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Honeymoon turning sour – Local News – News – General – The Independent Weekly

Honeymoon turning sour
The Independent Weekly BILL NICHOLAS12/09/2008 Toronto-based Uranium One, the world’s tenth largest uranium producer which gained SA Government approval to mine at Honeymoon in January this year, cannot fund the capital cost and is seeking a financial partner for the project.

Uranium One’s Adelaide manager Greg Cochrane confirmed the project depended upon finding a new partner for which investment bank Rothschild had been engaged………………………………

A perusal of Uranium One’s financial situation in Canada reveals the reason for an inability to fund Honeymoon. An expansive CEO left the company earlier in the year, the share price is down 72 per cent, “non-core” assets are being prepared for sale and the new acting CEO is saying things shareholders are never crazy about. “The company has sufficient liquidity and capital resources to meet approved development plans for at least the next 12 months.” Except for Honeymoon, obviously.

Acting CEO Jean Nortier said shareholders can expect to see an “impairment charge” against Honeymoon being made in the second half

Honeymoon turning sour – Local News – News – General – The Independent Weekly

Tags: nuclear, antinuclear, radioactive, uranium

September 13, 2008 - Posted by Christina Macpherson | business and costs