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Grim outlook for Australia’s uranium mining industry

Investor support has evaporated and the share prices of most ASX-listed uranium plays have fallen more heavily than the wider market. The share price falls have eroded any chance of capital raisings to fund drilling programs or project development while continued production problems experienced by market leader Paladin Energy have added to the negative sentiment hanging over the sector.

The Merrill Lynch uranium equity index, which tracks global listed stocks, is down 19 per cent over the past month and 23 per cent in the past year. 

More pain for uranium sector as price dips, PETER KLINGER, The West AustralianSeptember 7, 2011 Already battered by headwinds, including strong opposition from environmentalists, WA’s fledgling uranium sector is set for more grief amid expectation the nuclear fuel’s low price will fall another 6 per cent within the next few months. Continue reading →

September 8, 2011 Posted by | AUSTRALIA, business and costs | Leave a comment

Deepening gloom for Australia’s uranium industry

Uranium prices plunge causing issues for Australian producers, Herald Sun, Greg Roberts ,September 07, 2011 URANIUM prices have fallen back to levels last seen after Japan’s nuclear accident in March, causing further grief to struggling Australian producers.

The uranium spot price is $US48.85 ($A46.04) a pound, having plummeted from $US67.75 to $US49 immediately after the earthquake and tsunami on March 11.

The spot price had recovered to about $US56.50 after the Fukushima accident. Analyst group Resource Capital Research says the dynamics driving the sector have changed in the aftermath of the meltdown, with Germany planning to close all 17 of its nuclear power reactors by 2022.

The “fund implied price” – an indicator of market price expectations – is signalling a further fall in the spot price to $US45.95. The Merrill Lynch Uranium Equity Index, which measures the performance of uranium equities, has fallen 19 per cent over the past month.

It is down 27 per cent over the past three months and 23 per cent over the past year, according to the latest quarterly report by Resource Capital Research. Shares in Australia’s largest uranium producer, the Rio Tinto-backed Energy Resources of Australia, have fallen 13 per cent in the past month and 73 per cent in the past year.

A year ago, ERA shares were $13.49, compared with $3.65 now, with the company posting a $122 million half-year net loss.  http://www.heraldsun.com.au/business/uranium-prices-plunge-causing-issues-for-australian-producers/story-fn7j19iv-1226130940686

September 7, 2011 Posted by | AUSTRALIA, business and costs, Uranium | Leave a comment

Australia’s uranium industry losing confidence?

“…an extended period of uncertainty…..A mistake by one operator or explorer or project developer in our industry affects all of us.”

Fukushima puts Australia’s uranium industry on the defensive Independent Australia, 2 Sept 11, The Australian nuclear industry feels the heat after the Fukushima calamity, but spins on gamely. Noel Wauchope reports.

With plummeting uranium prices, and increasinglybad news about Fukushima radiation, Australia’s uranium industry is well and truly on the back foot. But the industry battles on with religious fervour in its belief in the future uranium boom. Continue reading →

September 2, 2011 Posted by | AUSTRALIA, business and costs | Leave a comment

China’s developing solar energy empire

with Beijing heavily supporting its industry, the Chinese companies are forging ahead..Instead of subsidizing the purchase and use of solar power, China has focused on building the competitiveness of the country’s manufacturers. As a result, China exports 95 percent of the solar panels it produces.

China benefits as U.S. solar industry withers, NYT 1 Sept 11, HONG KONG — The bankruptcies of three American solar power companies in the last month, including Solyndra of California on Wednesday, have left China’s industry with a dominant sales position — almost three-fifths of the world’s production capacity — and rapidly declining costs. Continue reading →

September 2, 2011 Posted by | business and costs, China | 1 Comment

Floods cause production drop in Namibia’s uranium mines

Namibia Q2 uranium production down | Industrial Fuels and Power August 30th, 2011 NewsroomUranium production in Namibia decreased from 2.35mlb to 2.09mlb in the second quarter of 2011 when compared with the previous quarter.“This was largely due to adverse weather conditions, with some of the mines becoming flooded with the abnormally heavy rains seen this year,” financial group Capricorn Investment Holdings said.Namibia’s uranium is produced by Rio Tinto and Australia’s Paladin Energy.
Namibia Q2 uranium production down | Industrial Fuels and Power

