Shortage of funds holds up depleted uranium deconversion plant
Funds shortage delays uranium plant Alburquerque by Nick Pappas / Journal Ast. Business Editor 18 aug 13, International Isotopes Inc.’s construction of a first-of-its-kind depleted uranium deconversion plant just west of Hobbs will be delayed because of a shortage of funding for the $125 million project, the company acknowledged Friday…… The Idaho Falls company announced the selection of a 640-acre building site 15 miles west of Hobbs in March 2009 and submitted its license application to the U.S. Nuclear Regulatory Commission the following January. The NRC issued a 40-year construction and operating license last October.
Originally, International Isotopes officials said they hoped to complete construction of the facility in Lea County by the end of 2012.
But the need for additional funding – a mix of equity and debt financing – has extended that timeline…… http://www.abqjournal.com/248776/biz/funds-shortage-delays-uranium-plant.html
Rapid City Council swamped by opponents of uranium mining
Water is precious thing, a gift of life,” said Mark Kammerer, an area rancher who opposes the operation. “I hope you go ahead and come up with a good resolution denying Powertech the use of this water. You have that responsibility to my kids, your kids and kids not yet born. Water is the gift of life. Without it, all life dies.”
Uranium mining opponents swarm council committee Rapid City Journal, • John Lee McLaughlin Journal staff, 15 Aug 13, After learning that the mayor and three city council members met privately with Powertech representatives, opponents of a proposed uranium mine packed Rapid City’s council chambers on Wednesday to find out where the city stands on the matter.
Despite nearly an hour of testimony, the Legal and Finance Committee declined to take a stand on a resolution opposing the project near Edgemont that needs state and federal approval. The resolution will now be considered Monday night by the Rapid City Council…… opponents to Powertech’s proposed Dewey Burdock mining project were concerned the meeting may have watered down the council’s original opposition, which was discussed at a meeting where council members say they wanted assurance the proposed project wouldn’t hurt the local water supply……
Project opponents voiced concern over the mine’s potential impacts on regional water quality and contamination from heavy metals and radioactive material that they said would pose a risk for 4.4 billion years, which is the half-life of uranium. Continue reading
British Queen has profitable investments in depleted uranium trade
UK Queen in depleted uranium trade? British anti-war campaign group the Stop the War Coalition has in a video claimed that Britain’s Queen Elizabeth is one of the richest women on earth and much of her profits are from arms trade including the notorious depleted uranium trade. http://www.presstv.ir/detail/2013/08/05/317277/uk-queen-in-depleted-uranium-trade/
The video apparently created by anti-monarchy activists and published on YouTube says the British monarch has managed to increase her wealth from £300 million early in her 60-year reign to £17 billion at present thanks to investments in arms firms that produce uranium used in depleted uranium (DU) shells, including Rio Tinto Zinc
DU shells are notorious for their ability to pierce armor and kill targets due to their deadly radioactive features.
The video cites the American nuclear radiation expert Jay M. Gould as saying in his 1996 book titled “The Enemy Within: the High Cost of Living Near Nuclear Reactors” that the British royal family, especially the Queen herself, privately own investments in uranium holding worth some £4 billion through Rio Tinto Zinc.
The mining company, originally named Rio Tinto Mines, was allegedly created for the British Royal family in the late 1950’s by Ronald Walter Rowland, the Queen’s “buccaneer”.
The video argues that the Queen and other royals have been investing in the death trade of depleted uranium globally with little ethical concerns for the consequences of their profiteering.
DU weapons were first used by the US military during the first Persian Gulf War against Iraq in 1991.
The US Defense Ministry estimated that between 315 and 350 tons of DU bombs, shells and bullets were fired during the conflict There are allegations that American and British troops used more than five times as many such weapons as the total number used in the 1991 war in Iraq.
The US has confirmed the use of depleted uranium in both wars but refuses to disclose the scale of the use.
Iraq has seen a sharp rise in the number of children with leukemia and genetic malformation in the decades after the First Persian Gulf War that are attributed to the use of DU weapons.
