Uranium mining shareholders unaware of problems
Christina Macpherson 16 Sept 09
Mega uranium is to start operations in Western Australia, with some funding from the WA government
Commenting on this Federal Minister for Resources and Energy, Martin Ferguson, said that Australian was “committed to mining uranium with safe hands and only supplying uranium to countries which use it with safe hands”.
But just how safe is Mega?
Mega Shareholders
Megames, African September 15, 2009
Are the shareholders aware of the loses incurred by the public officers because of negligence :1. US$ 35,000 (LOSS) – Legal Fees – Lost court battle in SA and Mega Uranium subsidiary was liquidated
2. US$ 54,000.00 (LOSS) – Cash in bank – Mega Uranium subsidiary was liquidated
3. US$ 246,000.00 (LOSS) – Drilling Machine – Mega Uranium subsidiary was liquidated
This equates to a loss of more than US$ 335,000.00 LOSS which is a lot less than creditors were owed in SA for which Mega Uranium refused to settle.
So is this the way shareholders funds should be used?
Olympic Dam uranium mine: future uncertain
BHP’s dam dilemma: costs rise
The Age BARRY FITZGERALD September 9, 2009
BHP Billiton’s proposed expansion of the Olympic Dam copper/uranium/gold mine in South Australia’s outback is set to become the most expensive ever, with analysts estimating an all up cost of $US15-$US20 billion ($17.4-$23.2 billion)…… Continue reading
China seeking strategic control of Australia’s uranium
Uranium follows rare earths as China eyes strategic control
Robin Bromby | September 08, 2009Article from: The AustralianFIRST rare earths, now uranium. It seems the Chinese are determined to get control of key strategic metals – and Australia seems to be welcoming the idea.
Chinese companies have effectively moved to take control of the two most advanced rare earths projects here (although one is still subject to approval by the Foreign Investment Review Board).
And, as we saw this morning, uranium is also high on Beijing’s shopping list. It is proposed that China Guangdong Nuclear Power (CGNP) will acquire 70 per cent of Energy Metals (EME) which has the Bigrlyi uranium project in the Northern Territory, where there is already a JORC-compliant economic uranium resource (as well as vanadium). This is almost certain to succeed because Jindalee Resources (JRL) owns 40 per cent of EME and has agreed to the deal…………………..
it’s still cheap as chips for what could be Australia’s next uranium mine to be developed. CGNP has four operating nuclear power stations and what better for it than to control its own mines, rather than have to be at the mercy of the open market?
Uranium follows rare earths as China eyes strategic control | The Australian
Ziggy Switkowski backs China’s push for control of Australian uranium
China makes power play for uranium
The Age BARRY FITZGERALD AND MATHEW MURP 9 Sept 09A BEIJING directive to its mushrooming nuclear power industry to step up the acquisition of strategic uranium supplies has led to an agreed $85 million takeover bid for Energy Metals, the main partner in the Northern Territory Bigrlyi uranium deposit. Continue reading
Some BHP Billiton shareholders concerned about Olympic Dam uranium mine’s”poisonous legacy”
Olympic Dam opponents willing to sacrifice dividends
ABC News 27 Aug 09A group of BHP Billiton shareholders who oppose the expansion of the Olympic Dam mine say they would rather forego any dividends from the project than see the environment damaged.
The BHP Shareholders for Social Responsibility group is made up of long-term shareholders from across the nation.
In a submission to BHP Billiton’s draft environmental impact statement, the group’s convener, John Poppins, says among other concerns, there is too much uncertainty about the impact on the local estuary of locating a desalination plant at Point Lowly.
Mr Poppins says BHP has no rectification plan if damage occurs and while shareholders stand to benefit from the expansion, it is a short-term view.
“Some shareholders are of the view that we can forego some of our dividends by looking to do things better environmentally or socially,” he said.
He says the mine will create a poisonous legacy for the future.
