WMT - Western Metals

[golfmos123]

I'm with you mystro. I've been a long time holder of WMT so will still hang on longer, but sadly I bought in at a time when the SP was nearly double what it is now. Can't see it sinking any lower so not really any point in selling up - June is a long way away to relieve the taxman of some of my profits!

WMT needs the U price to go north and also needs a bit of luck. It seems that apart from the U price, it hasn't done much wrong to get hammered by the market. A turnaround over the next 6 mths would be nice

 

[mystro]

All i have to say currently is GRRRRRRRRRRRRRRR! no results for several weeks.. price has dropped progressively over several weeks. the U prices remains the same @ $93 for 3 weeks. now either there is something wrong with WMT or shareholders aren't being advised of the future.. my patience is wearing very very low.. any news or ideas would be greatly appreciated...

 

[UMike]

WMT has always been a band wagoner share.

Don't worry tooo much, theres a few spikes ahead of this one yet.


..... But I might just bail on the next one.

 

[rogue_investor]

All i have to say currently is GRRRRRRRRRRRRRRR! no results for several weeks.. price has dropped progressively over several weeks. the U prices remains the same @ $93 for 3 weeks. now either there is something wrong with WMT or shareholders aren't being advised of the future.. my patience is wearing very very low.. any news or ideas would be greatly appreciated...

A lot of information provided in this presentation. http://www.brr.com.au/event/WMT/1175/36706

There are still results pending for drills in Oct and Nov. Not sure when these will be made available.
Drilling started on Nov 16th for the Glades Project in the US. According to the presentation the area has surveyed well for Uranium in the past so may turn out to be a winner.

SP is taking a hammering but it might be a good level to get in at with results on the way.

 

[slyty80]

Announcement out on WMT

WESTERN METALS ACQUIRES OPTION FOR 100% OF
CANADIAN NICKEL / BASE METALS PROJECT
Western Metals Limited is pleased to announce it has entered into an agreement with BHP Billiton for the option to acquire a 100% stake in the highly prospective Snowbird nickel and base metals project in the Northwest Territories, Canada. The project consists of claims comprising 261.3 km² within the Snowbird Tectonic Zone, located 625 km NW of the city of Thompson (Figure 1). The Snowbird Tectonic Zone is on the margin of an ancient continent that hosts the Thompson, Raglan and Voisey’s Bay nickel deposits. Western Metals Managing Director George Bauk said the acquisition builds on the Western Metals’ North American presence and base metals portfolio, representing the Company’s first significant nickel project.
“This acquisition continues our strategy to pursue high value commodities in the most prospective terrains,” he said.

 

[mickqld]

Announcement out on WMT

WESTERN METALS ACQUIRES OPTION FOR 100% OF
CANADIAN NICKEL / BASE METALS PROJECT
Western Metals Limited is pleased to announce it has entered into an agreement with BHP Billiton for the option to acquire a 100% stake in the highly prospective Snowbird nickel and base metals project in the Northwest Territories, Canada. The project consists of claims comprising 261.3 km² within the Snowbird Tectonic Zone, located 625 km NW of the city of Thompson (Figure 1). The Snowbird Tectonic Zone is on the margin of an ancient continent that hosts the Thompson, Raglan and Voisey’s Bay nickel deposits. Western Metals Managing Director George Bauk said the acquisition builds on the Western Metals’ North American presence and base metals portfolio, representing the Company’s first significant nickel project.
“This acquisition continues our strategy to pursue high value commodities in the most prospective terrains,” he said.

BHP maybe selling off some of its more marginal undeveloped assets for its push to takeover RIO TINTO.

These marginal assets must be pretty good to pass the BHP test for acquisition in the first place with their Falcon technology. WMT, which was deliberately stacked with ex BHP/RIO Directors, is now in a perfect position of take advantage of this opportunity.
You've got to hand it to those Ascent boys they knew what they were doing when this was a shell. They had a long term plan which is slowly developing before our eyes and has pointed this company in the right direction to become a major mining player.

 

[bravo]

What a good announcement is that but "Day Traders are hammering down" this stock . It will be interesting to see this afternoon trade. I think the buyers will come back

 

[mickqld]

Lifted from TheAustralian




Source: www.theaustralian.news.com.au

Daily Assay
Kevin Andrusiak | December 06, 2007

KEEP a watch out for more movement at the Western Metals stable.

After raising $32 million mid-year they still have about $31.5 million in the bank and are clearly on the look out for more acquisitions.

