A better plan for South Australia than accepting BHP Billiton’s toxic radioactive plan at Olympic Dam
“There is an alternative model that would see a lower greenhouse footprint and skilled jobs retained in South Australia. A peer-reviewed study by Monash University’s Dr Gavin Mudd demolished the myth that uranium is central to the mine’s expansion. His model for the expansion is safer, would use much less water and energy, and would mean more jobs and greater economic return for the local economy.
Scott Ludlam, 10 Oct 11, The Federal Government’s approval of the Olympic Dam expansion will see the creation of a carcinogenic mountain range of finely powdered radioactive waste in South Australia, the Greens warned today. Australian Greens spokesperson for nuclear issues Senator Scott Ludlam said the proposed expansion of the BHP Billiton site to will be a disaster for the environment, human health and local jobs.
“BHP Billiton has designed a world’s-worst-practice uranium mine. Continue reading
Uranium SA address to shareholders – all the right weasel words
Russel Bluck Chairman Uranium SA Limited gave a brave Address to Shareholders
on 6 October. It was designed to jolly them up, and Mr Bluck is to be admired, for he has learned all the right terms. I was reminded of schooldays, when I was taught certain religious beliefs and words by rote. Obviously Australia’s uranium mining executives have followed the same sort of teaching.
First comes the admission – ” The rate of corporate and generational change has been slowed [ a better word than plummeted?] by external circumstance”
But this is followed quickly by the new nuclear dogmas: about “robust returns on invested capital”,…..”The failure of the Fukushima nuclear plants was an industrial [ not a nuclear?] catastrophe within the context of a major natural disaster.”…
…as the fog of disinformation [does he mean the facts on radiation?] clears , it is again clear nuclear power generation is safe and made even safer by the lessons of Fukushima,…
New uranium mines not likely to be viable, with costs greater than uranium prices
with demand lower than was expected before, the price outlook is also down in both the medium and long-term..
It is clear that some of the anticipated new mines, heavily promoted by financial backers, will be ‘out of the money’—in other words, too expensive to develop in the new environment. Future uranium projects are very sensitive at prices in the $50 to $70 per pound level, and many may need more than $70 for viability.
Uranium – what are the prospects post-Fukushima?, Nuclear Engineering, Steve Kidd Deputy Director General of the World Nuclear Association, 06 October 2011“………..Falling uranium demand in the short-term is likely to delay some new projects, particularly those in Africa where financial requirements are heavy. But the reaction of producers will largely depend on the continuation of China’s new build programme and its willingness to finance new mines abroad.
…….Turning to potential new reactors, where the anticipated demand has been important in pushing up the uranium price since 2003, the position has also become arguably more difficult. A highly politicised industry has become, rightly or wrongly, even more politicised, and nuclear plans in some countries may be scaled back, or at best delayed. The position of China in this is not surprisingly crucial, as it has almost half of the reactors under construction around the world. Its immediate reaction to stop the approval process for new units and look more closely at the safety of those already approved is a typical reaction. Continue reading
Uranium mining – Global X Uranium ETF is down over 60% this year!
Over the last month, these companies have lost between 25 and 29 percent, and they have lost between 57 and 84 percent so far this year. These significant losses proliferate uranium miners and producers, as can be seen from the Global X Uranium ETF (URA), which tracks the Solactive Uranium Index and is down over 60% so far this year…..
An Abysmal Month For Uranium Producers Extends Their 2011 Pain, Seeking Alpha 4 Oct 11, The uranium industry is not what it used to be, nor are the share values of the uranium producers. This may well go down as the worst year for uranium in the modern era, even though several nuclear power experts continue to claim that uranium use is sensible and safe.
This first quarter of 2011 started off with Japanese nuclear concerns following the destruction caused by the earthquake and tsunami that hit the nation, and uranium prices entered a tailspin shortly thereafter. In the wake of tsunami, Germany opted to discontinue nuclear power plant development and reveal plans to eventually eliminate nuclear power as an energy source.
It also appears likely that Japan may be hesitant to build more nuclear power plants in the near future. For many years, Japan and Germany have been significant users of nuclear power. This perceived vacuum to demand weakened the price of uranium. It also weakened the shares of those companies that produce and/or provide uranium…..
In the third quarter, which just ended last week, uranium and its producers continued to drop along with the broader market, only mostly to a broader extent as the investment was deemed more and more speculative. Most uranium producers ended the third quarter at their 2011 lows.
Below are the 1-month, 3-month, 6-month, and 2011-to-date performance rates for several companies that mine and/or provide uranium for energy production: Continue reading
Short or long term , the news is all bad for uranium industry
Uranium Contract Prices Slip, FN Area News, 4 Oct 11, by Greg Peel, Unlike the uranium spot market, which in recent weeks has been dominated by traders and hedge funds on both sides of the price, the uranium term market more represents legitimate supply deals between producers and utilities, and is thus more representative of ongoing longer term uranium demand.
Shares of Denison Mines and Uranium Resources Face Strong Downward Pressure, MarketWatch, NEW YORK, NY, Sep 30, 2011 (MARKETWIRE via COMTEX)–– Uranium stocks have struggled this month as prices for the radioactive material have plunged. According to the latest quarterly report by Resource Capital Research, uranium prices are down 27 per cent over the past three months and 23 per cent over the past year….
