Antinuclear

South Australian politicians salivate over expanding uranium mine, but uranium market collapsing

Olympic Dam copper and uranium mine – as a hugely expensive and huge  hole in South Australia is going to be an environmental messup in so many ways.

Those who care about the public good want to stop this behemoth.  Theirs is an uphill fight.

Still, it is possible for BHP Billiton to mine the copper and gold – and return the uranium to the pit.  They don’t have to sell uranium.  And it’s not going to be worth selling.

The South Australian government – they’re not very bright – are all agog for this copper/uranium monster project. Little chance that they will genuinely review it –   here’s their latest comment :

– “I can tell you, having been regularly updated by my colleague Kevin Foley, Olympic Dam is a goer, it will get a sign-off.”  – South Australian Infrastructure Minister Patrick Conlon ,  as Premier Mike Rann and former treasurer Kevin Foley flew to Melbourne to begin the final round of negotiations with BHP over the Olympic Dam expansion.

At the same time –  the news is all bad for the nuclear and uranium industries:

Uranium market sees thin activity and lower price, Industrial Fuels and Power, August 17th, 2011  The uranium spot price delivered no surprises this week as it slipped further by US$1.00 to US$50.50/lb. Three days earlier, TradeTech had noted a US$1.25 WoW fall to US$50.25/lb, attributing the drop to thin demand and supply “with a few sellers competing for even fewer sales opportunities.”

Buyers – this week utilities, traders and financial entities – are largely uninterested and reluctant to commit purchases. …http://www.ifandp.com/article/0013083.html

Australian gas projects will likely benefit as countries delay nuclear power expansion plans  – Bloomberg 17 Aug 11  – CM

August 18, 2011 - Posted by Christina Macpherson | Christina reviews