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"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Tuesday, December 11, 2007

More News You Can Use

Cameco unlikely to meet 2011 Cigar Lake target

Cameco jumped a hurdle last week when it got a two-year permit extension for overhaul of its flooded Cigar Lake uranium mine in Canada, but analysts say the miner's forecasts of output by 2011 are too optimistic.

With the mine expected one day to supply over 10 percent of the world's mined uranium, any further delays starting production would put upward pressure on uranium spot prices that have already hit a record high earlier this year.

Giant Offshore Wind Farms to Supply Half of UK Power

John Hutton, the energy secretary, will this week announce plans to build enough turbines to generate nearly half Britain’s current electricity consumption. He will open the whole of Britain’s continental shelf to development, apart from areas vital for shipping and fishing ... Hutton will announce at an energy conference in Berlin tomorrow that he wants to see this target raised to 33GW-worth of wind turbines installed in the seas around Britain by 2020.

New Uranium District in Texas?

Austin, Texas-based Uranium Energy Corp. said it is exploring a new uranium find. The company said it believed the discovery could "constitute a new uranium district in Texas."

Uranium price correction may hurt prospects for new discoveries

Haywood Securities Investment Banker Nicole Adshead-Bell Wednesday asserted that the recent correction in the price of uranium "is likely to lead to a reduction in the speculative capital" for high risk uranium exploration, as well as decrease the possibilities for new discoveries.

Only five mines now supply 51% of global primary uranium production, according to Haywood Securities.

Global challenges are putting pressure on 103 million pounds of uranium production, Adshead-Bell suggested. For instance, rebel activity and increase in government ownership issues in Niger are putting pressure potentially on nine million pounds of uranium production. Indigenous landowner issues and uranium mining bans could impact up to 46 million pounds of uranium production in Canada and Australia.

Meanwhile, Adshead-Bell asserted that 14 new uranium mines must come on quickly to help mitigate the impacts of potential supply disruptions in uranium.

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