No sign of recovery in plummeting uranium market
No rebound for uranium seen as Japan idle plants Prices have sunk to the lowest in more than 7 years amid a glut of the radioactive metal and speculation Japan will delay restarting its nuclear reactors. MineWeb, Ben Sharples (Bloomberg) , 02 Aug 2013 (BLOOMBERG) Uranium prices are showing little sign of recovery after sinking to the lowest in more than seven years amid a glut of the radioactive metal and speculation Japan will delay restarting its nuclear reactors.
Prices may average $42.82 a pound this year, according to Morgan Stanley, while Bank of America Corp. is predicting $43.80. BMO Capital Markets, which cut its price estimate by 10 percent in July, forecasts $43 a pound. Uranium has averaged $40.94 so far in 2013 after sliding to $34.50 last month, the lowest since November 2005.
While Japanese power producers, including Tokyo Electric Power Co., are seeking to restart reactors as soon as possible as the cost of other fuels escalates, operations may not resume until next year, according to Deutsche Bank AG. That’s threatening to delay a rebound in demand for uranium, hurting miners such as Australia’s Paladin Energy Ltd. as supplies outstrip demand. There is about 60 million pounds of surplus uranium around the world, according to Cantor Fitzgerald LP.
“The process for restarts is clearly going to take some time,” said Jonathan Hinze, a senior vice president at Roswell, Georgia-based Ux, which provides research on the nuclear industry. “Japanese utilities are unlikely to require any new fuel until 2014 at the earliest. There is a realization that the uranium demand from Japan is unlikely to dramatically change anytime soon, especially this year.”
Price Weakness
Uranium for immediate delivery has dropped as much as 21 percent this year, extending a 17 percent decline in 2012, according to data from Ux. Prices slumped 12 percent in July, the biggest monthly loss since March 2011. They climbed as high as $152 in June 2007…
Uranium glut pile rises, with doubts over Japan’s much-touted nuclear restart
.All but two of Japan’s 50 reactors remain idle due to the Fukushima disaster and must meet stricter safety standards set by the NRA before they can be restarted………The reactor review process is likely to take six months for each one, Deutsche Bank said in a July 15 note, citing NRA Chairman Shunichi Tanaka. An evaluation of all of Japan’s reactors may take more than three years
Slow reactor restart process rattles energy markets as uranium piles up, Japan Times, BLOOMBERG AUG 2, 2013 MELBOURNE – Uranium prices are showing little sign of recovery after sinking to their lowest levels in more than seven years amid a glut of the radioactive metal and speculation Japan will delay restarting its reactors……….. Uranium has averaged $40.94 so far in 2013 after sliding to $34.50 in July, the lowest price since November 2005.
While Japanese power producers including Tokyo Electric Power Co. are seeking to restart reactors as soon as possible as the cost of other fuels escalates, operations may not resume until next year, according to Deutsche Bank AG.
That’s threatening to delay a rebound in demand for uranium, hurting miners such as Australia’s Paladin Energy Ltd. as supplies outstrip demand. There is about 60 million pounds of surplus uranium around the world, according to Cantor Fitzgerald LP.
“The process for restarts is clearly going to take some time,” said Jonathan Hinze, a senior vice president at Ux, which provides research on the nuclear industry. “Japanese utilities are unlikely to require any new fuel until 2014 at the earliest. There is a realization that the uranium demand from Japan is unlikely to dramatically change anytime soon, especially this year.”
Uranium for immediate delivery has dropped as much as 21 percent this year, extending a 17 percent decline in 2012, according to data from Ux. Prices slumped 12 percent in July, the biggest monthly loss since March 2011. They climbed as high as $152 in June 2007.