On Thursday they acquired the former BHP Billiton nickel and base metals asset Snowbird in the Canadian north.

But the interesting thing is that Westerns could have easily raised $80 million earlier this year and has since hired Azure Capital to help out with the finer details of financing.

Why else would you appoint such hired help unless you plan to take over the world. Or at least make a concerted effort to improve your standing amongst the over-crowded junior end of the spectrum.

 

[mystro]

FYI

Source http://www.theage.com.au/news/natio...dd-uranium-plan/2006/12/11/1165685616749.html

Garrett opposes Rudd uranium plan

December 12, 2006

LABOR leader Kevin Rudd has pledged to push to liberalise Labor's restrictive uranium policy at the party's national conference in April, despite opposition from shadow environment minister Peter Garrett.

The new Opposition Leader yesterday predicted change would be delivered as he stood beside Mr Garrett on the second day of his "listening tour".

Mr Rudd said the present policy, which bans a Labor government from approving new mines, "does not make a lot of sense".

Mr Garrett said he would put his anti-uranium views in party forums and in discussions with his colleagues. But he would abide by whatever the national conference decided.

The future of the move to liberalise the uranium policy has come into question with the shift of Martin Ferguson out of the resources shadow portfolio and the elevation of Mr Garrett to the front bench. Mr Ferguson had been driving the policy liberalisation but he has been replaced as spokesman by Senate leader Chris Evans.

Party sources believe Senator Evans is more likely to vote with the Left faction, opposing any change in uranium policy, but this idea was dismissed by party powerbroker and trade union official Bill Ludwig.

Mr Ludwig told The Age he believed that Senator Evans would be for a change in uranium policy to support the mining industry in his home state of Western Australia.

"The policy is ridiculous and nobody can get around that. We've got to get our economic credentials in order and this is one good way of doing it," Mr Ludwig said. Telling journalists that he believed change would be delivered at the April conference, Mr Rudd said: "I intend to lead it in that direction."

Mr Garrett said he had always predicted uranium would be a "vigorous debate within the party" before the conference. "It would have been with Kim Beazley as leader; it will be with Kevin Rudd as leader," he said. Mr Rudd hinted that Labor could embrace a target for renewable energy substantially above the minimum 5 per cent to which it is committed.

Mr Garrett flagged that under a Labor government the record of the AP6 regional climate group, which is a forum for Australia, would be toughly scrutinised. A Labor government would assess how far AP6 had progressed. On the surface "it lacks teeth … it certainly has no targets", Mr Garret said.

Mr Garrett was cautious about conceding that measures to combat climate change would drive up prices for consumers.

He was confident that he could work effectively with business on issues relating to climate change, pointing to the co-operative relationship he had with business when he was president of the Australian Conservation Foundation.

He said companies needed to invest in reducing emissions. Not only did the problem have to be tackled now but companies that did so would get "first mover advantage" in relation to their competitors.

 

[Sean K]

FYI

Source http://www.theage.com.au/news/natio...dd-uranium-plan/2006/12/11/1165685616749.html

Garrett opposes Rudd uranium plan

December 12, 2006

LABOR leader Kevin Rudd has pledged to push to liberalise Labor's restrictive uranium policy at the party's national conference in April, despite opposition from shadow environment minister Peter Garrett.

Good to see you're up to date with the news Mystro.

That was a Commonwealth Games year too wasn't it?

 

[mystro]

yeah yeah... well its FYI.. so i guess its still information and with rudd in office now.. lets see how he goes with what he said a year ago...

 

[Sean K]

yeah yeah... well its FYI.. so i guess its still information and with rudd in office now.. lets see how he goes with what he said a year ago...

Well, it may be a good reminder for the Australian U market anyway. Will be interesting to see how the policy goes now they're in Gov and whether Pete tows the line as he now should. Serious conflict of interests IMO. I am sure in PG's heart he is STILL a 'US Forces Give The Nod' person, however naive that was.

 

[mickqld]

Well if Garrett was listening to the co-founder and former head of Greenpeace Dr Patrick Moore he would be out there pushing nuclear power as the only real carbon neutral power generating alternative we have at this point in time.

 

[mystro]

wow... is all i really want to say... i cant believe the current market. Not only is the U price remaining a constant all commodities are just dieing.. pfft... i will hold hold hold.. could have done with the extra $$$ for xmas.. grr!

