Toro Energy Limited (ASX:TOE) announced the Western Australian Mines and Petroleum Minister, Hon. Bill Marmion, will visit Toro Energy Limited’s 100% owned Wiluna Uranium Project today, accompanied by the Director General of the Department of Mines and Petroleum, Richard Sellers.
Toro Energy Managing Director, Dr Vanessa Guthrie, stated:
Toro welcomes this opportunity to provide the Minister and Director General with an on-site progress report about our extensive project development work at Wiluna
Connect with Toro Energy Limited (ASX:TOE) to receive an Investor Presentation.
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With uranium spot prices bouncing between $34 and $35 per pound of U3O8, it’s easy to become discouraged about the market — especially since analysts and market players have been calling for a sharp uptick in prices for what feels like forever.
But despite the sluggish market, Forum Uranium (TSXV:FDC) has seen some positive news lately. Most recently, the company announced that Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO), its joint venture partner through subsidiary Rio Tinto Canada Uranium, will be spending some time — and money — on the Henday project in Northern Saskatchewan.
Forum acquired the Henday project in 2007. Following some preliminary geophysical work and drilling, the company found a partner in Hathor Exploration, which as investors may recall was ultimately taken over by Rio Tinto. The takeover resulted in Rio Tinto inheriting Hathor’s 60-percent share of the Henday project.
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As operator of the project, Rio Tinto has flown an airborne electromagnetic and magnetic survey on the property, and that returned enough data that Rio decided to move forward with the current 9,000-meter winter drill program. It’s focused on two target areas: Elephant and Epitaph. With this drill program as a start, Rio Tinto is looking to earn an additional 10-percent stake in Henday, and Forum is carried for the next $20 million in exploration at the property.
“It’s important for Forum having a company like Rio Tinto investing significant exploration dollars in our property,” CEO Richard Mazur told the Investing News Network in a phone interview, adding, “given the state of the commodity markets and major companies’ reduced exploration budgets worldwide, it’s great for Forum to see that this project ranks very highly in [Rio Tinto’s] worldwide portfolio.”
As a project generator, Mazur explained that companies have “got to add some value to make [their project] an attractive option to other big companies or other juniors.” For its part, Forum likes “to do the preliminary work and maybe get the first drill campaign into it to prove [its] theories and [its] exploration concepts” before looking for a partner.
Beyond Henday, Forum has a portfolio of several uranium properties in Northern Saskatchewan. Two of the most notable are the Fir Island project and the Highrock and Highrock South projects.
Acquired in 2014 and drilled in 2015, Forum’s Fir Island project ranks quite high in its portfolio. Mazur noted that the project is on a major structure similar to all the mines in the Eastern Athabasca Basin. After about 2,500 meters of drilling over 10 holes, the company identified a zone, the East Channel, that returned some strong alteration and prompted the company to focus on the area.
Forum will be launching a fairly extensive gravity survey along the 5-kilometer East Channel structure. That, as Mazur noted, will help the company “get a sense as to the potential along that structure for similar targets that could be drilled in the future.”
Forum closed a $876,000 financing last week, the proceeds of which are primarily earmarked to fund the drilling at the Highrock and Highrock South projects. What has piqued the company’s interest in the Highrock and Highrock South projects is their proximity to Cameco’s (TSX:CCO,NYSE:CCJ) Key Lake mine.
“It’s a project we’ve been wanting to get at for a number of years now,“ Mazur stated, adding that part of the allure of the Highrock projects is that “ the targets are quite shallow.” He also likened the targets at Highrock and Highrock South as similar in concept to Patterson Lake or the Triple R discovery, owned by Fission Uranium (TSX:FCU).
“It’s just outside the Athabasca sandstone basin,” he explained, adding that the company ”will be drilling right into the basement looking for basement-hosted deposits. And the targets that we’ve delineated there are along the same horizon that host the 200-million-pound Key Lake uranium mine. The geophysics that we’ve done have identified eight to 10 targets, and we’re hoping one of them might light up for us.”
Forum is planning to start on the Highrock drill program in March, with an estimated 1,500-meter program.
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Securities Disclosure: I, Vivien Diniz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Forum Uranium is a client of the Investing News Network. This interview is not paid-for content.
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NexGen Energy Ltd. (TSXV:NXE, OTCQX:NXGEF) reported further results from our on-going six rig 30,000 m winter 2016 drill program on our 100% owned Rook I Property, Athabasca Basin, Saskatchewan.
According to the company’s press release:
Highlights:
A2 Shear:
• AR-16-63c2 (19 m up-dip and southwest from AR-15-44b and 14 m down-dip and northeast from AR- 15-62) intersected 138.0 m of total composite mineralization including 40.85 m of total composite off-scale radioactivity (10,000 to >61,000 cps) within a 206.5 m section (439.5 to 645.5 m) featuring 13.85 m with a minimum of >61,000 cps in the Sub-Zone. The mineralization was defined by wide intervals of dense accumulations of massive pitchblende
Garrett Ainsworth, Vice-President, Exploration and Development, commented:
Results from hole AR-16-63c2 are simply stunning, and represent the strongest radioactivity ever recorded at the Arrow zone. The continuity of mineralization in the higher grade A2 sub-zone is clearly evident. Furthermore, this zone remains open and will be tested further this winter together with exploring for other potential ‘sub-zones’ at Arrow. Hole -63c2 has a similar radioactivity profile to AR-15-62 (returned continuous GT of 787), except it has nearly seven times as much minimum >61,000 cps. The gamma probe comparison between the two holes really says it all.
Click here to view the full press release.
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Orocobre Ltd. (TSX:ORL,ASX:ORE) released an update on progress at its Olaroz lithium facility, commenting that in January production continued to rise. In total, 699 tonnes of lithium carbonate were produced, up from 272 tonnes in December.
Other highlights include:
- The “de-bottlenecking” programme commenced mid last year was completed.
- Cash operating cost breakeven achieved.
- Production for the March Quarter is forecast to be approximately 2,400 tonnes.
Richard Seville, managing director of Orocobre, commented:
With the debottlenecking programme materially complete, we look forward to concentrating on optimisation activities to continually improve performance month by month. We are greatly encouraged by the rapidly growing lithium market and most importantly the – 3 – support shown by our customers which we sincerely appreciate. We now set our sights on the achievement of the nameplate production rate, forecast for September 2016.
