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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 | 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 | business and costs, Uranium, USA | 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 | AFRICA, business and costs, Uranium, USA | Leave a comment

Shrinking nuclear and uranium markets add to AREVA’s woes

The company has lost contracts worth hundreds of millions of euros….The company says its earnings will be
hit by a reduction in the number of new reactors being built, which will also depress the price of uranium…

.. the market is now shrinking. Areva said it expects to make an operating loss of between 1.4 and 1.6 billion euros (1.9 and 2.1 billion dollars) in 2011 mainly due to the depreciation of African mining assets…..

 all activities in Namibia are to be suspended….

Fukushima hits French nuclear giant hard, Monsters and Critics, By Ralf E Krueger Dec 13, 2011……….Areva’s new chief executive Luc Oursel  announced the suspension of a planned nuclear enrichment plant project in Idaho in the United States, as well as several projects in Africa. Areva has also suspended plans to expand capacity at its reprocessing plant in La Hague, northern France. Continue reading

December 14, 2011 Posted by | business and costs, France, Uranium | Leave a comment

Potential for environmental catastrophe with uranium mining in Pittsylvania

digging up and processing the uranium will create 28 million tons of radioactive waste – enough to fill 145 Super Walmart stores – that could poison local wells and seep into the Roanoke River, contaminating the drinking water for nearly 2 million people downstream of the mine.

A study by the U.S. Environmental Protection Agency found that the dust from uranium mines can spread up to 50 miles, which would include Smith Mountain Lake and parts of the Roanoke Valley.

Uranium in Pittsylvania County: buried treasure or threat?, By Laurence Hammack and Michael Sluss The Roanoke Times, 13 Dec 11“….. a potential public health and environmental disaster. Do the risks of uranium mining outweigh the benefits? That will soon be a question for the General Assembly, which is expected to decide at its upcoming session whether to lift a 30-year moratorium on the practice. Continue reading

December 14, 2011 Posted by | environment, Uranium, USA | 1 Comment

Another blow to AREVA in poor outlook for uranium mine

UraMin deal was a wager on new power stations Financial Times, By David Blackwell, 14 Dec11…..Areva’s purchase of UraMin was a long-term bet that power stations would be built around the world to meet concerns about energy security and climate change – as new reactors typically require a lot more uranium than those that have been in operation for some time.
Even before this year’s Fukushima disaster in Japan, Areva’s willingness to pay such a premium was in question as the price of unenriched “yellow-cake” uranium fell to $70 a pound, from $138 a pound around the time of the acquisition.

Since Fukushima, the price has fallen even further to about $50 a pound. Coupled with Monday’s announcement that deposits at UraMin’s mines were far smaller than expected, Areva has taken a hit – both to its balance sheet and to a mining business that accounted for 40 percent of its capital spending between 2007 and
2011….http://www.ft.com/cms/s/0/6506add8-2592-11e1-9cb0-00144feabdc0.html#axzz1gWdl0WlU

December 14, 2011 Posted by | business and costs, Uranium | Leave a comment

Uranium term prices going down

show details 5:57 PM (23 hours ago)

Uranium Term Prices Slip

‎FN Arena News – 6 Dec 11

Industry consultant TradeTech closed out its spot price indicator for November month-end at US$51.50/lb, down US25c from end-October. … 

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=0AEAA152-E77F-D8D8-A68F8FD0269D888A

December 6, 2011 Posted by | business and costs, Uranium | Leave a comment

Disastrous effects of uranium mining on health of Jharkhand’s people

the financial benefits are meaningless when weighed against what his group says is an alarming rise in stillbirths, birth defects, and adults and children diagnosed with cancer, kidney disease, and tuberculosis.

report showed a far greater incidence of congenital abnormality, sterility, and cancer among people living within 2.5 kilometres (1.5 miles) of the mines than those living 35 kilometres away. Mothers in villages close to the mine sites were also twice as likely to have a child with congenital deformities, 

India’s uranium mines cast a health shadow,Google News,  By Ammu Kannampilly (AFP), 5 Dec 11,  ”… Environmental groups say the mining company is polluting the groundwater by dumping radioactive waste inside three so-called tailings ponds that hold the sludge produced by the mining process …..  Continue reading

December 5, 2011 Posted by | health, India, Uranium | Leave a comment

Russia calls on North Korea to stop nuclear program

Russia Urges North Korea to Halt Nuclear Activities, VOA, December 1st, 2011  Russia has urged North Korea to halt its uranium enrichment program and re-admit United Nations nuclear monitors to pave the way for international disarmament talks.

