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Australian uranium companies further down the drain

Oz Minerals pulls out of Toro uranium JV,9 News, 19 Nov 11 OZ Minerals has pulled out of a uranium exploration joint venture with Toro Energy in South Australia, saying no economic uranium has yet been found at the Mt Woods project.
The Toro board has accepted a $3.75 million cash offer from OZ Minerals as consideration for the termination, Toro said in astatement on Friday. ”No potentially economic uranium results have been reported from the Mt Woods project,” Toro said…. Shares in Toro were down 3.41 per cent at 8.5 cents at 1540 AEDT while OZ Mineral shares were 1.89 per cent weaker, compared to losses in the broader market of about 1.8 per cent.
http://finance.ninemsn.com.au/newsbusiness/aap/8376270/oz-minerals-pulls-out-of-toro-uranium-jv

Malawi’s uranium earnings decrease, Daily Times,  17 November 2011   Kingsley Jassi               “….. As the country continues to reel foreign exchange losses incurred through poor tobacco prices and loss of donor aid, more bad news has emerged from the Kayelekera Uranium Mine in Karonga where earnings have gone down due to low uranium prices on the world market.Paladin Energy reveals in its latest report that revenue from sales of Kayerekera uranium in the third quarter of the year 2011 up to September have dropped US$337 million in the quarter, a drop from USD470 realised in the quarter ending June.   The company attributes the poor prices to the Fukushima nuclear disaster in Japan that destroyed nuclear power plant consequently, reducing uranium demand on the market….
http://www.bnltimes.com/index.php?option=com_content&view=article&id=2415:malawis-uranium-earnings-decrease&catid=59:business&Itemid=390

November 19, 2011 - Posted by | AUSTRALIA, Uranium

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