Click here to read the full Orocobre Ltd. (TSX:ORL,ASX:ORE) press release.
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Visual Capitalist published an infographic that looks at exactly how cheap a barrel of oil is in today’s tough times.
The news outlet states:
While it seems like oil has good intrinsic value, the glut of supply available to the market is so great that “black gold” has become very cheap.
Some would even say “dirt cheap”.
As a part of our landmark investigation, we went all the way to the Home Depot’s website to verify if this were actually true. The results were astonishing, and this information will definitely be helpful the next time I need to do some gardening.
View the infographic below, or click here to see it on Visual Capitalist’s website:
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Mining Weekly reported that a new report from Australia’s Department of Industry, Innovation and Science shows that natural gas is the biggest provider of stationary energy in the country.
As quoted in the market news:
The report found that black and brown coal accounted for 66% of Australia’s primary energy production in 2013/14, followed by uranium at 14% and natural gas at 13%.
Crude oil, condensate, and naturally occurring liquefied petroleum gas (LPG) accounted for another 5%, while renewables, mostly bioenergy and hydro, contributed the remaining 2%.
The report also pointed out that in 2013/14, 825 PJ of gas was consumed, compared to 790 PJ of electricity, in providing stationary energy.
“Clearly, natural gas is a critical part of Australia’s energy mix, particularly for industry, both for power and for heating,” APGA CEO Cheryl Cartwright said.
“In fact, natural gas supplies almost twice the energy that electricity supplies to the manufacturing sector – 400 PJ compared to 225 PJ. Gas is second only to oil in providing useable energy for the Australian economy. And it is the largest provider of stationary energy as oil is mainly used in transport.”
Click here to read the full Mining Weekly report.
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Saturn Minerals Inc. (TSXV:SMI) announced that it’s made a new oil discovery in three different potential pay zones at the 9A-5-44-8W2 well at its Saskatchewan-based Bannock Creek project.
The discovery was made in conjunction with technical teams from North Rim Exploration Ltd. and Axiom Exploration Ltd., both of which are from Saskatchewan.
As quoted in the press release:
As previously announced, drilling of the 9A-5 well had commenced on January 7th and had reached a total depth of 583 meters before technical difficulties related to wellbore stability and lost circulation were encountered. In consultation with its technical team, the Company elected to redesign the casing configuration and drill process. The second well was spudded on January 29th and reached a target depth of 740 meters in 8 days without incident, including 1.5 days to core and log. A total of 27 meters of core was cut with full recovery through all target zones.
Saturn is very pleased to announce that within the target Herald and Yeoman formations, three separate intercepts displayed pronounced and uniform oil staining and fluorescence under black light. These intercepts were subsequently cross-referenced to match down-hole resistivity logs and porosity logs greater than 12%. The discovery was made in three separate formations: the Herald, the Upper Yeoman and the Lower Yeoman for a cumulative potential reservoir thickness of 8 meters. The presence of these stacked pay zones supports the Company’s exploration model of a stacked target, 4-way closed anticlinal potential oil reservoir.
Stan Szary, CEO of Saturn Minerals, commented:
This discovery is a true historical milestone for northeastern Saskatchewan. The Northeastern Williston Basin is a wildcat driller’s paradise, and we’ve shown that with the discovery of oil in the very first well that has successfully penetrated beyond 650 meters in this vicinity. I’m very proud of our team and believe that this is the start of a very significant update to the entire geological map of this part of the province.
Click here to read the full Saturn Minerals Inc. (TSXV:SMI) press release.
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MGX Minerals (CSE:XMG) announced that the Company has engaged Derek Stonehouse to lead the development of its Alberta lithium properties. Mr. Stonehouse has over 26 years of experience in the oil and gas industry in western Canada, including the identification and drilling of over 140 horizontal wells. In particular, his experience with Northern Blizzard Resources, involving the re-development of an existing oil pool thought to be previously exhausted, and grass roots development of the Montney gas/condensate exploration target for Storm Resources, currently producing 10,000 BOE/D, are highly relevant to the development of MGX’s lithium fields.
As quoted in the press release:
Development Program
Evaluation of the Company’s Lithium Properties located in the Fox Creek area and throughout the Province of Alberta is now underway. Examination of existing well head data from MGX’s Fox Creek lithium properties has identified wells that are currently shut in, but have shown recent production data to have an overwhelming ratio of well brine to oil as represented in the GeoScout Oil & Gas Industry Database. As a representative example well 3-24-62-18W5 location reported, in its last production report, 1800 barrels per day of well brine to 45 barrels of oil representing 97.5% brine production to oil ratio and a lithium concentration of 130 mg/L. This well profile appears sufficient for the immediate production of lithium bearing brine without any additional drilling or significant infrastructure improvements. The Company expects to have initial compilation of historic data and scoping of suitable production locations within two weeks and the commencement of confirmation sampling of wells shortly thereafter. Confirmation sampling will serve to both confirm existing data and provide representative samples for the purpose of metallurgy and process technology evaluation by vendors.Processing Technology & Strategy
MGX is in discussion with oil and gas industry experts, including chemists and engineers, for the purpose of evaluating all known lithium brine processing technologies and expects to report initial findings shortly. The long term strategic goal of the Company is to become a low cost global producer of lithium compounds utilizing the potentially vast sources of lithium brine associated with numerous oil fields throughout the Province of Alberta.
MGX Minerals CEO, Jared Lazerson, stated:
The production of lithium from well brine on a large scale has the potential to vastly increase the global lithium supply, in turn reducing the cost of lithium products and adoption rates. We are committed to leveraging oil and gas industry technology for the production of lithium as reflected by our engagement of Mr. Stonehouse. Canada, and Alberta in particular, has always been known as a great supplier of resources to the world and we, at MGX, see no reason why Canada should not lead the supply side of this new energy revolution.
Connect with MGX Minerals (CSE:XMG) to receive an Investor Presentation.
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Cameco (TSX:CCO, NYSE:CCJ) announced that the board of directors has approved a quarterly cash dividend of $0.10 per common share.
According to the press release, the dividend will be:
payable on April 15, 2016 to shareholders of record at the close of business on March 31, 2016.
Click here to view the full press release.
