Antinuclear

Australian Nuclear Spinbuster – theme for June 2013

This week we’ll look at uranium – Australia’s much hyped uranium industry   To read the business headlines, you’d think it was booming!

But in reality?                            Share prices:

•  Energy Resources of Australia (ERA)   $18.92  in 2007 to $1.04 now.
• Paladin Energy (PDN) hit $10.80   in 2007  to  94c now
• Bannerman Resources (BMN)

Losses – Paladin lost &39 billion in the 9 months to March 2012, and continues losses at Kayelekera mine (Malawi) to its writedown in May 2013.  Cameco uranium company reported a 93% fall in earnings for the first quarter of 2013.

Events:

• BHP  cut its uranium program 2012 delayed its Olympic Dam expansion, and sold its Yeelirrie deposit in Western Australia. In December BHP shut its South Australian uranium division, folding it into its base metals division.
• Cameco’s CEO Tim Gitzel February 11, 2013  stated that  its Western Australian Kintyre project is not economically viable at current uranium prices and had to be written down by $168 million .
• ERA  shut down Ranger uranium open-pit mining operations.
• Toro Energy’s Wiluna uranium mine economic forecast -likely to be not financially viable

May 30, 2013 - Posted by Christina Macpherson | Christina themes