WMT - Western Metals

cybernigel said:

so whats pushing price up today - just the whole market with resources & energy etc or something going on we havent heard about yet as the qrtly rept was no more positive than recent ones

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The big news is Cameco Corp., the world's largest uranium supplier, said production at its Cigar Lake mine won't start until 2011 ``at the earliest'' and that fourth-quarter sales will fall.

Repairs to the mine, the world's biggest untapped source of uranium that was flooded a year ago, is taking longer than forecast, Saskatoon, Saskatchewan-based Cameco said today in release distributed by Market Wire. The miner expects fourth- quarter revenue to drop about 10 percent from the third quarter.

Delays to production at Cigar Lake, which was originally scheduled to start mining this year, helped push uranium prices to as much as $138 a pound in June, increasing costs for utilities that run nuclear reactors. The company had expected to produce about 18 million pounds of the radioactive metal this year -- about 10 percent of global consumption.

Huge delays there and also URANIUM One, the Toronto-listed uranium producer, confirmed it would cut its 2008 production forecast by up to 37% owing to commissioning problems at its operations in South Africa and Kazakhstan.
This is why Uranium price is rising and so are the uranium stocks.

Well thats unlucky for cameco and uranium one shareholders but good news for the rest of us

I sold some today that I bought at around 15c as I have been trading that 15-20c bounce that its been doing lately. If it drops again I will probably pick up more because WMT looks like its doing pretty well provided the U price remains high which it looks like it should. I almost sold them yesterday as I wasnt sure how long it was going to take to bounce back this time but glad I didnt

Cheers,

Check this out ...
not too bad.

http://www.westernmetals.com.au/documents/CHUBBSWRLDRISKSURVEY2007.pdf

uranium spot price up again $5.00

Ux U3O8 Prices*

November 5, 2007
Spot: US$90.00/lb (+5.00)

I believe from my research as long as uranium spot prices continues to maintain its increase in price western metals will maintain a strong pace in growth. With a high demand and low supply of current uranium it seems things can only get better although we would have to see, anything could happen...

I'm watching past two weeks looks to me institutions are buying this stock.
5.6 milion shares one hit just a while ago.
I think that's the time to buy guys.
regards

bravo said:

I'm watching past two weeks looks to me institutions are buying this stock.
5.6 milion shares one hit just a while ago.
I think that's the time to buy guys.
regards

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bravo i had hopes like you although no news.. stock prices are fluctuating aswell which isnt making me happy but it seems stock holders arent being fed with enough updates of finds etc... my patience is becoming low.. ill just hold for abit more.. wait n c..

All i have to say is GRRRRRRRRRRRRRRRRRRRRR not happy jane! wats goin on?? any news?? ppl? hello??????????

I wouldn't be too worried about the downward movement over the last week. I put it down to the pressure of people selling and taking their profits from the rise we saw a week ago and also the market in general. Certainly good buying opportunity at the moment, I don't see it dropping past 15cents.

slyty80 said:

I wouldn't be too worried about the downward movement over the last week. I put it down to the pressure of people selling and taking their profits from the rise we saw a week ago and also the market in general. Certainly good buying opportunity at the moment, I don't see it dropping past 15cents.

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I agree slyty80,
U December Future contract also shows US$110,
Problem in Kazakistan,
I'm confident the announcements coming soon from Tanzania,Peru and Glade 1 (USA) (see the last announcement).
Barclays also bought 8% of URA and some other institutions are also buying it in the UK.

Source : uxc.com
November 12, 2007
Spot: US$92.00/lb (+2.00)

Up again... Hope to see some results soon

yeah..
if the cappers stay away.(huge buy and huge dump).

Please read this article U308.biz (today) ATOMIC MINERALS (tsx) also related
WMT and PDN (Asx)




…to Southwestern Tanzania

Atomic has also cast its net farther afield. It has signed a Letter of Intent with Tanzania’s Geo Can Resources for an option to acquire up to a 100% interest in a land package totaling approximately 1.3 million acres located in the United Republic of Tanzania.

The LOI for the option covers ten licenses and seven parcels of land with known occurrences of uranium in southwestern Tanzania, as well as three “key” parcels in the Ruhuhu Basin, part of the Malawi Extension where 60 kilometers away in Malawi Perth-based Paladin Resources Ltd. (TSXDN) is developing its Kayelekera uranium ore project.

Atomic’s agreement with Geo Can Resources on the shores of Lake Nyasa, also known as Lake Malawi, extends into southern Africa’s Karoo Basin system, a deposition region known to contain significant sandstone-hosted roll front uranium deposits of the same type found on the Colorado Plateau and the world-class Mi Vida Mine near Moab, Utah that are mined by in situ leaching methods.

Current estimates for Paladin’s Kayelekera project in neighboring northern Malawi holds measured and indicated resources of 14,000 tonnes U308 and an additional 2,000 tonnes inferred. Paladin completed a Bankable Feasibility Study for Kayelekra early this year, has met environmental regulations and is investing US$185 million to develop a mine site. Production is expected to commence late in 2008 and expand up to 1270 tonnes per year.

Australia’s Western Metals (ASX:WMT) on Oct. 22 reported that ongoing drilling and trenching at its Mtonya project continues to discover high-grade uranium mineralisation over a 7 kilometre trend including 1.2 meters at 7,723 ppm U308 and 0.8 m at 1,035 ppm at the Grandfather prospect. Western Metals plans to spend A$3.5 million on exploration in Tanzania over the next 15 months.