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Denison Mines Corp. (TSX:DML, NYSE MKT:DNN) announced the discovery of a new high-grade uranium intersection near the Gryphon deposit on Denison’s 60% owned Wheeler River property in Northern Saskatchewan. Drill hole WR-633D1, located approximately 100 meters north of the Gryphon deposit, intersected approximately 11 meters of basement-hosted uranium mineralization including intervals of 5.7% eU3O8 over 1.0 meter and 6.3% eU3O8 over 1.7 meters.
According to the company’s press release:
In late 2015, Denison reported a significant increase in the estimated mineral resources on the Wheeler River property. The initial estimate for the Gryphon Deposit added inferred mineral resources of 43.0 million pounds U3O8 at a grade of 2.3% U3O8 to 70.2 million pounds U3O8 of indicated mineral resources grading 19.1% U3O8 at the Phoenix deposit. The Gryphon deposit is basement-hosted and consists of a set of parallel, stacked, northeast plunging lenses that are broadly conformable with the basement stratigraphy. Four groups of lenses have been interpreted to date, namely the A, B, C and D series, based on their position relative to the different basement stratigraphic units. The estimated mineral resources contained in the Gryphon deposit include only the results from the A, B and C series lenses. The D series lenses were excluded as there was insufficient drilling completed at the time of the resource estimate.
Click here to view the full press release.
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The Financial Post reported that Suncor Energy Inc. (TSX:SU,NYSE:SU) incurred a “surprise” $2-billion loss during 2015’s fourth quarter. In order to ride out the prolonged downturn in oil prices, the company will have to curtail its spending further moving forward.
As quoted in the market news:
Suncor now plans to spend between $6 billion and $6.5 billion through 2016, compared with an initial budget of between $6.7 billion and $7.3 billion.
Despite the reduction in planned spending, [President and CEO Steve] Williams said he doesn’t expect Suncor to lay off more staff.
Suncor planned to cut 1,000 jobs last year, but Williams said the company “significantly overachieved” and ended up cutting 1,700 positions over the course of 2015.
Commenting on the situation, Williams said:
It’s not a crash diet, it’s a change in lifestyle.
Click here to read the full Financial Post report.
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Platypus Minerals Ltd. (ASX:PLP) announced that Lepidico Ltd. has signed a memorandum of understanding (MOU) with Crusader Resources Ltd. (ASX:CAS). Under the MOU, the companies will look to exploit lithium resources in Brazil via a 50/50 strategic joint venture.
As quoted in the press release:
On 1 February 2016, Platypus announced that it had entered into a 1 month exclusivity agreement with Lepidico for the purpose of investigating whether or not an agreement for the acquisition by Platypus of Lepidico or its assets could be agreed (“Agreement”). Platypus is fully supportive of Lepidico entering the MOU with Crusader.
Full details of the MOU are provided in the ASX announcement released by Crusader earlier today.
This positive development demonstrates the extent of the potential in the lithium sector represented by Lepidico, both through growing its exploration assets as well as through the potential application of its proprietary L-Max lithium processing technology.
In relation to the Agreement, Platypus and Lepidico have commenced mutual due diligence, which will include a site visit by Platypus personnel to the Euriowie tenement near Broken Hill in NSW.
Click here to read the full Platypus Minerals Ltd. (ASX:PLP) press release.
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It’s only the fifth day of February, but already the month has been good for the gold price. The yellow metal rose steadily throughout the week, reaching its highest price in three and a half months on Thursday before declining slightly on Friday.
Looking at what’s been driving gold’s gains, Kitco pointed Thursday to “the slumping U.S. dollar index” as just one of many bullish elements that buoyed the price of the metal throughout the week. Safe-haven and technical buying are other factors identified by the news outlet.
Friday’s slight gold price fall came on the back of US jobs data, which according to another Kitco article “was on the weak side of expectations.” Specifically, the nonfarm payrolls number came in at 151,000 instead of the expected 185,000. “This report falls into the camp of U.S. monetary policy doves who want the Federal Reserve to hold off on raising interest rates,” states the publication.
Updated December 2015
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As of 12:42 p.m. EST on Friday, gold was changing hands at $1,156.70 per ounce. For its part, the silver price was sitting at $14.73 per ounce as of 12:48 p.m. EST. Like gold, silver hit a three-month high on Thursday.
On the base metals side, copper prices also fared well this week. According to Reuters, three-month copper on the LME was sitting at $4,667 per tonne. That’s down from the previous session, when prices reached $4,720, their highest since January 4; however, the red metal was nevertheless on track for its third weekly gain prior to the release of the US jobs report.
Finally, oil prices were a mixed bag Friday after Baker Hughes (NYSE:BHI) said that the number of rigs in US oil fields dropped by 31 to a total of 467. Brent crude futures were up $0.20, changing hands at $34.66 per barrel, while West Texas Intermediate crude futures were down $0.07, at $31.65.
“Volatility on the oil market is extremely high just now. This is due for the most part to the high speculative activity on the part of market participants,” CNBC quotes Commerzbank (ETR:CBK) as saying.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Related reading:
Weekly Round-Up: Gold to Make Biggest Monthly Gain in a Year?
Weekly Round-Up: Copper Set for Biggest Weekly Rise Since October
Weekly Round-Up: Gold Below $1,100, Copper Under $2
Weekly Round-Up: Gold on a Tear After China Troubles
Weekly Round-Up: Gold Price Rebounds from Six-year Low
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A February 2016 RealCap Uranium Research Report highlighted Toro Energy Limited (ASX:TOE) and the Wiluna Uranium Project.
As quoted from the report:
Recent Announcements
On the 1st of February 2016, Toro Energy released another company announcement indicating a revision in their available uranium resources. This follows a similar announcement made on the 14 th of October 2015. Following on from extensive geological and geochemical work, the estimated total resources at the Wiluna Project site have increased by approximately 10%. This is in addition to the October announced increase of 20%. Again, in addition to the increase in total U3O8 resources, there is also an increase in the estimated grade of the deposit.
Balance Sheet Strength
Toro Energy has made excellent progress along the regulatory and environmental path to mining commencement over the last several years, but just as importantly, the management team have paid very close attention to the Toro Energy capital structure and balance sheet. Toro Energy has enviable balance sheet strength coupled with equity partners who are committed, longterm investors and not “hot money” speculators. On the 4th of November 2014, Toro Energy received a cash and asset injection from The Sentient Group, an independent private equity firm specialising in the global resources industry.
