Peter Ker
March 14, 2011 - 5:01PM
More than a billion dollars has been wiped from the value of Australian uranium miner stocks in the wake of Japan’s nuclear crisis.
Paladin Energy shares fell 78 cents, or 16.5 per cent, to close at $3.95, while the Rio Tinto-controlled Energy Resources Australia took a hit of $1.15, or 12.2 per cent, to $8.25.
The damage was even more severe for junior explorers, with companies like Peninsula Energy, Energia Minerals and UEQ taking hits of more than 20 per cent.
Those concerns were behind the hits on junior miners, many of whom are only in exploration phase.
Senior resources analyst at Patersons Securities, Simon Tonkin, said the price for uranium would remain choppy this week until the impact of the Fukushima explosions - and concerns about other Japanese nuclear plants - were known.
Major mining stocks Rio Tinto and BHP Billiton have exposure to uranium through ERA and Olympic Dam respectively but suffered losses closer to 1 per cent.
peter.ker@theage.com.au
Read more:
http://www.smh.com.au/business/uranium-miners-hit-by-nuclear-crisis-20110314-1btv4.html
