business and costs « nuclear-news

Jan’s govt suggests nationalising Tepco, at least temporarily

Tepco asked to consider temporary state control, BBC News 27 Dec 11 Tokyo Electric Power Company (Tepco), which operates Japan’s disaster-hit nuclear plant, has been asked to consider temporary state control. Energy minister Yukio Edano suggested it as one possible way to try to strengthen its financial position. Continue reading →

December 28, 2011 Posted by Christina Macpherson | business and costs, Japan | Leave a comment

Tepco asks Japan’s government for additional 6 billion pounds

Fukushima nuclear disaster firm asks for extra £6bn to compensate victims Tokyo Electric Power Co fears de facto nationalisation as costs mount, guardian.co.uk, 27 December Tokyo Electric Power Co – the vast Japanese energy business that owns and operated the Fukushima nuclear power plant – has asked a government-backed bailout body for an additional £6bn to help compensate victims of the nuclear crisis that followed the March tsunami.

Japan‘s biggest utility, known as Tepco, faces costs of trillions of yen for compensation and cleanup, and the Japanese government agreed only two months ago to provide £7bn through a bailout fund. Continue reading →

December 28, 2011 Posted by Christina Macpherson | business and costs, Japan | Leave a comment

UK’s nuclear industry not viable: taxpayers will cop the bill

Greenpeace said the latest cost overrun proved that the nuclear power industry’s financial viability was fundamentally flawed. Doug Parr, chief scientific officer at Greenpeace, said: “For all the claims of the government that it will be the power giants like EDF that will foot the cost of the next generation of nuclear, the reality yet again is that the hard-pressed taxpayer will end up footing the bill.”

UK taxpayers face extra £250m bill for nuclear waste clean-up Nuclear Decommissioning Authority faces 17.5% fall in income after asset sales drop by £150m and spending rises by £80m Terry Macalister, guardian.co.uk, 25 December 2011 Sellafield nuclear power station in Cumbria – The site’s mixed-oxide reprocessing plant, which will shut after Japan decided to end its atomic programme, has cost upwards of £1.2bn so far

The taxpayer will have to stump up almost £250m more to bail out the Nuclear Decommissioning Authority in the next financial year after falling asset sales and rising expenditure cut its income by 17.5%. Continue reading →

December 26, 2011 Posted by Christina Macpherson | business and costs, UK | Leave a comment

Turkish govt asks Russian nuclear firm to ‘educate’ Turkey’s anti nuclear residents

Turkey surprises Russian nuclear firm with new conditions, Today’s Zaman, ERCAN BAYSAL , ANKARA, 26 Dec 11 Russian firm Atomstroy export received two additional conditions from the Turkish Ministry of Environment and Forestry on their contract for Turkey’s first nuclear power plant in Akkuyu, on Turkey’s Mediterranean coast.
The ministry announced the additional conditions to the Russian firm in its response to Atomstroyexport’s environmental impact assessment (EIA) report. One of the additional conditions placed by the ministry asks the firm to persuade the residents of Akkuyu and be sensible to their objections regarding the nuclear plant. Continue reading →

December 26, 2011 Posted by Christina Macpherson | marketing, Turkey | Leave a comment

Study finds Fredericksburg uranium sites not commercially viable

Uranium report says local sites not viable, Fredricksburg.com, By RUSTY DENNEN, 19 Dec 11 Uranium mining and milling in Virginia would present human health and safety and environmental risks, which could be mitigated with best-management practices, according to a long-awaited National Academy of Sciences study released Monday.

And, of interest to the Fredericksburg area, it concludes that only Virginia Uranium’s proposed Coles Hill site in Pittsylvania County would be commercially viable among Virginia deposits, for now. The site is about 180 miles southwest of Fredericksburg. Continue reading →

December 21, 2011 Posted by Christina Macpherson | business and costs, Uranium, USA | Leave a comment

China might not save the nuclear industry, as they had hoped

Even before Fukushima, China’s government was asking tough questions of its nuclear growth ambitions. Late last year, its State Council Research Office issued a report outlining a number of concerns about the expansion program.

Since Fukushima, China’s government has pressed the pause button on nuclear expansion

the new generation AP1000 reactors that make up a large portion of the proposed nuclear capacity are not yet in operation anywhere in the world. It is an as yet unproven technology

there is reason for the people of China to be asking questions about the country’s ability to deliver large-scale, hi-tech projects as memories of July’s tragic Wenzhou high-speed rail crash, in which 40 passengers died, are still fresh in their minds….. Nuclear will remain a fringe source of power in China

China’s nuclear ambitions move to the slow lane, BY: PAUL GARVEY , The Australian, December 19, 2011 CHINA has been the one ray of hope in a miserable year for the global uranium industry. But sadly for uranium stocks, it looks increasingly likely China’s substantial nuclear reactor development program will take much longer to roll out than planned.