The Sentient Group manages of $2.7bn in global resource assets. In terms of the deal, Toro Energy received A$10m in placement proceeds (A$7.5m reflecting tranche 1 received in December 2014 and an additional A$2.5m as a tranche 2 payment received in June 2015). Also received were A$10m in unitisation funds earmarked for further development of the Wiluna project. On the 11th of June 2015, Toro Energy announced a key balance sheet restructuring backed by The Sentient Group. In terms of the deal, Toro Energy paid down the A$12million debt facility held with Macquarie Bank (ASX: MQG). The post-deal balance sheet is reflected below until the end of June 2015. Updated financial figures will shortly be made available by the company.
Outlook
We echo the outlook posted in earlier reports. Toro Energy continues to be an exceptionally well-managed pre-mining uranium exploration company. The combination of a strong balance sheet, prudent financial management, institutional shareholder base and enviable reserves and permitting advancement will allow Toro Energy to participate significantly in a uranium price rerating.
Investor Recommendations
We continue to hold a buy recommendation for Toro Energy and would encourage investors to build a position at current attractive price levels.
Connect with Toro Energy Limited (ASX:TOE) to recieve an Investor Presentation.
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Natural gas prices may be down, but with demand rising for both heating and power generation, investors may still be interested in looking at the space.
Picking individual natural gas stocks could provide opportunities for big wins once the market turns (or even before). However, that strategy can also be very risky.
For investors who want to get exposure to natural gas, but want a more diversified approach, natural gas exchange-traded funds (ETFs) may be worth a look. Like individual natural gas stocks, ETFs haven’t been doing so well lately. However, they could be an option for contrarian investors looking to get broad exposure to the sector.
To start, here’s a look at three of the natural gas ETFs available.
The First Trust ISE-Revere Natural Gas ETF tracks companies that get a substantial portion of their revenue from natural gas exploration and production. It is an equal-weighted index that ranks its holdings according to the price/earnings ratio, price/book ratio, return on equity and the correlation to natural gas futures prices for all US-listed stocks involved in the exploration and production of natural gas.
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Some of the fund’s top holdings include Southwestern Energy Company (NYSE:SWN), Antero Resources (NYSE:AR), Gulfport Energy (NASDAQ:GPOR) and Range Resources (NYSE:RRC). It is currently trading at $4.03, and has traded within a 52-week range of $2.92 to $12.43.
The United States Natural Gas Fund tracks, in percentage terms, the movements of natural gas prices. The fund invests mainly in listed natural gas futures contracts, as well as other natural gas-related futures contracts. It may also invest in forward and swap contracts. Accordingly, this fund may be appealing to investors who want direct exposure to natural gas prices, but do not have a commodity futures account.
Overall, the goal is for daily percentage changes in the ETF to reflect changes in Henry Hub natural gas prices. The fund is currently sitting at $7.22, having traded within a 52-week range of $6.91 to $15.28.
The Horizons Natural Gas Yield ETF is an interesting option in that it holds other ETFs and securities as a way to gain exposure to natural gas prices. Its top holdings include both long and short positions in the United States Natural Gas Fund, and a long position in the Horizons NYMEX Natural Gas ETF (TSX:HUN).
The fund is currently trading at $2.95, and has moved within a 52-week range of $2.81 to $5.75. Despite those losses, TD Waterhouse still cites the fund as having a dividend of C$0.58 per share.
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Beyond the ETFs mentioned above, natural gas investors may also invest in natural gas-focused exchange-traded notes, or ETNs. Examples of such funds include the VelocityShares 3X Long Natural Gas ETN (ARCA:UGAZ), the VelocityShares 3X Inverse Natural Gas ETN (ARCA:DGAZ) and the iPath Seasonal Natural Gas ETN (ARCA:DCNG). According to ETF Database, the VelocityShares 3X Inverse Natural Gas ETN has seen a return of 32.19 percent so far in 2016, with a return of roughly 101 percent over the past year.
In any case, there are plenty of options for investors looking for exchange-traded products focused on the natural gas space.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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The Investing News Network recently had the chance to speak with Don Bubar, president and CEO of Avalon Rare Metals (TSX:AVL,OTCQX:AVLNF), about the company’s Separation Rapids lithium project in Ontario, and about the importance of purity in both industrial and battery-grade lithium products.
While battery-grade lithium has been getting plenty of attention from lithium market watchers lately, it’s worth noting that lithium use by the glass and ceramics industries still makes up at least 30 percent of lithium demand. That said, Bubar spoke about purity as being key for both industrial and battery-grade lithium products.
“We discovered while we were doing the work on glass ceramics applications that high purity in the lithium chemicals is really important now to the battery manufacturers in terms of allowing them to make a product that achieves the performance expectations that are required now by the general public,” he said, adding, “99.5 percent [purity] used to be the standard, and it looks like it’s going to be going higher than that (99.9).”
Watch the video to to hear more of what Bubar had to say.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Avalon Rare Metals is a client of the Investing News Network. This article is not paid-for content.
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When it comes to uranium Australia is listed as one of the top producing countries. With three uranium producing mines currently in operation, including BHP Billiton’s (ASX:BHP) Olympic Dam, which interestingly enough produces uranium as a by-product to its copper, it’s impressive that the country is ranked third in the world in terms of uranium production.
But don’t let the scant number of producing uranium mines deter you. Australia has big plans when it comes to uranium mining, with several companies advancing projects.
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“Australia has been exporting uranium for over 30 years from dominantly three production mines – Olympic Dam, Ranger and Beverley – to produce some 10% of world supply today.” Toro Energy (ASX:TOE) Managing Director Vanessa Guthrie told Investing News Network. “More importantly, Australia is endowed with over 30% of the world’s uranium resources, and is poised to take advantage of the current growth in the Asian energy demand. To do this, Australia must open new uranium mines to replace the maturing mines. The industry is well positioned to meet this challenge with four new projects in the project development pipeline.”
One of those projects is Toro’s Wiluna project in Western Australia. Toro recently announced an increase to Wiluna’s mineral resource estimate to 84 million pounds of uranium with a high grade component of 40 million pounds of uranium, to which Guthrie noted “demonstrate[s] that the Wiluna Project has more to give when it comes to the resource quality than has been previously anticipated.”
The new resources “gives [Toro] the opportunity to develop a new mining plan to take advantage of the continuous high grade lenses.” Guthrie said, adding that the company expects the high grade component to further improve the project’s economics.