Kazakhstan Ends Rise In Uranium Production To Stabilize Prices Fox Business, By Christopher Pala & contributing to Dow Jones Newswires, October 03, 2011 ALMATY, Kazakhstan – After more than tripling its output of uranium in four years to become the world’s top producer, Kazakhstan has stabilized production to around 20,000 metric tons annually in order to avoid further depressing prices, Sergei Dara, Director of Strategic Development and International Projects at Kazatomprom, the state nuclear company, said Monday.
He said as long as prices remain at their current low levels, “Kazakhstan will not develop new projects and our production will remain at the current level.”..
Uranium mining’s horrible year continues – Paladin and Uranex
Paladin raising fails to impress, SMH, Peter Ker, September 30, 2011 “……Paladin has endured an annus horribilus this year, as an easing uranium price, rising costs, reduced production targets and concerns about debts have savaged the company’s share price to barely a quarter of its former value…..
Fall in uranium miner Paladin’s market value
Reuters Australian Business News, SYDNEY, Sept 29 2011 “…..Paladin Energy yesterday launched a A$70 million equity raising through UBS and RBC Capital Markets due to unforeseen cost increases at its two African projects. Costs at the uranium producer’s newest mine, the Kayelekera development in Malawi, have risen to A$50 a pound of uranium oxide. Paladin’s market value has fallen from over A$5 million to A$1 million after the Fukushima nuclear disaster in March depressed uranium equities markets ….”
http://www.reuters.com/article/2011/09/28/digest-australia-business-idUSL3E7KS3Z120110928
Australia’s Lynas company’s problems – share price, governance, Malaysia protests
It is interesting to keep an eye on Australia’ s Lynas corporation. For one thing, that devious old propaganda
merchant, Ziggy Switkowski is on Lynas’ board of directors. Wherever Ziggy is, spin will abound.
For another thing, Lynas is dedicated to make a mint out of rare earths processing in Malaysia. (nothing wrong with the idea – after, making a mint is the correct mission for a corporation – its only responsibility, unfortunately).
Still – the rare earths processing is fraught with danger. Both USA and China had to stop rare earths operations, due to very bad environmental pollution, though both are now starting again. China got away with it for ages, by putting the rare earths processing in a rural area, with an unsophisticated indigenous population. But Malaysia – that is a different situation, with a much more educated and urban population, who don’t want the pollution risk.
And now – Lynas has a couple of other problems – its plummeting share price, and some questions about corporate governance
Corporate governance guidelines outlined by the Australian Securities Exchange recommend that ”the role of chair and chief should not be exercised by the same individual”.
Lynas is expected to report a full-year loss before tax of $57 million today as it ramps up towards production. Shares in Lynas closed 17.5¢, or 14 per cent, lower at $1.105 – more than 60 per cent off its April high of $2.70.
Lynas shareholders demand that chairman steps down, The Age, Philip Wen, September 23, 2011 A VOCAL group of retail shareholders in rare-earths miner Lynas is seeking to remove mining entrepreneur Nick Curtis as chairman, citing concerns over ”risks to corporate governance”. Continue reading
Uranium mining company Rio Tinto on a losing streak
Rio Tinto: The Losing Streak Continues (RIO) Financial News Network, 09/22/2011, By Robert Cotte, Rio Tinto (NYSE:RIO) traded at a new 52-week low today of $45.56. So far today approximately 10 million shares have been exchanged, as compared to an average 30-day volume of 3.2 million shares.
Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Rio Tinto’s various mining operations are located in Australia, New Zealand, South Africa, the United States, South America, Europe, and Indonesia…… http://www.fnno.com/story/52-week-high-lows/331-rio-tinto-losing-streak-continues-rio-52-week-high-lows
Rio Tinto not really optimistic about uranium mining
Rio Tinto hopes for a short nuclear slowdown, The Australian, Dow Jones Newswires , September 23, 2011 JAPAN’S Fukushima nuclear accident in March has damaged the credibility of the uranium mining industry and will slow nuclear power growth for up to two years, predicts a Rio Tinto executive…..
The medium-term outlook for uranium, the key fuel for nuclear reactors, remains clouded in the wake of the Fukushima crisis.The crisis began in March when explosions crippled the Fukushima reactor complex following the country’s devastating earthquake and tsunami. Rio Tinto is a major uranium producer via its majority ownership of Energy Resources of Australia and the huge Rossing Uranium mine in Namibia….
Mr Lloyd said that, in addition to uncertainty about demand, the “high capital cost” of new nuclear reactors might be an issue for the sector as it sought to attract funding in coming years. ……http://www.theaustralian.com.au/business/mining-energy/rio-tinto-hopes-for-a-short-nuclear-slowdown/story-e6frg9df-1226144025698
Liquefied Natural Gas to boom, with the decline in nuclear energy
new safety standards and changing public sentiment are likely to slow the advance of atomic energy….