With the nuclear industry under review across Europe and Japan in the wake of the Fukushima disaster earlier this year, China has represented one of the only, and certainly the largest, growth market for uranium. Continue reading →

December 19, 2011 Posted by Christina Macpherson | business and costs, China, Uranium | Leave a comment

Huge share price falls for uranium companies over past 2 years

Fukushima affects uranium stocks, Star Tribune, 18 DecShare prices of global uranium majors continue to suffer the aftereffects of an earthquake and tsunami that rocked Japan’s Fukushima nuclear power plant last March.
That’s the assessment of Sydney, Australia-based Resource Capital Research, which noted share prices for selected companies have declined substantially.
An analysis noted that Cameco shares declined by nearly 50 percent over the past year, while Uranium One shares had dropped by nearly 45 percent. Energy Resources of Australia stock fell by 82.1 percent.
“The Merril Lynch Uranium Equity Index (a global basket of uranium equities) is down 2 percent over the past month, down 7 percent over three months and down 54 percent over the past 12 months,” the firm said in a report earlier this month. …..
The uranium spot price was pegged at $52.25, down from $67.75 prior to the Fukushima disaster. In the near-term, Resource Capital Research said Fukushima will continue to weigh on the market, “including Germany’s decision to close reactors and the potential for disposal of surplus utility inventory.”…..

December 19, 2011 Posted by Christina Macpherson | 2 WORLD, business and costs, Uranium | Leave a comment

two year continuing fall in uranium companies’ share prices

Fukushima affects uranium stocks, Star Tribune, 18 DecShare prices of global uranium majors continue to suffer the aftereffects of an earthquake and tsunami that rocked Japan’s Fukushima nuclear power plant last March.
That’s the assessment of Sydney, Australia-based Resource Capital Research, which noted share prices for selected companies have declined substantially.
An analysis noted that Cameco shares declined by nearly 50 percent over the past year, while Uranium One shares had dropped by nearly 45 percent. Energy Resources of Australia stock fell by 82.1 percent.
“The Merril Lynch Uranium Equity Index (a global basket of uranium equities) is down 2 percent over the past month, down 7 percent over three months and down 54 percent over the past 12 months,” the firm said in a report earlier this month. …..
The uranium spot price was pegged at $52.25, down from $67.75 prior to the Fukushima disaster. In the near-term, Resource Capital Research said Fukushima will continue to weigh on the market, “including Germany’s decision to
close reactors and the potential for disposal of surplus utility inventory.”…..

December 19, 2011 Posted by Christina Macpherson | 2 WORLD, business and costs, Uranium | Leave a comment

New nuclear plants wildly over-priced. Calvert Cliffs plan for new unit is dead

Report: EDF may drop plans for Calvert Cliffs reactor, Baltimore Sun DECEMBER 16, 2011 This is the brilliant-report-of-the-painfully-obvious headline of the day: “EDF Considers Dropping New Nuclear in Maryland,” from Dow Jones. The French EDF’s plans for a third nuclear unit at Calvert Cliffs have been deader than Lehman Brothers for more than a year.

The French company’s partner, Constellation Energy, pulled out of the deal. They couldn’t reach an agreement with Washington on subsidies to build the plant. With the plunge in natural gas prices and the failure of federal climate-change legislation, new nuclear plants, with all their complexity and financial risk, are wildly overpriced. The Fukushima disaster in Japan has made nuclear energy politically incorrect again…. http://weblogs.baltimoresun.com/business/hancock/blog/2011/12/report_edf_could_drop_plans_fo.html

December 16, 2011 Posted by Christina Macpherson | business and costs, USA | Leave a comment

Three major companies stepping back from uranium mining

After Fukushima, suddenly the expected darling of local mining investment, has turned into a pariah. Both the Areva and Marenica statements refer to events after Fukushima, highlighting the uncertainty that has entered the industry since the nuclear disaster in Japan……

Perhaps it is a case of both Kalahari Mineral and Extract Resources taking what they can get and opting out of an industry that is fast turning into a lame duck. [or a dead cat – I haven’t got a picture of a lame duck]

Namibia Economist 16 Dec 11 When three major players in one industry, all announce substantial shifts in strategy and/or focus in a very short span, it signals a fundamental change in the underlying assumptions. These past two weeks saw one surprise after another as first Extract Resources, then Marenica, and finally Areva announced a dramatic turn in their strategies which probably points to a change of heart and a significant reappraisal of prospects and strategies. Continue reading →

December 16, 2011 Posted by Christina Macpherson | AFRICA, business and costs, Uranium | Leave a comment

Uranium in surplus, prices to stay low

Resource Capital Research — December Quarter 2011: Global Uranium Companies Equity Research Report , Dec 16, 2011 (MARKETWIRE via COMTEX) — Key Points
…Uranium Market: The dynamics driving the near term outlook remain
dominated by the
flow-on effects of Fukushima, including Germany’s decision to close
reactors.
— Uranium traders suggest caution going into 1H12, with potential for
utility surplus inventory dispositions to remain a feature of the
market. The spot uranium price is expected to trade around the low
US$50s/lb 1Q12 and possibly dip below.