Uranium Mining, Business & the Environment

Tanzania has set a goal for the mining sector to grow from a current 2% to 10% of GDP by 2025, deputy minister of mining and minerals William Gereja has been reported as saying. Uranium ore may join gold and diamonds as one of the country’s top mineral exports if additional exploration and resource definition work pans out as well as is anticipated. Tanzania is Africa’s third-largest gold producer, ranking behind South Africa and Ghana.

Thanks Bravo

Shame the price continues to head south - I think the market might be growing inpatient - no news since 20/10.

cybernigel said:

Thanks Bravo

Shame the price continues to head south - I think the market might be growing inpatient - no news since 20/10.

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Yeah, a agree Cybernigel.
must be some announcement about the current drilling in Tanzania, and the time is due.
AGM is tomorrow let we see,

This is following the same faith as most of the others in the same sector(-2.1% today), hence overall trend has been down for some time now despite seeing a rally in jul/aug..

SevenFX

New Announcment today and already a $0.02 jump. Western Metal seems very encouraging today .... as long as progress occurs they will be able to gain back there average price (for this month) of about 17-18c

Announcement was good I think but no interest to BUY,


Here is other news from ABC RURAL yesterday,
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Home Programs News Events Features Message Boards Weather About Us Contact Us Uranium industry hopes Rudd will force lifting of mining bans

Tuesday, 27/11/2007

The election of a Federal Labor Government has been welcomed by one of the party's long standing adversaries, the uranium lobby.

The Australian Uranium Association is hopeful a Rudd government will override the majority of state Labor governments, which have legislated to ban uranium exploration and mining.

In April, the Federal ALP dumped its three mines uranium policy and endorsed major projects including the expansion of South Australia's Olympic Dam mine.

Uranium Association spokesman Michael Angwin believes Labor's plans to remove constraining business regulations will allow the industry to expand.

"We think that the prohibitions in Queensland and Western Australia are essentially matters of business regulation," he says.

"They're issues which impede the growth of Australia's international competitiveness and certainly the competitiveness of Australia's international uranium industry."
National Rural News
Two states lift bans on GM crops
Uranium industry hopes Rudd will force lifting of mining bans
Vaile denies Nationals are doomed
Kiwis not impressed with Kyoto
Xenophon takes aim at supermarket chains
Healthy outlook for regional banks
ABB profit slumps
Huge expansion for Rio
Another study warns climate change will affect food costs
Industry looks forward to NT leader change
Horse flu restrictions eased in NSW
Farewell to Kimberley sugar
EU study finds organics are good for you
Outback bowlers strike it lucky
AL about Uranium in Australia.

Hi guys,
What do you think about this news article?
Uranium prize US$150/lb. near future. If WMT future drilling results are good in Tanzania,US Glade,Queensland and production starts next two years it will be good for long term investors I think.
Please see the article below.

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Uranium at $150/lb within a year
Allan Seccombe
Posted: Thu, 29 Nov 2007
[miningmx.com] -- THE uranium price will move to $150/pound within the next year driven by supply and demand fundamentals, said Uranium One CEO Neal Froneman.


The spot price for the energy metal is $93/lb and the long-term price $95.

“Our view is that we see uranium at $150 within the next year or so. Market activity is increasing,” Froneman told Miningmx.

“The fundamentals are better than six months ago. Production is not reaching levels that were expected and demand is increasing,” he said.

The price of processed uranium or U3O8 reached an all-time high of $138/lb in June this year from below $10 seven years ago, but has since pulled backed.

Cameco, the world’s largest miner of uranium, has reduced output from its Rabbit Lake operation in Canada because of increased water flows underground at the Eagle Point mine. Rabbit Lake normally produces around four million pounds of uranium a year.


Click Here to subscribe to our daily newsletter"Limited mining activity will continue and the mill continues to operate with a small amount of stockpiled ore. This mine has encountered similar situations in the past and dealt with them successfully," Cameco said on Wednesday.

Uranium prices shot higher when Cameco’s Cigar Lake flooded. The mine, which is planned to produce 18 million pounds of uranium, will now only start production in 2011 at the soonest instead of this year as originally forecast.

Cigar Lake’s output was an important consideration in the uranium market where demand growth is overtaking that of supply amid a concerted effort in a number of countries to build nuclear plants. Nuclear power has crept back into fashion because of growing global concerns about climate changed caused by burning fossil fuels.

There are 435 nuclear plants operating in 30 countries. Twenty-nine new nuclear plants are under construction 12 countries. And, in the USA, 48 nuclear plants have received license renewals, with 34 more expected, according to TradeTech President Treva Klingbiel.

China’s uranium demand will grow to 7,000 tonnes by 2020 from the current 1,000 tonnes as it extends its nuclear plant programme, Li Junjie, director of the uranium material department of the State Nuclear Power Agency, said in November.

mate, sounds good although we wait to see results.. how many shareholders will remain patient with this 0 effect. for long term investors that maintain there shares i guess it will be good, although for short term ie me, its abit frustrating... i will wait and see what happens.. ill hold for now... as they say you only loose when u sell.. so i aint doin it...