Given the resource update, Guthrie explained that Toro will be “rerunning the mining schedule” in order to incorporate the improvements the the resources. From there, the company “will look into the positive impact the grades can have on the processing circuit through our optimization studies.”
As any uranium market watcher knows, the uranium market is in a period of significant and sustained depression. And though all the fundamentals indicate that prices should be making their way up the charts, the market has yet to react positively.
Still, as Guthrie noted, “the forecast demand for uranium to meet the committed growth in nuclear power generation capacity — particularly in Asia — creates a supply shortfall which emerges in the market from 2018 onwards.”
With a shortfall in supply imminent, “there is a positive outlook for new mines to bring new production to market towards the end of this decade,” making it a prime time to develop a project that will be able to meet the rise in demand when the time comes.
Toro Energy has a lot of work to do if it wants to make good on its aspirations to be Australia’s next uranium producer.
When asked what the investors can expect from Toro moving forward, Guthrie said that to start, the company is “continuing to secure our environmental permits for the Millipede and Lake Maitland deposits to extend those permits we already have for the mine.”
Toro is also in the midst of “finalizing an agreement with the local Aboriginal people,” as well as “pursuing optimization studies in the process circuit to take advantage of the new grade resource.”
On top of the operational plans, Guthrie also highlighted that Toro is continuing “to focus on our potential customer countries in Asia to secure a strategic partner to develop the project.”
Securities Disclosure: I, Vivien Diniz, hold no investment interest in any of the companies mentioned.
Editorial Disclosure: Toro Energy is a client of the Investing News Network. This was not paid-for content.
The post Toro Energy’s Vanessa Guthrie Talks Australia Uranium Market and Wiluna Project appeared first on Investing News Network.
AGL Energy Ltd. (ASX:AGL) announced that exploration for and production of natural gas will no longer be one of its core businesses. The decision comes after a review, and is a strategic decision for the company.
As quoted in the press release:
There is no change to AGL’s commercial or retail gas activities. AGL is confident that it has sufficient gas for its residential and small business customers following the recent contract with the Gippsland Basin Joint Venture and the planned expansion of the Eastern Gas Pipeline. Incremental future gas requirements are likely to be sourced from the southern markets.
AGL expects to recognise an impairment charge of $640 million after tax ($795 million pre-tax) against the carrying value of its gas exploration and production assets including an increase in rehabilitation provisions. This charge will be recognised as a significant item in the financial results for the six months ended 31 December 2016. The impairment has minimal impact on FY16 Underlying profit.
The FY16 cash impact of this strategic decision, excluding potential sale of assets, is expected to be less than $10 million and relates to rehabilitation, redundancy and other associated costs.
Click here to read the full AGL Energy Ltd. (ASX:AGL) press release.
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Uranium Resources, Inc. (NASDAQ:URRE; ASX: URI) has entered into a stock purchase agreement with Aspire Capital Fund, LLC, selling 3,560,000 shares of its common stock in a registered direct offering for an aggregate purchase price of US $838,000.00. There were no underwriting discounts or placement agent fees. Uranium Resources intends to use the net proceeds from this transaction for general corporate purposes, which may include technical studies, restoration commitments, capital expenditures and working capital.
According to the company’s press release:
Separately, on February 3, 2016, the Company and Aspire Capital also entered into an option agreement by which Aspire Capital granted the Company the right at any time or times prior to April 30, 2017, for the Company to require Aspire Capital to enter into up to two common stock purchase agreements, each having a term of up to 24 months, and collectively requiring Aspire Capital to purchase up to the aggregate amounts of which shall not exceed $10 million in the aggregate of Company’s common stock (or such lesser amount as the Company may determine) on an ongoing basis when required by the Company. Upon the execution of the option agreement, the Company issued 900,000 restricted common shares to Aspire Capital as a commitment fee.
Click here to view the full press release.
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Zadar Ventures Ltd. (TSXV:ZAD) announced that it’s entered into a standstill agreement with a private Nevada LLC. Under the agreement, Zadar is able to negotiate an option to buy two prospective lithium projects near Silver Peak, Nevada.
As quoted in the press release:
One of the projects is located immediately adjacent to the Rockwood Lithium Mine and Processing Plant complex in North Clayton Valley and covers approximately 425 hectares, including a gravity low anomaly interpreted to represent a basinal low permissive to host brines containing elevated concentrations of lithium. This project’s merit is supported by a USGS test hole (Drillhole CV-2) located ~600m from the eastern claim boundary that reported a 55ppm Li maximum content from analyzed water samples.
The other project lies approximately 18 kilometres southeast of Silver Peak, Nevada and covers over 330 hectares of an isolated and un-drilled basin which has the potential to host a similar lithium brine environment by virtue of its proximal location to the possible source of the lithium within the Clayton Valley system. This later project has also been the subject of a suite of initial gravity surveys and shows a basinal feature, which if closed, could host brines with elevated lithium concentrations.
The Company intends to have an executed definitive agreement by Feb 25th 2016 and more information on the projects and Zadar’s plans to advance these projects will be released after this event.
Click here to read the full Zadar Ventures Ltd. (TSXV:ZAD) press release.
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Forum Uranium Corp. (TSXV:FDC) announced that it has closed the final tranche of its private placement previously announced on December 21, 29, 31, 2015 and January 13, 2016.
The Company has raised a total of $625,500 in FT Units and $250,500 in NFT Units for total proceeds of $876,000. The proceeds from this financing will be used for drilling at its 100% owned Highrock and Highrock South projects nearby Cameco’s Key Lake Mine and Mill, gravity and radon surveys at its 100% owned Fir Island project as a follow-up from a successful drill campaign earlier in the year and for working capital.
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Cory Fleck, host of the Korelin Economics Report, believes that we’re seeing a bottom in oil. However, he doesn’t think that we’re necessarily going to see a “screaming higher oil price.”
“If you look at the fundamentals, quite frankly, we’re in an oversupply environment right now,” he told the Investing News Network at the recent Vancouver Resource Investment Conference. “We are seeing demand increase, but supply — especially with Iran coming back on and OPEC countries not willing to cut really any supply yet — we are still going to see some pressure on oil.”
That said, he’s not looking for oil to drop below the $20 level. While he thinks there could be a bit more downside to come, Fleck believes that companies will eventually be forced to cut production, and that those on the demand side will continue to take advantage of lower oil prices.
