Wednesday, November 20, 2013

Uranium Mining: Mothball and losers

Honeymoon on hold World Nuclear News
The Honeymoon uranium mine in South Australia has been mothballed due to low uranium prices and high operating costs. The project will be maintained so ...
    
http://www.world-nuclear-news.org/ENF-Honeymoon-on-hold-1511135.html
Paladin posts first-quarter loss Business Spectator
Uranium miner Paladin Energy Ltd made a $US40 million loss in the three months to September as uranium prices remain low. Despite the loss, shares in the ...
 
 http://edit.businessspectator.com.au/news/2013/11/15/resources-and-energy/paladin-posts-first-quarter-loss

Yet another uranium company makes wider losses

graph-downwardEnergy Fuels makes efforts to sustain current drop in uranium prices  Proactive Investors by Deborah Bacal 16 Nov 13 Energy Fuels (TSE:EFR)(OTCQX:EFRFD), which recently gained a majority stake in one of the largest and highest grade uranium projects in the U.S. through its acquisition of Strathmore Minerals, reported widened third quarter losses as a result of a drop during the period uranium-orein both uranium spot and term prices, which it sees rising in the future.
For the three months to September 30, America’s largest conventional uranium producer, which says it has a strategy in place to beat current low prices, reported net loss was $70.47 million, or $4.30 per share, compared to $19.16 million, or $1.41 per share, a year ago. Revenues fell slightly to $24.5 million from $25.03 million.
As a result of the downward trend in prices through to the end of the quarter and Energy Fuels’ expectations to place the Pinenut mine on stand-by in July of next year, the company said it recorded an impairment loss of $60.26 million in the period. ince July 1, the spot price of uranium dropped from $39.65 per pound to its current price of $35.35 per pound, the company noted, and the long term price declined from $57.00 per lb. to $50.00 per pound.
http://nuclear-news.net/2013/11/16/yet-another-uranium-company-makes-wider-losses/

Work for uranium mine near Grand Canyon hits pause              
FELICIA FONSEC, Associated Press

By FELICIA FONSECA, AsA uranium mining company that was sinking a shaft for a mine south of Grand Canyon National Park has put the work on hold, citing market conditions and the expense of litigation.
Energy Fuels Resources Inc. said the operation will be on standby until December 2014 sociated Press
Updated 3:39 pm, Wednesday, November 6, 2013
 

 
 

Poor uranium market freezes Uranium One’s expansion

by Christina MacPherson
thumbs-downRosatom's Uranium One to Freeze Expansion Moscow Times, 13 November 2013 | Issue 5255 Reuters  Canadian miner Uranium One Holding, acquired this year by state-owned reactor builder and supplier Rosatom, said it would freeze expansion projects in Russia and elsewhere due to low uranium prices.
The price of uranium, used mainly as fuel for nuclear plants, plummeted after the March 2011 meltdown at Japan's Fukushima Daiichi atomic power plant and has shown no signs of recovery.
"We cannot discount the dramatic fall in natural uranium prices, as a result of which more than 50 percent of global uranium production is currently loss-making," Uranium One President Vadim Zhivov said in e-mailed comments Wednesday.