“The weakness in uranium prices is partially attributable to uncertainty surrounding the timetable for reactor restarts in Japan,” John Borshoff, the chief executive officer of Australia-based Paladin Energy, said in the company’s quarterly production report July 16…..All but two of Japan’s 50 reactors remain idle due to the Fukushima disaster and must meet stricter safety standards set by the NRA before they can be restarted………The reactor review process is likely to take six months for each one, Deutsche Bank said in a July 15 note, citing NRA Chairman Shunichi Tanaka. An evaluation of all of Japan’s reactors may take more than three years…..Deutsche said.http://www.japantimes.co.jp/news/2013/08/02/business/slow-reactor-restart-process-rattles-energy-markets-as-uranium-piles-up/#.Uf2iE9Jwo6I
Sale of Namibian uranium mine cancelled, prices way too low
Paladin shares plummet after mine sale cancelled Proactive Investors, by Fiona MacDonald 2 August 13, Paladin Energy’ s (TSE:PDN) (ASX:PDN) stock lost 15 cents on the Toronto Stock Exchange Friday from prior close of 92 cents to fall more than 16 per cent on the back of the news that the uranium miner had terminated negotiations with all parties for the sale of a minority interest in the Langer Heinrich Mine.
The announcement, released after the close of North American trading Thursday night, sparked intraday trading that saw share prices dip as low as 65 cents, marking a new bottom for the Subiaco, Australia-headquartered miner’s 52 week range.
The mine, located in Malawi in southern Africa, is owned 100 per cent by Paladin and was taken off the table as a result of low uranium prices – a legacy of the disaster at Japan’s Fukushima-Daiichi atomic power plant after the 2011 earthquake and tsunami — undercutting the company’s chances of collecting the pay day it had in mind….. It is a long fall for the miner, which was trading at $1.00 per share as recently as a week ago. http://www.proactiveinvestors.com/companies/news/46789/paladin-shares-plummet-after-mine-sale-cancelled-46789.html
Australian uranium miner Paladin’s share price tumbles
Shares of uranium miner Paladin dive after cancelled sale Reuters, Aug. 02 2013, Shares of Australian uranium miner Paladin Energy Ltd. fell as much as 29 per cent in Toronto on Friday after the company cancelled plans for now to sell a minority interest in an African mine, and instead raised funds through a private placement of shares. Paladin said it ended negotiations with a potential investor on Thursday and all other parties for a stake in its Langer Heinrich mine in Namibia. The company said it was unlikely to get the price it wanted because of low uranium prices….. Trading of Paladin stock was halted in both Canada and Australia on Thursday, pending news.
Paladin’s stock was down 28 per cent, or 26 Canadian cents to 66 Canadian cents in early trading on the Toronto Stock Exchange. http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/shares-of-uranium-miner-paladin-dive-after-cancelled-sale/article13572589/
Cameco to sell less uranium
Cameco lowers uranium sales projections STARPHOENIX BY CHRISTOPHER DONVILLE, POSTMEDIA NEWS AUGUST 2, 2013 Cameco Corp., the world’s third-largest uranium producer, will sell less of the nuclear fuel via its German trading unit than previously planned because of the decline in the price of the commodity.
Sales volumes will be 8 million to 10 million pounds, down from an earlier projection of 9 million to 11 million, the Canadian company said Thursday in a statement. It now sees the unit’s 2013 sales at $450 million to $550 million, from $500 million to $600 million previously……..Uranium spot prices have fallen 27 per cent in the past year amid delays in resuming electricity output from nuclear power plants in Japan following the March 2011 earthquake and tsunami.http://www.thestarphoenix.com/business/Cameco+lowers+uranium+sales+projections/8740104/story.html
Unsustainable deal – Paladin’s uranium scam in Malawi
In the wake of the Kayelekera scam, Malawi needs to realise that tax is a governance issue. …. The cost of tax incentives given to Paladin is enormous. We can’t sustain it.
Malawi gov’t and Paladin: Act on Kayelekera uranium raw deal now! Nyasa Times, By Veronica Maele-Magombe July 30, 2013 Since last week’s stinging observation by UnitedNations (UN) Special Raportuer on the Right to Food Olivier De Schutter regarding Malawi’s Kayelekera Uranium Mine deal, two elusive culprits remain pretty much intact in their hard shells. It is as if the country’s most guarded contract between government and Australian company, Paladin Africa Ltd has not been unravelled as the worst possible swindle. Continue reading
The “disorderly exit” of uranium from the share market
Uranium spot price sinks amid ‘disorderly exit’ Financial Post Peter Koven 13/07/29
Over the past few years, the uranium spot price found support whenever it fell to US$40 a pound. But not this time.