Flat outlook for uranium spot prices
Australian Mining 26 August 2009 | by Michael Mills
Equity research company Resource Capital Research (RCR) said it is not expecting any significant changes to uranium spot prices in the near term.
The uranium spot price is currently trading at US$47.50 per pound, down 8% from the US$52 three months ago.
At the end of December 2008, the prices were US$52.50 per pound.
…………. The long term contract uranium price is US$65.00 per pound, which is down from US$70 per pound price at December 2008.
http://www.miningaustralia.com.au/Article/Flat-outlook-for-uranium-spot-prices/495758.aspx
Australian nuclear energy company closes down
Rudd’s hostility forces nuclear group to bale out
Sydney Morning Herald Phillip Coorey August 25, 2009SSOME of Australia’s biggest nuclear power advocates have given up the cause, believing Australia has ”missed the boat” on embracing the energy source. Continue reading
Cameco’s Central Australian uranium mine likely to be a dud
A uranium hole in the heart
Green Left Daniel Clarke, Alice Springs 23 August 2009“…………………….Monash University civil engineering lecturer Dr Gavin Mudd said US President Barack Obama’s push for a cut in the world’s nuclear weapons stockpiles would lead to a collapse in uranium prices. Continue reading
Chinese energy is greener than ours
Chinese energy is greener than ours
THE AUSTRALIAN 27 July 09
“………Ferguson’s government and others in the developed world are being asked to comprehend ……………They have been repeatedly warned by the International Energy Agency that, even if the Organisation for Economic Co-operation and Development countries collectively reduce their greenhouse gas emissions to zero by 2030, they cannot put the world on track to achieve stablisation of carbon dioxide levels in the atmosphere at 450 parts per million………….Martin Ferguson could have also cited a set of startling Chinese green power statistics in his mid-July speech to the Queensland Resources Council
By 2020 China aims to have installed 300,000MW of hydro power (equal to 80 Snowy Mountains schemes), 30,000MW of plants fuelled by agricultural waste, 1800MW of solar power and more than 50,000MW of wind farms (about four times what will be needed here to meet the Rudd renewable energy target).This will involve spending $US33billion ($40.3bn) a year on renewable energy.Everything about the Chinese effort is mindboggling. For example, it now employs 600,000 people (twice the population of Canberra) installing solar hot-water heaters in a $US2bn a year business. Its electric bicycle business is worth more than $US6bn a year.Nor are its efforts to reduce the environmental impact of its coal-burning generators to be underestimated.
Since 2005 China has required all new large power plants to use at least high-efficiency, super-critical technology and since 2007 it has shut down smaller, inefficient plants with a capacity of 14,380MW (more generation capacity than in NSW).This is allowing China to leapfrog the less efficient coal technology that is dominant in the developed world, including Australia.
Australia’s top nuclear business closes down – “a waste of time”
Top trio turn off N-switch
(for more Australian news go to nuclear news Australia )
Herald Sun Cameron England
July 23, 2009 12:00am
THREE of Australia’s best-known businessmen have abandoned plans to build the country’s first nuclear power plant in the face of Federal Government opposition to the controversial energy source.
Fairfax Media chairman and former Liberal Party treasurer Ron Walker has applied to deregister Australian Nuclear Energy — the company he set up with mining identities Robert Champion de Crespigny and Hugh Morgan — three years after its creation.
Mr Walker said yesterday a lack of government support had scuttled their ambitions. “Government was very clear that they would not allow nuclear energy in Australia,” he said.
“We decided that it was just a waste of our time…………
…………Mr Walker applied to shut down ANE, which investigated the possibility of building a nuclear plant in either Victoria or South Australia, on May 2
http://www.news.com.au/heraldsun/story/0,21985,25821675-664,00.html
1 This month
of the week – Australians for War Powers Reform (AWPR)
To see nuclear-related stories in greater depth and intensity
Antinuclear 