Antinuclear

Industry needs much higher uranium price to fund new production

(Canada) Industry needs much higher uranium price to fund new production
Mining Weekly by: Liezel Hill

10th August 2009

TORONTO (miningweekly.com) – The uranium-mining industry will likely need to see prices lift “considerably” before lower-grade, higher cost mines can be brought into production, Jean Nortier, the CEO of Vancouver-based Uranium One, said on Monday.

Uranium One also announced earlier in the day that it had agreed to buy additional assets to speed up its production plans in the US, and that it is in negotiations to sell its shuttered Dominion mine, in South Africa, for about $38,5-million in cash, net of transaction costs…………………..

Uranium One produces uranium from mines in Kazakhstan, and owns 51% of the Honeymoon project, in Australia, as well as some processing facilities and deposits in the US…………………
Uranium One also revealed on Monday that its Dominion asset, in South Africa, is now being held for sale, prompting a big translation adjustment in the firm’s second quarter financial statements.

Industry needs much higher uranium price to fund new production

August 11, 2009 - Posted by Christina Macpherson | Uncategorized