The Russian Foreign Ministry said in a statement Thursday that consistent implementation of the uranium program in North Korea cannot but create serious worry. It called on Pyongyang to announce a moratorium on all of its nuclear activities including the uranium enrichment program.

Moscow is also urging its communist neighbor to invite inspectors from the International Atomic Energy Agency to examine its nuclear program and verify that it is purely peaceful. The call comes after North Korea Wednesday announced progress in producing enriched uranium for its light-water nuclear reactor at the Yongbyon nuclear facility.

U.S. Secretary of State Hillary Clinton called on North Korea Wednesday to take concrete steps to abandon its nuclear program and promote peace and stability….. http://blogs.voanews.com/breaking-news/2011/12/01/russia-urges-north-korea-to-halt-nuclear-activities/

December 3, 2011 Posted by | North Korea, politics international, Uranium | Leave a comment

Appeal to save Grand Canyon’s sacred lands, biodiversity, water – from uranium mining

Pollution from past uranium mining already plagues the Grand Canyon and surrounding region. Proposals for new mining have prompted protests, litigation and proposed legislation. Scientists, tribal and local governments and businesses have voiced opposition. Additional mining threatens to industrialize iconic and regionally sacred wildlands, destroy wildlife habitat and permanently pollute or deplete aquifers feeding Grand Canyon’s biologically rich springs and creeks.

Appeal Challenges Uranium Mine Threatening Grand Canyon, 1 Dec 11, GRAND CANYON NATIONAL PARK, Ariz—Conservation groups and American Indian tribes today filed an appeal  in the 9th Circuit Court challenging a lower court ruling that allowed a uranium mine near Grand Canyon National Park to re-open without updating decades-old environmental reviews. The Arizona 1 uranium mine is located near Kanab Creek immediately north of Grand Canyon National Park.  Continue reading

December 1, 2011 Posted by | environment, Uranium, USA | Leave a comment

Failure of nuclear “renaissance” makes loans to uranium company unwise

Henry D. Sokolski, the executive director of the Nonproliferation Policy Education Center, said Piketon was not a good bargain for taxpayers. “This thing has got more than nine lives, and none of them are worth living,” he said. “It will not do to whine about Solyndra
and wink at this.”……

John R. Longenecker, a consultant in the nuclear fuel business, said…. the industry had hoped for a renaissance that would result in many more reactors, he said, but “if that happened, I blinked and missed it.”

Loan Request by Uranium-Enrichment Company Scrambles Politics as Usual, NYT By MATTHEW L. WALD, November 24, 2011 WASHINGTON — The only American-owned company capable of enriching uranium is asking for government help to modernize its plant and remain in business. Continue reading

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

More uranium produced, but prices continue downward

Uranium Stocks Build Momentum but Prices Remain Weak,  Equity Research on Cameco Corp & Denison Mines NEW YORK, NY, Nov 24, 2011 (MARKETWIRE via COMTEX) — “………While uranium stocks are on the upswing on long term optimism and takeover speculation, the spot price for uranium remains low. The spot uranium price dropped to slightly below $53 a pound U3O8, according to price publishers TradeTech and Ux Consulting, as little new buying interest emerged over the past week in the spot uranium market. Ux noted in its Monday report that a number of buyers and sellers already have met their volume expectations for the year — not surprising given volume levels posted since July…..

Cameco Corp reported…net profit fell 60 percent ….. Denison Mines  As a result of the events in Japan in March 2011, the uranium spot market demand has declined and the price has been trading in a range of $50.00 to $55.00 per pound. In response to these weaker market conditions, Denison has deferred uranium sales to later in the year.

November 25, 2011 Posted by | business and costs, Canada, Uranium | Leave a comment

Independent report on water concerns in uranium mining and milling

“The most powerful influences in any decision on uranium mining and processing are likely to be financial and political,”
“Thus, it is imperative that the public evaluate the long-term ‘big picture’ because the actual impacts will be paid for by numerous future generations.”..

