Antinuclear

Australian news, and some related international items

Vimy Resources managing director Mike Young talks up uranium industry, despite its gloomy market

Vimy Resources eyes US uranium fix, Stuart McKinnon, The West Australian 1 June 2019  Vimy Resources managing director Mike Young refers to himself as a “silver-lining guy” and jokingly admits “you have to be … in uranium”.

The Andrew Forrest-backed Vimy has a completed definitive study for its $493 million Mulga Rock uranium project 200km east of Kalgoorlie, has two granted mining leases and other key approvals in place. It just needs the price of yellowcake to roughly treble so it can push the button.

The spot price of uranium has been in the doldrums since the 2011 Fukushima nuclear disaster in Japan, which prompted a phasing out of nuclear power in western countries, particularly in Europe.

Despite several false dawns, sentiment for the commodity has remained stubbornly low for the past eight years.

But the forthright Mr Young and Vimy’s chief nuclear officer Julian Tapp are hopeful the market might be approaching an inflection point.

They see a looming decision of the US Government as a potential catalyst to move uranium prices higher.

President Donald Trump is expected to decide next month whether to introduce trade restrictions to protect US-based uranium producers……..

If a quota is introduced, the company is hopeful Australia’s close relations with the US could win the country key concessions as it has done with aluminium and steel.

But whatever the outcome, Vimy believes a decision will provide clarity to a market starved of certainty for the past 18 months. US utilities, representing nearly a third of the global uranium demand, have effectively been on a buying strike since the start of last year.

… Politically, people are now thinking of nuclear as an avenue to emissions-free, dispatchable power 24/7 in all weather conditions,” Young said. “There’s still an anti-nuclear lobby, but by and large mainstream environmental scientists are getting on board nuclear power.” ….. https://thewest.com.au/business/spinifex/vimy-resources-eyes-us-uranium-fix-ng-b881212458z

June 3, 2019 - Posted by | business, uranium, Western Australia

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