 

[mystro]

hmm.. wonder how the new year will be with western metals.. no change for a while.. price is slowly dropping.. any news would be appreciated..

 

[mystro]

FYI


SOURCE http://www.moneymorning.com/2008/01...y-crunches-will-add-a-glow-to-uranium-stocks/

Thursday, January 3rd, 2008

Outlook 2008: Continued Supply Crunches Will Add a “Glow” to Uranium Stocks
Editor’s Note: This is the Sixth Installment of an Ongoing Series Highlighting the Global Investing Outlook for 2008

By Don Miller
Contributing Writer

Of all the commodities to ride the volatile global roller coaster in 2007, uranium had the wildest ride. Overall, it gained 28% for the year. But that seemingly simple statistic masks a much-more-complex story.

At one point in June, uranium had gained 84% on the year. But then a mass sell-off - including up to 200 tons auctioned off out of the inventory of the U.S. Department of Energy - drove prices from $138 a pound down to $75 a pound in just three months.

Even though the U.S. auction was said to flood an already glutted market for uranium, the price roared back to $93 a pound, a price move fueled by a continued demand. Investors can take that incident as a sign of things to come.

At a time when global energy demands are soaring - outstripping the long-term supply of such crucial commodities as crude oil - the long-term outlook for uranium is exceedingly bright. Nuclear power is slowly making a comeback as an electricity source of choice in the U.S. market, and will be a key to the ongoing emergence of such economies as China and India.

Market fundamentals point to demand-driven price increases for uranium. And history shows that when uranium prices move higher, uranium stocks almost always tag along for the ride.

The situation in uranium is reminiscent of the world’s skyrocketing demand for oil. In a classic supply-and-demand imbalance, eventually someone is going to pay the price. With uranium - as with oil - there plain and simple just isn’t enough to go around.

"We are at the beginning stages of a massive bidding war in uranium," said Sol Palha, a noted uranium investor and analyst.

Nuclear energy is rapidly gaining acceptance as a clean, reliable alternative to burning coal. In a bid to combat global warming and keep up with soaring demand for electricity, countries are rushing to build nuclear power plants. Currently, there are 440 nuclear reactors in operation that generate about 16% of the world’s electricity.

Another 25 are under construction, 38 are on order and 115 are proposed. Also, there are 284 research reactors and 220 nuclear-powered ships and submarines patrolling the oceans - key facts that nevertheless often slip by most industry analysts.

Refined uranium [known in the industry as U308] is what makes nuclear fuel. And the proliferation of new commercial nuclear power plants has the price of the radioactive metal soaring.

Now here’s the thing: All told, those reactors soak up about 77,000 tons of refined uranium every year. Yet, in 2006, only about 50,000 tons of uranium was mined. That has forced some countries to run reactors at only 50% to 60% capacity, while others - such as India - have actually been forced to periodically take reactors off line because they lack the fuel to keep running them
.
And the insatiable global appetite for electricity - an appetite that induced China to spend a decade building the controversial-but-crucial hydroelectric project known as the Three Gorges dam - will drive demand for uranium even higher.

In the next 15 years, China alone is building 30 new plants, with as many as 200 needed by 2050. Japan is planning 11 more by 2010, and the United States and United Kingdom are also jumping back onto the nuclear bandwagon. These new plants will only serve to widen the supply/demand gap.

Uranium: Easy to Find - Not Easy to Mine
Now, uranium itself isn’t scarce. In fact, it’s so widespread that you might even have some in your backyard. But in order to mine it, uranium must be found in large concentrations. And only a small number of these concentrated deposits have been discovered worldwide.

With prices escalating, uranium-mining companies are rushing to dig up as much of the stuff as quickly as possible. But that is simpler said than done. It takes seven to 10 years to find and bring a uranium discovery into production. That explains why uranium-mining production was only projected to increase 9% in 2007 over 2006.

According to the Australian Uranium Association, more than 50% of uranium comes from mines in Canada and Australia. Kazakhstan, Russia, South Africa, Namibia and the United States are smaller producers. Yet the smart players are already moving to secure supplies.

"China is doing massive deals in Africa and is now working on ever bigger deals in Kazakhstan," Palha, the analyst, told Money Morning. "China is basically locking up uranium supplies. This effectively means that there will be even less uranium for the rest of the world players."

Russia also has started to stockpile uranium after declaring it a "strategic resource." Russian Federation President Vladimir Putin recently traveled to Australia and signed a deal to buy uranium. It’s only a matter of time before the Russians stop exporting yellow cake altogether.