Uranium mining, milling threatens water, report claims, By TIM DAVIS/Star-Tribune, November 22, 2011 A report funded by the Roanoke River Basin Association warns that a proposed uranium mining and milling project in Pittsylvania County could be a serious threat to water quality and may increase competition for water in the future.

 

The 39-page report, “Site-Specific Assessment of the Proposed Uranium Mining and Milling Project at Coles Hill, Pittsylvania County, Va.,” was released Thursday.

It was written by Colorado scientist Robert E. Moran, PhD., who has 40 years of experience and served as a hydrogeological and water quality consultant to Marline Uranium and Union Carbide on the Coles Hill project in the early 1980s. Continue reading

November 24, 2011 Posted by | Uranium, USA, water | Leave a comment

Silex laser uranium enrichment may open the door to nuclear weapons proliferation

many of the good things GE is using to make a case about Silex—less use of resources and electricity and increased efficiency—are actually negatives that make it easier for rogue states to hide clandestine plants…..methods for the production and use of nuclear materials that would be more difficult to detect,” the report states

New Uranium Enrichment Technology Alarms Aviation Week, By Kristin Majcher Washington 23 Nov 11 General Electric says it has successfully tested a faster, cheaper way to produce nuclear reactor fuel, and is planning to commercialize the technology by building a facility in Wilmington, N.C. While the prospect of saving resources to generate energy at a lower price sounds like a breakthrough, scientists are concerned that the top-secret method of enrichment that GE is using will indirectly elevate proliferation risks around the world, thus inspiring rogue states to develop their own laser enrichment facilities for nuclear weapons.
The enrichment technology is the Separation of Isotopes by Laser Excitation (Silex). It was developed by Silex of Australia in 1992. The technology company USEC funded early research on Silex, but abandoned it in favor of focusing on centrifuge enrichment. In 2006, GE signed an exclusive agreement to commercialize and license the technology and spearhead further research and development. Continue reading

November 24, 2011 Posted by | Reference, technology, Uranium, USA, weapons and war | Leave a comment

A site specific report on uranium mining, milling, in Pittsylvania County,

Uranium mining, milling threatens water, report claims, By TIM DAVIS/Star-Tribune , November 22, 2011 “………Moran’s study is one of the few reports on the potential impact of uranium mining not funded by the mining industry,…

Moran’s site-specific findings include:

Virginia Uranium has failed to present any sort of detailed project proposal in writing.

The verbally described plans have changed constantly, depending on the audience.

Hence, the public has no way of reliably knowing the details of the proposed mining and mineral processing methods or the related impacts.

The project as proposed may generate at least 28 million tons of solid uranium mill tailings and roughly the same amount of liquid waste.

The solid wastes would remain on site forever, requiring maintenance forever.

Uranium mill tailings would contain radionuclides, heavy metals, and other toxic elements.

Undiluted tailings liquids may contain 1,160 to 1,460 times the existing Safe Drinking Water Act standard for uranium.

The confirmed presence of sulfides in the Coles Hill rock raises the possibility that long-term, active water treatment may be required, in perpetuity.

Numerous factors combine to provide long-term pathways for the migration of contaminants into local waters.

As proposed, the Coles Hill project would require over 5 billion gallons of water. During the start-up period, the project would use at least 525.6 million gallons per year.

It has been estimated that at least 136 million gallons of groundwater would flow into the open pit per year.

This water would become contaminated with numerous radioactive and non-radioactive contaminants.

To allow mining, this contaminated water must be pumped out of the open pit and discharged to some undefined location.

The Coles Hill project may use over 2,030 tons of explosives per year, releasing potentially toxic concentrations of nitrate, ammonia, and other organic compounds into the environment.

Such a project would cause long-term, chronic degradation of water quality and increase wate competition in the region.

Statistically adequate baseline data (water quality, quantity, etc.) have never been collected, compiled, and interpreted, or released to the public.

Thus, the public has no reliable “yardstick” against which to demonstrate that changes have occurred or not.

There is no credible evidence to indicate that either the federal or state regulatory agencies have sufficient staff, budgets, or political clout to adequately oversee and enforce the appropriate regulations….  http://www.wpcva.com/articles/2011/11/23/chatham/news/news43.txt

November 24, 2011 Posted by | environment, Uranium, USA | Leave a comment