Fleck also spoke about:
Watch the video for more.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Related reading:
VRIC 2016, Day 1: Notes from the Floor
VRIC 2016, Day 2: Notes from the Floor
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The Globe and Mail reported that oil prices jumped roughly eight percent on Wednesday on the back of a weaker US dollar.
As quoted in the publication:
Comments by Russia’s foreign minister reiterating the major producer’s willingness to meet if there was consensus among the OPEC and non-OPEC members, also reignited hopes of a deal to trim output and helped to boost prices.
The dollar index tumbled to an over seven-week low, making commodities priced in the greenback cheaper for holders of other currencies, amid growing skepticism that the Federal Reserve would be able to hike U.S. interest rates again this year and after data showed the U.S. services industry grew more slowly than expected last month.
Click here for the full article.
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Lithium Australia NL (ASX:LIT) reported that final assay results have confirmed potential for lithium hydroxide to be produced from its Lepidolite Hill mica deposit in Western Australia. This would be the second commercial lithium product to potentially be produced from the deposit.
As quoted in the press release, highlights included:
- Control assays confirm production of 99.9% lithium hydroxide from micas at Lepidolite Hill deposit near Kalgoorlie
- Impurity removal achieved through simple filtration
- Recycling also minimises lithium losses
- Process applicable to all mica feed sources
Connect with Lithium Australia NL (ASX:LIT) to receive an Investor Presentation.
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Core Exploration (ASX:CXO) has found a number of areas prospective for lithium pegmatites in Australia’s Northern Territory. Historically, mining and exploration in pegmatites in this region has been focused on tin and tantalum mineralization.
As quoted in the press release, highlights of the news included:
- Building on Core’s expertise and early mover advantage in the NT the Company has identified highly prospective lithium rich pegmatite fields
- Core’s extensive review has recognised the potential of lithium rich pegmatites, previously mined for tin (and tantalum) in the Northern Territory
- Spodumene and other lithium mineralisation has been previously identified in pegmatites in the NT, but historically mining and exploration has been focussed on the associated tin‐tantalum mineralisation
- Recent Chinese Joint Venture on Core’s Blueys Project in the NT enables Core to refocus resources on NT lithium prospectivity
- Lithium is a new age metal currently used in advanced battery technology
- Further updates will be provided to the market over coming weeks
Click here for the full press release.
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Forum Uranium (TSXV:FDC) has closed the final tranche of its previously announced private placement, raising an additional $70,000 for a total of $876,000. Proceeds from the placement will be used towards drilling at Forum’s Highrock and Highrock South projects.
As quoted in the press release:
The Company had raised an additional $70,000 through the issuance of 1,400,000 units (“NFT Unit”) at a price of $0.05 per NFT Unit. Each NFT Unit will be comprised of one common share and one share purchase warrant (a “NFT Warrant”). Each NFT Warrant is exercisable to purchase one common share of the Company at a price of $0.10 per share for a period of two years expiring February 2, 2018.
The Company paid finder’s fees of $4,900 and issued 98,000 finder warrants exercisable at a price of $0.05 for a period of one year expiring February 2, 2017. All securities are subject to a four month hold period expiring June 3, 2016.
The Company has raised a total of $625,500 in FT Units and $250,500 in NFT Units for total proceeds of $876,000. The proceeds from this financing will be used for drilling at its 100% owned Highrock and Highrock South projects nearby Cameco’s Key Lake Mine and Mill, gravity and radon surveys at its 100% owned Fir Island project as a follow-up from a successful drill campaign earlier in the year and for working capital.
Connect with Forum Uranium (TSXV:FDC) to receive an Investor Presentation.
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GoviEx Uranium Inc. (CSE:GXU) is pleased to confirm that the Government of Niger has advised the company that its Mining Permit application for the Madaouela I tenement area has been approved by its Counsel of Ministers.
Highlights of GoviEx’s Madaouela Project IDP:
- The project development plan envisions an average 2.69 million pounds per year U3O8 yellowcake production rate over a 21-year mine life, with a 93.7% ultimate recovery of uranium.
- The IDP is based on Measured and Indicated Mineral Resources of 110 million pounds (Mlb) U3O8 and 61 Mlb of Probable Mineral Reserves.
- The base case project economics for this project at a long-term uranium price of US$70/lb U3O8 are positive, and indicate an after-tax net present value of US$340 million (at 8% discount rate) with an internal rate of return (IRR) of 23.5% and a total life of mine (LoM) net free cash of US$1,126 million.
- Initial capital costs are estimated at US$359 million, and cash operating costs of US$24.49/lb U3O8 including by-product credits and excluding royalties. It is noted that molybdenum has not been included in the Mineral Resource model and hence is not considered to be at the same level of confidence as the uranium grades.
Govind Friedland, GoviEx’s Founder and Chairman stated:
This positive decision on behalf of the Government of Niger is the result of a decade of considerable effort by GoviEx and local stakeholders engaged on exploration, discovery, engineering, and the critical environmental and social aspect of this large and high-grade project. Since being awarded the exploration permits in June 2006, GoviEx has worked to achieve best international standards throughout the completion of the various technical studies. This decision of support is a stamp of approval for the quality of the work done to date by GoviEx, and the robustness of the Madaouela Project. We are extremely proud of the entire team who have helped the company and the State reach this important milestone.
Click here to view the full press release.
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Further to its January 25 press release, Cypress Development (TSXV:CYP) reported that the TSX Venture Exchange has accepted the company’s option agreement to acquire the 1280 acre Clayton Valley lithium project. The claims adjoin other placer claims in Clayton Valley controlled by Pure Energy Minerals (TSXV:PE).
As quoted in the press release:
Cypress’ Clayton Valley Project is located on the south flank of “Angel Island” and immediately southeast of the Albemarle Silver Peak lithium brine mine. The acquired claims share their western boundary with placer claims controlled by Pure Energy Minerals. Pure Energy has identified a lithium resource at its Northern Resource Area (see Pure Energy Minerals news release July 28, 2015), that is located to the immediate west of Cypress newly established boundary.
Cypress’ highly prospective “Glory” and “Angel” claims are located within 0.5 miles (>1000m) south of current and past producing lithium brine wells belonging to the Albemarle Silver Peak Mine. Cypress’ Clayton Valley claims are located in an active area of surface hectorite clay lithium mining and lithium exploration. Highways and electric power are in place and exploration resources needed are readily accessible.