And all this is complicated by a flood at Saskatchewan’s Cigar Lake mine - the world’s largest undeveloped high-grade uranium deposit with 232 million pounds of U308 at a grade of 19% [90% of the world’s mines have ore grades below 1%]. Damages from the flood will halt the start of production until 2011 - at the earliest.

Since uranium’s supply/demand imbalance clearly won’t be improving anytime soon, the price of uranium is likely to continue its upward march.

Uranium: An "Alternative" Energy Source No Longer
Uranium investing is not for the faint of heart. Another accident like the one at Pennsylvania’s Three Mile Island, or Russia’s Chernobyl, would likely spawn a worldwide anti-nuclear backlash that could send uranium spot prices into a downward spiral for several years.

Even though new technologies and more-efficient power-plant designs have made commercial nuclear power a much-safer proposition, there are still older plants operating throughout the world that are potentially vulnerable to a Chernobyl-like scenario.

Disposal of nuclear waste is another issue that could spell trouble for uranium prices, as the Yucca Mountain Repository isn’t expected to reopen until 2020.

The development of alternative energies like solar and wind are also a threat, although most experts believe these are ancillary energy sources - at best.

What’s becoming increasingly clear is that - despite the admitted dangers of nuclear power - commercial nuclear energy is clearly the safest, cleanest, cheapest source of the massive amounts of electricity needed to fuel global growth, to avoid a worldwide energy crisis that will make the two in the 1970s appear as a costume-rehearsal, and to battle the long-term environmental effects of global warming.

And many safety improvements have been made since Three Mile Island and Chernobyl.

China is working on an advanced reactor using so-called "pebble-bed" technology, which makes a power plant virtually impervious to a meltdown situation. Improvements have also been made in the new generation of reactors, especially in cooling systems and containment domes. U.S. industrial giant General Electric Co. (GE) has developed technology-based products and services that help the operators of so-called "boiling water reactors," or BWR, to run their plans more safely and efficiently. And it’s developed a new "advanced boiling water reactor," or ABWR, design that it says can be built in only four years, and then run cheaply and safely for decades thereafter.

There’s also a "dirty little secret" about the nuclear power business that most investors never consider - but industry insiders know and understand very well. You see, the supply/demand picture isn’t the only catalyst of soaring uranium prices.

The fact is that refined uranium is only a minuscule part of a power plant’s overall cost. It takes an upfront investment of about $2 billion to build a new nuclear power plant. That’s just the cost of construction.

When you add in the maintenance and labor costs, laying out $100 a pound for uranium to keep your plant running is a really a drop in the financial bucket. Indeed, some analysts estimate that the price of uranium could skyrocket to $2,000 a pound and still be viewed as a viable energy source for plant operators.

That really changes the picture for investors.

Investing in Uranium - Mining the Right Stocks
So where should you look for profit opportunities? If you look at the charts, some uranium mining company stocks move up and down almost in lockstep with spot prices.

If you want a pure play on an increase in the price of uranium itself, Cameco Corp. (CCJ) might be worth a look. It’s the largest producer of uranium in the United States. And it’s straight downstream from a glut of cash contained in a new energy bill that offers $18.5 billion in loans to cover the construction costs of new nuclear plants. It’s no surprise that applications for new U.S. nuclear plants are taking off for the first time in 30 years.

If you’re looking for more safety and diversification, Rio Tinto PLC (RTP) and BHP Billiton Ltd. (BHP) could fill the bill. Both have huge mining operations with large uranium deposits. Both have skilled management teams and offer engineering savvy. And both stand to reap substantial profits from any price surge in yellow cake.

--continued on link above

 

[mystro]

Geeezz.... I might just cry... ... Western Metals is testing the 10c mark... I've been scavenging around trying to find out what is happening it's been over a month now since the last announcement (which had no effect )..

 

[slyty80]

Very nice announcement out today!!! WMT is up 25% this morning. Any thoughs on where this one is headed?

 

[powerkoala]

Very nice announcement out today!!! WMT is up 25% this morning. Any thoughs on where this one is headed?

going up and then follow the rest of the market to south... til us got guts to enter the market again... (if there is)

 

[UMike]

going up and then follow the rest of the market to south... til us got guts to enter the market again... (if there is)

Ended nicely at 12c

Pity I didn't have the "guts" to buy more at 9.5c.

Will this now start to move slowly towards an uptrend?