Uranium has plunged 14% over the last two months, and now sits at US$34.50 a pound after dropping another US$1.50 last week. It’s the lowest level since 2006.
“It appears that by the end of last week, a disorderly exit from the spot market was underway,” TD Securities analyst Greg Barnes said in a note…..
Western leaders’ hypocrisy on uranium investment scandals in Africa
Malawi gov’t and Paladin: Act on Kayelekera uranium raw deal now! By Veronica Maele-Magombe Nyasa Times, By Veronica Maele-Magombe July 30, 2013 “……one cannot underestimate the ‘politicking’
surrounding foreign investment. There is the brainwashing and fear
that African leaders endure in their struggle to appease donors who
are sometimes capable of clamping on aid or trade deals if a poor
country like Malawi is ‘hostile’ to western investors. In the un-coded
diplomatic language of foreign investment it means, treat business
clients from the west well and we will handle your aid and loan
cheques accordingly.
Western leaders have continued to hypocritically talk about fair trade
and dealings with Africa whilst winking an eye to their investors.
And, tightening the shackles of neo-colonialism on their behalf has
been IMF – convincing poor countries to lure foreign investor with a
portfolio of incentives. Just last year, IMF advised poor Gambia to
reform its tax system so that the country avoids discouraging foreign
investors with many taxes. Resident Representative, Meshack Tunee,
noted: Continue reading
Terminal state of uranium prices!
Uranium Nearing Terminal Velocity 9 News Finance By Andrew Nelson, 30 July 13 The steady and significant retreat of the uranium price over the month of July gathered even more pace last week. Volumes were steady, with six transactions involving around 700,000 pounds of uranium being reported, but the spot uranium price still fell 5% over the five days.
We are now looking at levels last seen in November 2005. This was just before that time everyone thought uranium would make for a great investment, pushing the price up to US$138 a pound by June 2007. The GFC interrupted, then we had the Fukushima incident in March 2011 and uranium has been moving steadily south ever since……
Uranium in common airliner parts
Common Airliner Parts Now Admitted To Be Laced With Uranium http://www.thedailysheeple.com/common-airliner-parts-now-admitted-to-be-laced-with-uranium_0720 www.IntelliHub.com July 25th, 2013 MIAMI — Ten minutes away from the Sun Life Stadium, home of the Miami Dolphins and Florida Marlins, is Opa-locka Executive Airport (OPF), the site of a recent environmental tragedy.
Thursday, a portion of the airport grounds were sealed off due to a radioactive substance leak emitting from an old 55-gallon drum. HAZMAT and fire crews responded just after noon, finding radioactive airplane parts laced with Uranium inside the drum.
The drum was said to be found on the Grounds of the former, now bankrupt, Arrow Cargo. According to Wikipedia Arrow Cargo, “was an American cargo airline (originally known as Arrow Air) based in Building 712 on the grounds of Miami International Airport in unincorporated Miami-Dade County, Florida, USA. It operated over 90 weekly scheduled cargo flights, and had a strong charter business. Its main base was Miami International Airport. Arrow Air ceased operations on June 29, 2010, and filed for Chapter 11 bankruptcy protection on July 1, 2010. It plans to liquidate.”
What is most startling about this is the fact that Miami-Dade’s Fire Rescue spokesman Lt. Arnold Piedrahita, admitted to the press that indeed aircraft “counterbalances” are indeed made with radioactive uranium. The local press went on to downplay the severity of the finding.
Upon further investigation it turns out even the Boing Corporation itself has expressed concerns about certain aircraft parts containing radioactive materials. In fact, Boing even submitted paperwork to the United States Nuclear Regulatory Commission (USNRC) detailing their concerns:
Boeing Company Request Concerning Depleted Uranium Counterweights by Enformable
– See more at: http://www.thedailysheeple.com/common-airliner-parts-now-admitted-to-be-laced-with-uranium_072013#sthash.VzIwAfvb.dpuf
Religious faith of uranium industry in the face of financial doom
Elemental: How some people are playing the uranium glut 24 Jul 2013 | By: Anna Andrianova | Special to CNBC.com With Japan shuttering its nuclear reactors and Europe pulling away from the nuclear power, the world has more uranium than it needs. But that’s not stopping some people from betting on the radioactive element in the longer term. ……
Nuclear bulls
Despite those low prices—or perhaps because of them—some investors are putting bets on a uranium turnaround.