The Albemarle Silver Peak Mine is the only operating brine based lithium mine in North America. The Silver Peak area is one of the oldest mining areas in Nevada having produced substantial amounts of silver, gold and other minerals. The Silver Peak Mine began operations in 1967 to mine lithium by low cost evaporation ponds and has produced lithium since then.
Cypress has reviewed the seismic data in the Pure Energy NI 43-101 technical report Titled “Inferred Resource Estimate for Lithium”, dated July 17, 2015. The data appears to indicate a very favorable lithium brine exploration target along the western and west central portions of Cypress’ property. Other first order targets exist on the property including extensive outcropping of altered green claystones and the presence of stockwork veining localized at paleo hot spring vents discovered during staking of the property. Cypress believes that additional lithium brines could be localized at the water table below the outcropping claystones and potentially also localized along structures cutting these units.
Click here for the full press release.
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Albemarle (NYSE:ALB) announced this week that it had secured the necessary permits to increase lithium brine extraction from its facilities in Chile’s Salar de Atacama. The company has also entered into a memorandum of understanding (MOU) with the Chilean government, under which Albemarle will commit to construct a third lithium carbonate production facility in the country.
A definitive agreement is expected to be executed by the end of Q1 2016.
As quoted in the press release:
The MOU provides Albemarle with sufficient lithium to support the production, over a 27-year period, of 70,000 MT annually of technical and battery grade lithium carbonate and 6,000 MT annually of lithium chloride at Albemarle’s two manufacturing facilities in La Negra, Antofagasta, as well as at a third lithium carbonate facility that Albemarle will commit to construct under the MOU. The MOU provides for commission payments to the Chilean Government based on sales price/MT and Albemarle’s support of research and development in Chile in lithium applications and solar energy. In addition, the MOU recognizes the principle of community value sharing and acknowledges the cooperation agreements that Albemarle has entered into with local, indigenous communities under which Albemarle provides financial support for social, environmental and economic development. Finally, the MOU provides Albemarle with an exclusive option for an additional lithium quota in connection with the development of lithium hydroxide production directly from brine.
Albemarle CEO, Luke Kissam, said:
As stewards of this resource, we are committed to the principles set forth by the Chilean National Lithium Commission, which benefits all stakeholders, especially the communities in which we operate and those committed to evolving the region’s technology leadership. Our sustainable, state-of-the-art operations allow us to maximize the amount of lithium extracted from the brine, thus increasing the value of this resource for the stakeholders.
Certainly, that looks to be good news for Albemarle. However, Joe Lowry of Global Lithium cautioned those watching the company to take Monday’s release with a grain of salt. Read his take on the news here.
Click here for Albemarle’s full press release.
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When it comes to investing in commodities, investors have many options choose from. One of those options is uranium.
But before for going down the route of investing in the energy metal, it is perhaps worth understanding some of the basics that make uranium an important commodity in our day-to-day lives.
Uranium is a fairly common metal, and occurs in most rocks in low concentrations of 2 to 4 parts per million. It even occurs in water. This makes it even more common than gold. The metal was discovered in 1789 by Martin Klaproth, a German chemist, in a mineral called pitchblende and was named after the planet Uranus, which had been discovered several years prior.
Uranium, when refined, is a silvery white metal that is weakly reactive. It does, however, react with most non-metal elements and their compounds, except noble gases. The metal’s reactive properties increase with temperature.
Naturally occurring uranium is found in two different isotopes: uranium-238 (U-238) which accounts for 99.3 percent of uranium occurrences or uranium-235 (U-235) which makes up the remaining 0.7 percent of uranium instances.
Of these two isotopes, U-235 is the most important. U-235 is the uranium isotope most commonly used in nuclear fuel. This is because is U-235 is fissile, meaning that under certain conditions the isotope can be split, creating a significant amount of energy.
Unlike U-235, U-238 is not fissile, but it is fertile. Meaning that it can capture one of the neutrons flying around in the core of a reactor, creating plutonium-239. Plutonium-239 behaves very much lie U-238, in so far that it is fissile and gives off significant amounts of energy.
The most significant use of uranium today is in nuclear power generation. The first commercial nuclear power stations started operating in the 1950s. Today there are over 400 commercial nuclear power reactors in operation, providing more than 10 percent of the world’s electricity without carbon emissions.
Uranium also finds use in the military sector, particularly in high-density penetrators. This ammunition uses depleted uranium alloyed with one or two percent of other metals like titanium or molybdenum. Depleted uranium is also used to harden armor on military vehicles.
Probably the most prevalent use of uranium in military applications is weaponry, more specifically, nuclear bombs. This was one of the first uses of uranium before electricity and radioisotopes. However, since the 1990s, most of the military uranium has been repurposed for electricity generating purposes.
Radioactive isotopes are also an important use of uranium. With a foothold in medical, industrial, and agricultural sectors, radioisotopes play a bigger role in our lives than we may realize.
With a growing global population undergoing continuous urbanization, the need to turn on, and keep on the lights is more important than ever. It is expected that by 2030, electricity consumption will have doubled from their 2007 levels with a significant portion of that stemming from nuclear power. Today, there are some 439 nuclear reactors in operation, 66 under construction, 158 planned and a further 330 proposed across 31 countries.
What makes uranium a good investment case are the supply and demand fundamentals associated with the anticipated increase in future power generation. China alone has committed to adding 40 nuclear reactors to its fleet by 2020. Likewise, Russia and India have 25 and 24 reactors, respectively, in the planned stage.
However, with such high hopes for the future of nuclear power, there is currently not enough supply available in order to meet the demands of the utilities. This is a supply shortfall that analysts have been heralding for several years. With it, analysts expect to see a sharp increase in spot and long term prices, once the utilities start trying to fill their supply chain for future electricity needs.
The post What is Uranium? appeared first on Investing News Network.
At the recent Vancouver Resource Investment Conference, the Investing News Network had the chance to speak with Guy Bourassa, president and CEO of Nemaska Lithium (TSXV:NMX,OTCQX:NMKEF), about the company’s Whabouchi lithium project in Quebec.
In 2015, Nemaska hit several key milestones, securing both federal and provincial environmental approvals for Whabouchi, as well as an agreement with Johnson Matthey Battery Materials.
