Uranium exploring companies in Australia deserting an economically sinking ship
Marketing mavericks turn heads at Diggers & Dealers meet THE AUSTRALIAN BY: ROBIN BROMBY The Australian August 13, 2012 “….. Uranium? Head for the hills. Forget about it. The spot price is down to $US49.25 a pound.
Joe Gutnick’s Top End Uranium (TEU) is flicking the switch to precious gems exploration, just the latest of many uranium explorers heading for the doors.
In this case, it cites constant delays in getting access to its ground as the reason, but you would have to be a uranium true believer to put another dollar into the ground right now.
As Warwick Grigor at Canaccord Genuity points out in his Friday note, prices of uranium companies are being reduced to shell levels.
He cites companies with advanced projects such as Uranium SA (USA) with $3 million in the bank and a market cap of $8m, while Bannerman Resources (BMN) has cash of $9m and market cap of $27m…..”
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