Antinuclear

Doom and gloom in Australia’s uranium investment sector

Uranium, rare earths miners in doldrums BY:ROBIN BROMBY  The Australian  July 15, 2013   A FEW years ago, talking up a well-balanced portfolio of uranium and rare earth elements assets would have been a mouth-watering come-on for investors. Not now, of course.

You’ve got Toro Energy (TOE) with most of its ducks in a row including finance and government approvals to develop Western Australia’s first uranium mine.

All except the rather important duck of a spot uranium price somewhere in the vicinity of $US70 a pound that would make the mine viable; it’s stuck with $US39.50/lb.

A few years ago, the average resources punter would have sold their children to raise money for buying such a share, but Toro languishes at just 9c.

And there was disappointment on Friday for Aura Energy (AEE), French nuclear giant Areva pulling the plug on plans to partner up with the Australian junior in its Haggan uranium project in Sweden, one of the largest undeveloped uranium projects in the world (389,000 tonnes)…..

July 15, 2013 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, business, uranium