Australian news, and some related international items

With 30% drop in uranium price, AREVA stops uranium mine project

Areva suspends uranium mine project, SMH ,November 3, 2011 – French nuclear giant Areva says it is suspending a mining project in the Central African Republic for “a year or two” because of a drop in uranium prices since the Fukushima disaster.  Work on developing the Bakouma mine, which is estimated to hold about 32,000 tonnes of uranium, has been suspended until the market value of the commodity rises again, an Areva spokesman said on Wednesday……

The price of uranium subsequently dropped by about 30 per cent, at a time when Areva was hoping for a global nuclear power renaissance. On Wednesday the price of a pound (450 grams) of uranium was at $US52 ($A50.49), down from $US68 in March before the accident…..

Areva began development works at the mine under a deal signed in 2007 and to date has spent 106 million euros on developing the site. The 2007 deal ended friction between Areva and the country’s authorities, who had handed mining rights to British-Canadian firm UraMin in 2006.

Areva bought out UraMin in July 2007 to the displeasure of the government, which said the “irregular” sale showed “disregard for the rights and interests” of the Central African people….. Areva is expected to present a plan next month on a rethink of its corporate strategies in the wake of the Japanese disaster.


November 4, 2011 - Posted by | Uncategorized

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