Uranium Energy Corp, an exploration and production company, said it expects demand to pick up faster than production can respond.
“With the uranium prices falling so low post-Fukushima, they are well below the economic incentive level needed to see new mine construction,” said Amir Adnani, CEO of Uranium Energy Corp.
As mines struggle because of the low prices, now is the time to buy them, Adnani said………….
All the acquisitions could gain value when demand revives, which could be triggered by the Japanese reactors’ coming back—at least that’s what investors hope………..
Demand for uranium is expected to grow less than 1 percent this year, leaving the industry with a net oversupply of 7 million pounds, said Nicolas Carter, senior vice president for uranium at Ux Consulting, a nuclear industry consultancy.
The world’s net oversupply of uranium may reach 18 million pounds this year, according to Ux. The difference between demand (185 million pounds) and the supply from mining (155 million pounds) is covered by 48 million pounds from secondary sources.
Those sources include government stockpiles, as well as recycled uranium from a U.S.-Russia treaty that lets U.S. utilities acquire uranium from former Soviet nuclear weapons. That treaty is set to expire this year.
However, USEC is a buyer of that Soviet uranium, and Donald said that even the expiration of the treaty will not create a shortage in the near term. The market has been prepared for the change, so it is unlikely to have a big impact on prices, he added.
Exelon, a utility company with 10 power plants and 17 reactors in Illinois, Pennsylvania and New Jersey, said that it does not expect any uranium shortage soon and that it has planned its purchases with the cessation of the Russian treaty in mind. http://www.cnbc.com/id/100901959
UN examines Australian uranium miner Paladin’s Malawi operations
UN rubbishes Malawi’s Paladin uranium deal, fertilizer subsidy By Hudson Mphande, Nyasa Times July 23, 2013 United Nations Special Raportuer on the Right to Food Olivier De Schutter who was in Malawi for an assessment of the food situation in the country has rubbished Kayerekera uranium mine deal between Malawi and Australian Paladin Mining Company saying the Southern African country has had a raw deal that is robbing the poor.
The UN Raportuer said the uranium mining deal was one of the investments in Malawi through which the country is losing resources that could otherwise make a difference in food security and other pro-poor initiatives. He said in the life span of the mine Malawi is expected to lose almost US$281 million…
“Mining companies are exempt from customs duty, excise duty, value added taxes on mining machinery, plant and equipment. They can also sign special deals on the rate of royalty owed to the government. I believe that there are more reasons that investors would come to Malawi without such incentives,” he said.
De Schutter was addressing journalists in the capital Lilongwe at the end of his 11-day tour of the country.
He bemoaned that due to illicit financial flows, tax envasion as well as tax incentives that the country offer to both domestic and foreign companies currently Malawi was failing to get maximum use of its resources.
De Schutter said that revenue losses from special tax incentives to Paladin Africa Mining alone are estimated at almost K67 billion (US$205 milion) since the mine started its operations and could reach almost K92 billion (US$281 million) over its13-year lifespan.
“Paladin alone is costing the budget more than US$20 million (almost K8 billion) a year in taxes,” he said.
He added: “I am convinced that unless combined with a comprehensive enhancement and optimisation of tax revenue, current macro-economic reforms may not have substantive positive impacts. There is need for
Malawi to examine its national tax laws and policies towards preventing illicit capital flight. As mining develops, Malawi can simply not afford business-as-usual.”
The UN Special Raportuer said it is estimated that the country has lost over 10 percent of its growth domestic product (GDP) to illicit outflows and tax evasion over the period 1980 to 2009……..
De Schutter also specifically expressed concerns on the country’s current minimum wage currently at K371 ($1.12) per day, describing it as the lowest in the world…… The UN special rapporteur said he will give a report and his recommendations to both the UN Human Rights Commission and the Malawi Government. http://www.nyasatimes.com/2013/07/23/un-rubbishes-malawis-paladin-uranium-deal-fertilizer-subsidy/
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