Australian news, and some related international items

Toro talks up uranium, as its shares slump

UP AND ATOM Sydney Morning Herald, Colin Kruger June 7, 2011 Human catastrophe and financial markets are never a pretty mix. Just ask the uranium explorer Toro Energy, which dedicated yesterday’s shareholder update to clearing the air on some of the ”sensationalist” media coverage of the Fukushima nuclear plant accident.

Toro’s concern is understandable. Its share price nose-dived after the incident and the stock is retracing recent lows following Germany’s promise to close down all its nuclear facilities by 2022.

The company says ”a sequence of extraordinary forces unleashed by an unprecedented natural disaster” caused the accident at the reactors, ”not an operating failure, human error or design fault of the reactors themselves”.

Your columnist feels safer already.

”The lessons learnt from this incident will make nuclear power even safer than its already impressive record would attest,” the company says, while noting that the precautionary radiation checks provided ”plenty of sensationalist film footage” for the media and anti-nuclear groups.

It was not enough to cheer up its share price yesterday. The stock continued its slide, closing 0.3¢ lower at 8¢…

June 7, 2011 - Posted by | AUSTRALIA - NATIONAL, marketing for nuclear

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