Australian uranium companies optimistic about future
Paladin supplies uranium to American and Asian nuclear plants, and while it has several exploration projects in Australia and Canada, he said the Japanese incident was ”hardly likely” to affect the business.
”It’s not going to have much significance in the long term,” he said……. Mr Crabb said it was ”ghoulish” and ”inappropriate” for anti-nuclear campaigners to be using the Japanese incident for political purposes…baser instincts, such as fear, may have a larger bearing on the market
Reactor reaction wipes $1.5bn from uranium holdings Sydney Morning Herald, Peter Ker March 15, 2011
MORE than $1.5 billion was wiped off the value of uranium stocks yesterday as the market reacted savagely to the nuclear crisis unfolding in Japan.
As explosions rocked Japan’s ailing Fukushima nuclear plant, the market seemed convinced the incident would harm ambitions for uranium to play a bigger role in energy production around the world.
Three uranium stocks accounted for more than $1 billion of the total losses, with Energy Resources Australia, Paladin Energy and Extract Resources all taking substantial hits.
Paladin chairman Rick Crabb said the market had been guilty of a ”substantial over-reaction” after his company’s share price fell 78¢ to $3.95, a fall of more than 16 per cent.
Paladin supplies uranium to American and Asian nuclear plants, and while it has several exploration projects in Australia and Canada, he said the Japanese incident was ”hardly likely” to affect the business.
”It’s not going to have much significance in the long term,” he said……. Mr Crabb said it was ”ghoulish” and ”inappropriate” for anti-nuclear campaigners to be using the Japanese incident for political purposes…
Despite the gravity of the situation at Fukushima, the nuclear reactor has not been fully breached, and some believe the crisis could boost confidence in the nuclear industry, should the worst effects of a meltdown be avoided.
Toro Energy managing director Greg Hall said prevention of a big disaster at the site would be a significant ”success story” for the industry.
Hartleys analyst Dave Wall echoed that opinion.
”Our view is that if an earthquake, which measured 9 on the Richter scale, followed by a tsunami, does not result in a breach, this should ultimately be seen as confirmation of the safety of nuclear-powered energy,” said Mr Wall.
But he acknowledged that baser instincts, such as fear, may have a larger bearing on the market, particularly if the negative sentiment flows over to the ”regulatory environment”……http://www.smh.com.au/business/reactor-reaction-wipes-15bn-from-uranium-holdings-20110314-1buh0.html
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