Now, the company is looking to raise approximately $500 million to build the Whabouchi mine, and plans to complete its Phase 1 lithium hydroxide plant this year. Bourassa went over some of the company’s plans for financing, also speaking about highlights from the past year and what to expect from Nemaska in 2016. Overall, he agreed that support from the Quebec government has been key for the company.
Watch the video above for more of what he had to say.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Nemaska Lithium is a client of the Investing News Network. This article is not paid for content.
Related reading:
VRIC 2016, Day 1: Notes from the Floor
VRIC 2016, Day 2: Notes from the Floor
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Peninsula Energy (ASX:PEN) announced that the United States Nuclear Regulatory Commission has notified Peninsula’s wholly owned subsidiary, Strata Energy, Inc. (Strata), that it has accepted Strata’s application to amend Source Materials License SUA- 1601 to include the Kendrick Expansion Area at the Lance Projects in Wyoming, USA.
As quoted in the press release:
During 2015, Strata submitted a request to the NRC to amend its existing license to include Kendrick within the Ross Permit Area (Ross) at the Lance Projects. The NRC staff initiated their acceptance review of the expansion request on 30 September 2015 and has now notified Strata that the application is complete and has been accepted for detailed technical and environmental review.
Kendrick is adjacent to Ross and under the current life of mine plan is scheduled to come online during the 2019 calendar year to supply uranium to the central processing plant.
An estimated timetable for the completion of the detailed technical and environmental review has not yet been published by the NRC. As the application is an amendment to the existing license, the Company expects that the review timing will be reduced given the exhaustive technical and environmental review process already conducted by the NRC at Ross.
Peninsula Energy Managing Director and CEO, John (Gus) Simpson, stated:
We are pleased that the NRC is now progressing the detailed review of the application. Development of the Kendrick Expansion Area is an integral part of production growth plans at the Lance Projects. The acceptance by the NRC confirms our permitting team has again submitted a high quality and comprehensive application.
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NexGen Energy Ltd. (TSXV:NXE, OTCQX:NXGEF) announced the first results from our highly anticipated 30,000 m winter 2016 drilling program on our 100% owned Rook I Property, Athabasca Basin, Saskatchewan.
Highlights include:
Highlights:
A2 Shear:
- AR-16-64c2 (30 m up-dip and northeast from AR-15-44b) intersected 76.0 m of total composite mineralization including 26.15 m of total composite off-scale radioactivity (10,000 – >61,000 cps) within a 165.5 m section (414.0 to 579.5 m) including 5.5 m of composite radioactivity measuring a minimum of >61,000 cps in the Sub-Zone.
- AR-16-64c1 (21 m up-dip and southwest from AR-15-49c2) intersected 74.0 m of total composite mineralization including 14.0 m of total composite off-scale radioactivity (10,000 – >61,000 cps) within a 100.0 m section (433.5 to 533.5 m) in the Sub-Zone.
Table 1: Higher Grade A2 Sub-Zone Drill Hole Comparisons
AR-15-
59c22AR-15-
54c12AR-15-
58c12AR-16-
63c1AR-15-
621AR-15-
44b2AR-16-
64c2AR-16-
64c1AR-15-
49c22AR-15-
57c32Total composite mineralization =
75.50 m
42.00 m
86.00 m
55.50 m
143.00 m
135.60 m
76.00 m
74.0 m
73.50 m
62.50 m
Total Off-scale (>10,000 to 29,999 cps)3 =
11.40 m
5.90 m
14.30 m
6.85 m
17.75 m
30.25 m
15.95 m
10.30 m
15.70 m
4.40 m
Total Off-scale (>30,000 to 60,999 cps)3 =
4.50 m
3.00 m
3.85 m
0.50 m
10.60 m
7.75 m
4.70 m
3.70 m
5.20 m
2.50 m
Total Off-scale (>61,000 cps)3 =
1.00 m
0.50 m
2.00 m
0.00 m
2.00 m
1.50 m
5.50 m
0.00 m
2.15 m
1.80 m
Continuous GT (Grade x Thickness) =
371
277
200 and
345Assays
Pending787
655
Assays
PendingAssays
Pending605
319
1 radioactivity results previously released
2radioactivity and assays results previously released
3 minimum radioactivity using RS-120 gamma spectrometer
.
These first radioactivity results of the winter program are simply exceptional. They highlight the continuity of the higher grade A2 sub-zone, established by substantial massive to semi-massive pitchblende, and consistent true width. Hole AR-16-64c2 has a similar radioactivity profile to AR-15-49c2 (returned continuous GT of 605), except it has more than double the minimum >61,000 cps of 5.5m. Further, the results in the A3 are very exciting with respect to defining the higher grade zones within this shear.
The post NexGen Reports First Results from Winter 2016 Drilling Program appeared first on Investing News Network.
Uranium Participation Corporation (TSX:U) reported its estimated net asset value at January 31, 2016 was CAD$729.5 million or CAD$6.31 per share.
As at January 31, 2016, UPC’s investment portfolio consisted of the following:
(in thousands of Canadian dollars, except quantity amounts) Quantity Fair Value Investments in Uranium: Uranium oxide in concentrates (“U3O8“) 9,470,024 lbs $ 463,349 Uranium hexafluoride (“UF6“) 1,903,471 KgU $ 258,0231 $ 721,372 U3O8 market value per pound: – In Canadian dollars $ 48.932 – In United States dollars $ 34.75 UF6 market value1 per KgU: – In Canadian dollars $ 135.55 2 – In United States dollars $ 96.27
1 The fair value of UF6 has been reduced by $1,276,000 to reflect the risk associated with the remaining material held at the USEC Facility. 2 Market values are month-end spot prices published by Ux Consulting Company, LLC, translated at the month-end noon exchange rate of $1.4080.
Click here to view the full press release.
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World Nuclear News reported that Denmark and Greenland have confirmed the signing of a series of agreements last month setting the framework for future cooperation on foreign, defence and security policy issues related to the mining and commercial export of uranium.
According to the article:
On 19 January, Denmark and Greenland announced they had reached agreements concerning the export control and security of uranium and other radioactive substances from Greenland and the definition of competences in the raw materials sector.
In separate statements yesterday, the governments said that a set of four agreements had been signed specifying responsibilities and tasks between Danish and Greenland authorities in connection with possible future mining and export of uranium.
Click here to view the full article.
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