Japan’s energy loss, our LNG gain, The Australian, Rick Wallace, Tokyo Correspondent ,September 20, 2011“…….Tokyo Gas says it expects the Energy Horizon will make up to 15 trips a year, bringing gas from Darwin LNG and the Pluto project in Western Australia. Sources in Japan say the surging demand for LNG from Japan has made the $30 billion Ichthys project (a Japanese-owned and operated venture bringing WA gas to Darwin) a near certainty to go ahead and boosted the business case for several other projects. Continue reading
Australian analysts show that uranium price is STILL going down
Uranium spot price could fall more, Star-Tribune, Tom Mast, September 11, 2011 The spot price of uranium, which tumbled following a Japanese nuclear disaster last spring, could fall even further in the short term.
That’s the assessment of Sydney, Australia-based Resource Capital Research. In its September quarter review, the firm noted a current spot price of $48.85. It is now back to the level seen after a March 11 earthquake and tsunami crippled a nuclear power complex at Fukushima, Japan…..
The firm said the fund-implied price, which is an indicator of market price expectations looking out three to six months, points to a spot price of $45.95. This reflects expectations of possible new supplies entering the market later this year…..
As solar energy costs fall, Australia needs to act fast developing solar expertise
the potential role of solar is quite impressive. It could be a trillion dollar market or more within a decade or two, and the world’s biggest energy technology companies are jostling for position. As Mark Twidell, from the Australian Solar Institute points out, solar is the only technology where costs are falling rapidly – most others are static or rising…..
Australian solar thinks big, Climate Spectator,Giles Parkinson, 9 Sept 11, More than 100 aspiring developers of large-scale solar plants will join financiers, policy makers and NGOs in Melbourne for yet another solar summit today – anxious to learn how they can stop meeting like this and actually go out and build stuff. Continue reading
Uranium pollution in Darwin harbour – taxpayers cop the cost
Taxpayers pay for polluting Darwin harbour 1057 ABC Darwin, Sep 07, 2011 , by Vicki Kerrigan
Contaminated stormwater containing uranium, zinc, copper, arsenic, lead, cobalt, iron, nickel and magnesium gushed into Darwin Harbour last year. The Darwin Port Corporation has been ordered to to pay a 19 thousand dollar offence for the disaster. The fine has to be paid by one government department to another government department; effectively this means you the taxpayer will pay….. http://blogs.abc.net.au/nt/2011/09/taxpayers-pay-for-polluting-darwin-harbour.html
Glencore now HAS to reveal data, let Australians keep an eye on it
Secretive Glencore, Swiss- based international company, has a very bad record – connected with fraud, corruption, environmental degradation (- check it out at http://en.wikipedia.org/wiki/Glencore )
Glencore is now more or less forced to reveal some information, seeing that it recently changed from a private company to public. The change was connected to it increasing its share in uranium miner Xstrata . Pretty inportant, as Xstrata is defending an environmental court case run by Friends of the Earth – a win here could be an unwelcome precedent for Glencore’s world-wide activities.
By the way, Glencore’s CEO, South African Ivan Glasenberg, formely of Switzerland, now resident in Australia, and now an Australian citizen, – is Australia’s second richest person, (after mining multi-billionaire Gina Rinehart.) – Christina Macpherson
Glencore’s 1st Sustainability Report Shows 18 Deaths, Planet Ark, s 08-Sep-11 Eric Onstad Commodities group Glencore released its first sustainability report on Wednesday showing it paid $780,000 in major environmental fines last year and had 18 fatalities.
Glencore, one of the world’s largest commodities trader, promised to launch sustainability reporting during the run-up to its listing earlier this year after spending decades as a private company, revealing minimal information about its business to the general public.
Glencore’s total revenues were $145 billion, the bulk from trading activities, and total core profit was $6.2 billion, but the group has historically paid very low taxes on its trading operation, according to analysts.
Liberum Capital has said Glencore, based in the low-tax canton of Zug in Switzerland, has paid a corporate tax rate close to zero on its trading business up until last year due to its partner ownership structure…. http://planetark.org/enviro-news/item/63196
1 This month.
PETITION – To: Prime Minister Anthony Albanese and the Australian Labor Government
Chernobyl: The Lost Tapes – A good documentary on Chernobyl on SBS available On Demand for the next 3 weeks– https://www.sbs.com.au/ondemand/tv-program/chernobyl-the-lost-tapes/235274195556
19 May – Webinar- Webinar: No Nuclear Weapons in Australia
Start: 2026-05-19 18:00:00 UTC Canberra, Melbourne, Sydney (GMT+10:00)
End: 2026-05-19 19:30:00 UTC Canberra, Melbourne, Sydney (GMT+10:00)
20 May – Webinar – The dangerous world of AUKUS, US, military occupation and suppression of dissent
National Webinar, 20th May, 2026, 6.30pm AEST. Confronting laws restricting/suppressing protest speech and action
Speakers: Former Sen. Rex Patrick, Lawyer Nick Hanna ,Arthur Rorris ,Jorgen Doyle, Sen David Shoebbridge,
Facilitator Kelley Tranter.
of the week – Australians for War Powers Reform (AWPR)
To see nuclear-related stories in greater depth and intensity
Antinuclear 