining, Chairman S K Jain said, without naming them. India may compete with China for deposits of the metal, he said.
“Many uranium mines are not being fully exploited today’’ and they will be expanded because of demand from India and China, Jain said in a phone interview from Mumbai on May 24. “This may lead to a temporary peaking in uranium prices.’’
The uranium is needed to run about 28 reactors that India plans to build after the US and other countries end an international embargo on the sale of atomic technology to the world’s second-fastest-growing major economy. India has doubled its nuclear power generation target to 40,000MW by 2020.
Prices for uranium, used to generate about 16% of the world’s electricity, have gained about 80% in the past year as demand from utilities rises faster than output. Uranium for immediate delivery was last priced at $43 a pound on May 26, according to Metal Bulletin.
Higher oil, gas, and coal prices and new controls on emissions have prompted utilities to build nuclear reactors. More than $200bn may be spent on the plants worldwide by 2030, according to the International Energy Agency in Paris.
India is planning to spend as much as $40bn over the next 16 years to buy nuclear reactors from suppliers such as France’s Areva SA, Electricite de France and US-based General Electric Co and Westinghouse Electric Co, Jain said in an earlier interview on May 16.
Nuclear Power Corp is seeking a joint venture in which the state-owned company and the foreign partner will each invest $200mn and $800mn will come from loans, Jain said. “We are looking at investments of $1.2bn per mine.’’
The cost of acquiring energy resources has risen because of increased competition between China, the world’s fastest-growing major economy, and India.
China outbid India for oil field assets worth $5.6bn in Kazakhstan and Ecuador in the past year and purchased a $2.27bn stake in a Nigerian field that the South Asian nation deemed too risky to buy.
The rivalry between the two countries increased prices of energy assets, Subir Raha, then chairman of Oil and Natural Gas Corp, India’s largest explorer, said on December 13. “There is a logical case to work together because by competing we only benefit the seller.’’
Uranium may become a new area of competition as India follows China in seeking uranium to generate nuclear power to feed increasing electricity demand.
“The Chinese are trying to engage Australian companies, and in fact any company in the world that’s dealing in uranium,’’ said John Borshoff, managing director of Paladin Resources Ltd, Australia’s biggest uranium explorer. “We are aware that the Indians are looking at potential sources, although it is very preliminary.’’
Uranium, a heavy metal, is concentrated through an enrichment process to produce fuel for a reactor. India would need about 700 tonnes of uranium a year from overseas because local reserves are insufficient to meet local demand, and are three times more expensive than imported supplies, Jain said.
“It makes sense,’’ said Gavin Wendt, senior resources analyst at Fat Prophets Funds Management in Sydney.
India’s Aditya Birla group’s acquisition of a copper mine in Australia and Gail (India) Ltd’s accord this year to develop coal-seam gas projects along with Brisbane-based Arrow Energy NL are instances of India’s search for resources, he said.
“It would be a logical progression that would then flow on into uranium, particularly with the US recently seeming to support the Indian nuclear power industry,’’ Wendt said.
US President George W Bush has agreed to ask Congress to end nuclear sanctions against the world’s second-most populous nation. The US is also asking the Nuclear Suppliers Group, including France, Russia and Australia, to exempt India from the list of countries banned from receiving nuclear technology.
Australia may lift its prohibition on selling uranium to some countries that haven’t signed the nuclear Non-Proliferation Treaty, because of a US accord that will bring India’s atomic industry under international supervision, Prime Minister John Howard said in Dublin on May 22.
“Our current policy is not to sell to countries that don’t adhere to the treaty, but we are interested in the US-Indian agreement,’’ Howard said in response to questions from students at University College Dublin.
Australia’s government, which last month agreed to export uranium to China, wants to expand mining of the nuclear fuel to tap rising global energy demands. – Bloomberg
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BMN and EVE. Early stages of developement and exploration in Namibia and Botswana, right next to the big RIO and PDN mines. Have the potential to go off like a nuke (and looking favourable to do so)
(and looking favourable to do so)MattThomson said:BMN and EVE. Early stages of developement and exploration in Namibia and Botswana, right next to the big RIO and PDN mines. Have the potential to go off like a nuke
EVE is Zambia brother - along with OMC
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MattThomson said:BMN and EVE. Early stages of developement and exploration in Namibia and Botswana, right next to the big RIO and PDN mines. Have the potential to go off like a nuke
If you like Nambian plays with good ground, ie Near Langer and Rossing take a look @ WME and give me your thoughts, I thought it worth a specy punt
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Theres alot going on around Namibia, I've counted about 4 companies moving in and grabbing tenements etc. Also in Botswana, Zambia, etc. From what I've seen though BMN has got the best propects. Anyone have any thoughts on this? I've seen a geologists predictions about BMN based on drill and mapping data alone and he believes it will go to $2-3. Has anyone got the knowledge to anaylise the data thats coming out of these reports across all of the companies?
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lol does someone want to tell the Uranium Bulls that the bears are having a picnic in our financial markets right now?
Uranium Spot Price jumped $1 a/lb this week its @ $44/lb!
I guess you just can't keep good fundamentals down
Uranium Spot Price jumped $1 a/lb this week its @ $44/lb!
I guess you just can't keep good fundamentals down
3 veiws of a secret
3 veiws of a secret
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I think today or yesterday on radio national they had a professor of physics spelling out the virtues of Thorium.....ie safer ,easier to handle ,low storage time ,etc etc .
If he argues his case correctly then what happens? Crystal ball gazing yes ,but its worry what he says.
If he argues his case correctly then what happens? Crystal ball gazing yes ,but its worry what he says.
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Is it just me or have the uraniums slowly started edging up today?
I noticed the following stocks
TOE up 17%
NRU UP 25%
BKY UP 6%
UNX UP 14%
PDN UP 4%
OMC UP 5%
UTO UP 24%
DYL UP 7%
RPT UP 20%
BMN UP 12%
It could just be a good day for juniours but it appears to be a Uranium Specific
Another Bull Run? ? ? ?
Thoughts?
I noticed the following stocks
TOE up 17%
NRU UP 25%
BKY UP 6%
UNX UP 14%
PDN UP 4%
OMC UP 5%
UTO UP 24%
DYL UP 7%
RPT UP 20%
BMN UP 12%
It could just be a good day for juniours but it appears to be a Uranium Specific
Another Bull Run? ? ? ?
Thoughts?