September 2, 2011 Posted by | business and costs, Namibia, Uranium | Leave a comment

Uranium brings lower and lower prices

Uranium transactions fail to raise spot price, Industrial Fuels and Power August 31st, 2011  The uranium spot market reported five transactions totalling 1Mlb in the week ended 26 August, but each transaction was conducted at successively lower prices as sellers dropped offer prices to attract buyers. Consequently, the spot uranium price was cut by US$1.05 WoW to US$48.85/lb by the end of the week, according to TradeTech……

On 29 August, The Ux Consulting Co reported a US$1.50 fall in the uranium spot price to US$49.00/lb of uranium oxide.

Over the past month, uranium oxide prices decreased by US$2.50 while conversion rates at both sides of the Atlantic saw 75 cents shaved of their end-of-July price to US$10.00/kgU. Uranium hexafluoride prices fell by US$7.28 to US$138.03/kgU during this period……

September 1, 2011 Posted by | 2 WORLD, business and costs, Uranium | Leave a comment

USA taxpayer’s money going to set up nuclear power plants on the moon

 Fission power technology can be applied on Earth’s Moon, on Mars, or wherever NASA sees the need for continuous power,

Nuclear power plants for settlements on the Moon and Mars, ZDNet By Chris Jablonski | August 28, 2011  The first nuclear power plant being considered for production of electricity for manned or unmanned bases on the Moon, Mars and other planets “may really look like it came from outer space.” Continue reading →

August 29, 2011 Posted by | marketing, USA | Leave a comment

Colorado State makes things financially easier for uranium milling company

State defers Energy Fuels’ bond deadlines Telluride Daily Planet, By Kathrine Warren August 24, 2011
As Energy Fuels wades through regulation and litigation surrounding its planned Piñon Ridge Mill, the State of Colorado announced on Tuesday that it will defer the company’s requirement to pay upcoming bonds until construction begins. Continue reading →

August 25, 2011 Posted by | business and costs, Uranium, USA | Leave a comment

Investors fleeing from uranium mining

Uranium Spot Market a ‘Ghost Town’ With No Price Change, Ux Says, Bloomberg, , By Jason Scott – Aug 22, 2011  Uranium spot prices, depressed by the nuclear crisis in Japan , were unchanged last week amid low trading volume, says Ux Consulting co.

Uranium-oxide concentrate for immediate delivery sold for $50.50 a pound in the seven days ended yesterday, the same as the previous week, Ux said in an e-mailed report today. That’s based on the most-competitive offer tracked by the Roswell, Georgia-based company.

The spot price for the nuclear fuel has declined 24 percent since the week before the March 11 earthquake and tsunami damaged Tokyo Electric Power Co.’s Fukushima Dai-Ichi power station. The crisis prompted some nations to put their atomic power plans on hold.

“A number of market participants have indicated that recent market activity has been very limited,” Ux said in the report. “This lack of activity has been described as the market looking like a ghost town.”…http://www.bloomberg.com/news/2011-08-23/uranium-spot-market-a-ghost-town-with-no-price-change-ux-says.html

August 25, 2011 Posted by | 2 WORLD, business and costs, Uranium | Leave a comment

With gas power more likely, why should Florida residents pay upfront for new nuclear power?

Nuclear power Florida: Progress Energy customers are being asked to pay more in upfront costs for nuclear power plants that are becoming much iffier propositions. – OrlandoSentinel.com, 22 Aug 11“…….the new nuclear industry is beginning to look a lot like the old nuclear industry.Progress announced a new price tag in 2008: $17 billion.The next update was $22.5 billion.And the first plant will not be operational until 2021. The Public Counsel’s Office thinks the real year may be 2027, if at all.Those “single-digit dollars” could hit $50 a month by 2020.Customers will be shelling out more money for an iffy proposition…..

There are other issues.

New drilling technology is producing an abundant supply of natural gas, which should stabilize prices. Natural-gas plants can be built much more cheaply and faster, and they release half the carbon as a coal plant. This makes them a lot more competitive with nuclear plants….