December 16, 2011 Posted by Christina Macpherson | 2 WORLD, business and costs, Uranium | Leave a comment

Company pulls out of uranium milling project in Colorado

Cotter Corp. won’t try to rebuild uranium milling program in Cañon City, must move toward final clean up 12/16/2011 By Bruce Finley The Denver Post Cotter Corp. has decided it is “no longer economic” to process uranium at its contaminated Colorado uranium mill and will move toward clean-up of the site next to Cañon City along the Arkansas River.

A letter from Cotter president Amory Quinn says Cotter “will not seek to renew” the radioactive materials license Cotter has from the state health department. Cotter plans to decommission and decontaminate the mill site and to request license termination, Quinn said in the Dec. 12 letter. http://www.denverpost.com/recommended/ci_19562999#ixzz1gp8Ndp4u

December 16, 2011 Posted by Christina Macpherson | business and costs, Uranium, USA | Leave a comment

AREVA in trouble, and who will buy their nuclear reactors?

French nuclear energy Under pressure France wants to export nuclear reactors. Who will buy them? The Economist Dec 17th 2011 | PARIS On December 12th Areva, France’s
state-owned nuclear champion, said it would take a €2.4 billion ($3.1 billion) charge against profits. This will give the firm its first ever operating loss, of perhaps €1.6 billion for 2011.

That hurts. Areva is the world’s only one-stop nuclear shop, selling everything from uranium to fuel recycling. Continue reading →

December 16, 2011 Posted by Christina Macpherson | business and costs, France | Leave a comment

AREVA’s loss making uranium projects halted, in Africa and USA

Areva halts Trekkopje uranium development, The Namibian, By: JO-MARÉ DUDDY, 14 Dec 11 AREVA yesterday said it was putting its investment in the US$1 billion Trekkopje uranium project on hold as the French nuclear fuel and services giant braced itself for a worldwide loss of up to US$2 billion for 2011.
Central to Areva’s financial woes is a provision for an asset write-down of US$1,97 billion for property and equipment at its UraMin operations, which include Trekoppje as well as Bakouma in the Central African Republic and Ryst Kuil in South Africa.
In addition, state-owned Areva slashed its uranium resource estimates at Trekkopje by nearly 42 per cent. ….

The company’s investment freeze also includes shelving a controversial nuclear enrichment plant project in Idaho in the US. Areva would cut its total investments by 34 per cent over the 2012-16 period, compared to the period 2007-11, Oursel said.

December 15, 2011 Posted by Christina Macpherson | AFRICA, business and costs, Uranium, USA | Leave a comment

Russia’s global nuclear ambitions

A new ARMZ race, Asia Times, 14 Dec 11 By Peter Lee The people who brought about Chernobyl are pressing to become the world’s leading source for nuclear power equipment, materials, and services.
Russia’s quasi-state nuclear power authority, Rosatom, has ambitions of becoming the world’s one-stop shop for nuclear plants, uranium fuel and spent fuel services. Currently accounting for 20% of the world’s nuclear power stations and 17% of global nuclear fuel fabrication, Rosatom wants to double in size and become the dominant player in uranium ore and spent fuel in the process.

The United States, which counts the Russian nuclear weapons reset as one of its few unambiguous geopolitical wins, thus far is apparently happy to turn a blind eye to Russia’s uranium ambitions, even when Russia’s quest for the strategic ore leads it into some strategic hotspots and when the implications for nuclear accidents grows.

In places like Kazakhstan, Canada, Niger, Australia, the United States and Mongolia, Rosatom’s (AtomRedMetZoloto) Uranium Holding Co, or ARMZ, is seeking to dominate worldwide uranium production. Over the past two decades, Russia has aggressively leveraged the nuclear legacy of the Cold War competition between the United States and the Soviet Union. In the nuclear arms race with the United States, the USSR always opted for quantity and size rather than quality….

the dismal track record and lack of transparency and accountability Russia has previously displayed in the management of the planet’s most dangerous materials, opens the US decision to serious question. Given the West’s eagerness to use the supply of nuclear technology and equipment as a diplomatic wedge to win favor in developing countries, the decision to let Russia handle the spent fuel back-end looks a lot like moral abdication. http://www.atimes.com/atimes/China_Business/ML15Cb01.html .

December 15, 2011 Posted by Christina Macpherson | business and costs, politics international, Russia | Leave a comment

« Previous Entries Next Entries »