Our pre-payments are a form of loan guarantee. And we have little control over the risks Progress takes with them…

 

August 23, 2011 Posted by | business and costs, USA | Leave a comment

Nuclear industry subsidies and other payments to Japan’s local governments

2.5 trillion yen in nuclear money doled out to local governments since 1966, Mainichi Daily News, 19 Aug 11, Local governments have received at least 2.5 trillion yen in “nuclear money” in the form of subsidies, fixed property taxes and other payments since the start of nuclear power generation in Japan in 1966, a tally by the Mainichi shows.

But the total is certain to be much higher because many local governments are not releasing data on nuclear power-related fixed property taxes and donations. Continue reading →

August 19, 2011 Posted by | business and costs, Japan | Leave a comment

TVA to sell one nuclear reactor to pay for building another nuclear reactor

TVA plans sale of nuclear power unit to fund new project, Knox News, By Josh Flory, August 18, 2011 TVA plans to sell assets including one of its nuclear power units in order to generate the billions in cash needed to finish the Bellefonte Nuclear Plant. Continue reading →

August 19, 2011 Posted by | business and costs, USA | Leave a comment

Down, down, continues uranium price

Uranium market sees thin activity and lower price, Industrial Fuels and Power, August 17th, 2011 The uranium spot price delivered no surprises this week as it slipped further by US$1.00 to US$50.50/lb. Three days earlier, TradeTech had noted a US$1.25 WoW fall to US$50.25/lb, attributing the drop to thin demand and supply “with a few sellers competing for even fewer sales opportunities.”

Buyers – this week utilities, traders and financial entities – are largely uninterested and reluctant to commit purchases. …http://www.ifandp.com/article/0013083.html

August 18, 2011 Posted by | 2 WORLD, business and costs, Uranium | Leave a comment

Florida’s new nuclear plants delayed – perhaps forever

Doubts cloud nuclear pay plan,Utility Products, Power Industry News, BY IVAN PENN, 14 Aug 11,  Since 2009, Progress Energy customers have been paying for a nuclear plant that will not generate a kilowatt of power until 2016. Wait, make that 2018. Well, maybe 2021.

Now, more dismaying news. State consumer advocates say they have evidence the plant won’t open until 2027. Indeed, they openly wonder if the plant will ever be built. Continue reading →

August 15, 2011 Posted by | business and costs, USA | Leave a comment

The Public Counsel’s case against Progress Energy’s plan for nuclear plant costing

Doubts cloud nuclear pay plan, Utility Products, Power Industry News, BY IVAN PENN, 14 Aug 11,  “……The Public Counsel’s case rests on the opinion of William Jacobs, a former nuclear plant site manager for Westinghouse. His 35 years of experience in electric power generation and doctoral degree in nuclear engineering have made him a go-to expert for power companies and public utility commissions around the country.

Jacobs makes six points to support his argument that Progress plans to delay construction of the Levy plant until 2027:

* Progress is diverting the attention of key Levy project managers to other activities. Among them: Jeff Lyash, former president and CEO of Progress Energy Florida, whom Jacobs describes as the Progress officer responsible for the Levy project.

* Progress’ own analysis shows that trends in fuel costs are making nuclear power relatively less cost effective than other sources.

* The trend in natural gas prices and lack of progress toward legislation regulating greenhouse gases increase the utility’s “enterprise risk.”

* Progress had hoped to find a partner to share ownership (and financial risk) of the project, but that has become less likely because of cost increases and regulatory delays.

* Public support for nuclear plants has diminished since the meltdown at Japan’s Fukushima plant.

* Finally, Progress, having considered all those factors, seems to be planning for the possibility of delaying the plant opening until 2027.

Jacobs based that last conclusion on the redacted “Scenario Analysis” Progress gave to the Public Counsel’s Office.

In written testimony to the PSC, Jacobs wrote that Progress Energy’s “actions continue to demonstrate doubt as to the likelihood of completion of the project on the current schedule – if at all.” Jacobs uses “if at all” three times in his report referring to the possibility of the plant never getting built.

Progress turned over an un­redacted version of the “Scenario Analysis” only after Jacobs completed his report. But the Public Counsel’s office had to agree to keep it secret……. http://www.utilityproducts.com/news/2011/08/1478674934/doubts-cloud-nuclear-pay-plan.html

August 15, 2011 Posted by | business and costs, USA | Leave a comment

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