The U.S. Department of Energy recently released a roadmap for rebuilding the country's nuclear energy sector, including commitments to bolster domestic production of uranium, increase its enrichment as a fuel source and expand the export market for nuclear technologies.U.S. Secretary of Energy Dan Brouillette unveiled the strategy on April 23. The report: Strategy to Restore American Nuclear Ener...Read More
Weekly Reports |Apr 29 2020The virus has curbed uranium production, but also utility demand. Prices continue to rise ahead of an expected return of utility demand.-Utilities focused on safety management-Supply curtailments continue to underpin uranium prices-Trump's Working Group Report finally publishedBy Greg PeelWhile nuclear power generation is deemed an essential service at this time, allowin...Read More
Dasa long section Credit: Global AtomicNIGER - Global Atomic has released the results of a preliminary economic assessment (PEA) for its Dasa deposit in the Republic of Niger.The study outlines the first phase of a larger underground mine at the site - with a 12-year life, this phase would extract the high-grade Flank zone and surrounding mineralization. With average annual production of 4.4 mill...Read More
SASKATCHEWAN - CanAlaska Uranium reported that, prior to the declaration of COVID-19 as a pandemic, its crews were able to complete four drill holes from a planned six-hole winter program at the West McArthur uranium project in the prairies.In a press release, CanAlaska said that drilling was stopped mid-March to ensure an orderly shutdown.According to the company, assays and data from the drill...Read More
Weekly Reports |Apr 14 2020Kazatomprom has moved to formalise virus-related production shutdowns across its operations, sending uranium spot prices higher still.-Kazak restrictions impact uranium production-Cameco moves to shutter more facilities-spot and term prices on the move in responseBy Greg PeelThe Kazak government has imposed measures which now cover all of state-owned Kazatomprom's region...Read More
Weekly Reports |Apr 14 2020Kazatomprom has moved to formalise virus-related production shutdowns across its operations, sending uranium spot prices higher still.-Kazak restrictions impact uranium production-Cameco moves to shutter more facilities-spot and term prices on the move in responseBy Greg PeelThe Kazak government has imposed measures which now cover all of state-owned Kazatomprom's region...Read More
PERTH (miningweekly.com) – Junior Marenica Energy will raise A$1-million after receiving binding commitments for a placement to professional and sophisticated investors.The ASX-listed company will place 26.35-million shares, at a price of 3.8c each, and 26.35-million free attaching options, over two tranches. The first tranche will consist of more than 13.15-million shares and will be issued...Read More
The COVID-19 pandemic continues to negatively impact commodity markets, with prices for metals such as copper, zinc, lead, aluminium and many others falling rapidly since the shuttering of mines and disruption to supply chains around the world. One metal, however, is defiantly bucking the trend.The spot price for uranium oxide in the past few weeks has risen by 14% to over US$27 per lb., ending a...Read More
Weekly Reports |Apr 07 2020After years of lacklustre uranium prices and a lack of any urgency on the part of utilities, suddenly the virus has markedly changed the nuclear energy equation.-Coronavirus fallout has proved beneficial for uranium prices-Market volumes jump led by financial traders and uranium producers-Current crisis emphasises the need for secure power generation, including via nucl...Read More
Weekly Reports |Apr 07 2020After years of lacklustre uranium prices and a lack of any urgency on the part of utilities, suddenly the virus has markedly changed the nuclear energy equation.-Coronavirus fallout has proved beneficial for uranium prices-Market volumes jump led by financial traders and uranium producers-Current crisis emphasises the need for secure power generation, including via nucl...Read More
Weekly Reports |Mar 31 2020The spot uranium price leapt 13% last week as around the globe miners announced temporary shutdowns for the sake of worker safety.-Cameco shuts up shop-Other uranium miners/developers follow suit-Worker safety paramountBy Greg PeelOn a directive from the Canadian and Saskatchewan governments, Cameco last week shut down its 50% owned Cigar Lake uranium mine - the world's...Read More
March 25, 2020Toronto, Ontario (March 25, 2020) - Mega Uranium Ltd. (TSX: MGA) announces the results of its annual shareholder meeting held earlier today. Each of the nominees listed below was elected as a director by a show of hands of the majority of shareholders. The results of the shares voted in person or by proxy in respect of the election of each director are:NomineeShares Voted ForShar...Read More
Cigar Lake mine Credit: CamecoSASKATCHEWAN - Uranium companies Cameco and Orano Canada are suspending mining and processing activities at their operations in the northern part of the province due to the COVID-19 threat.The two companies jointly agreed to suspend production activities: Cameco operates the high-grade underground Cigar Lake mine, with processing of the ore at Orano's McClean Lake mil...Read More
Weekly Reports |Mar 24 2020The virus is having its impact on the uranium industry, sending the spot price under US$24/lb for the first time since July 2018-Virus impacting on electricity producers-And on mining operations-And on project development-And on credit availabilityBy Greg PeelThe US government considers power plants part of the nation's critical infrastructure, and to that end electricit...Read More
Weekly Reports |Mar 17 2020Uranium prices have not gone into a spiral along with other assets, but weakness prevails nonetheless.-Uranium mining stocks fall net -17%-DoE asks for comments on US government uranium purchases-Paladin Energy sells KayelekeraBy Greg PeelThe recent coronavirus outbreak has triggered questions related to certain commodities markets, notes uranium industry consultant Trad...Read More
March 16, 2020VANCOUVER, B.C. and TORONTO, ON- March 16, 2020 - NxGold Ltd. (TSXV: NXN) ("NxGold" or the "Company") and Mega Uranium Ltd. (TSX: MGA) ("Mega") announce that, due to adverse market conditions, they have mutually agreed not to proceed with the proposed change of business of NxGold from a mining issuer to a uranium-focused investment issuer and the acquisition of a portfolio of securit...Read More
Weekly Reports |Mar 03 2020Aggressive selling in the uranium market kept a lid on spot prices during February despite increased utility demand.-U3O8 spot price range-bound-February volumes drop from January-Japanese reactor restarts still a slow processBy Greg PeelActivity in the spot uranium market was relatively consistent through the month of February, industry consultant TradeTech reports. Onl...Read More
Weekly Reports |Feb 25 2020Different approaches to nuclear power generation are being taken across the globe.-Congress to assess US uranium reserve proposal-US to open first new reactor in 30 years-France to close its oldest reactorsBy Greg PeelThe Trump Administration has allocated US$150m in its proposed 2021 budget for the creation of a national uranium reserve. The budget will need to be appro...Read More
As part of U.S. President Donald Trump's proposed federal budget for fiscal 2021, his administration is requesting US$150 million annually over the next decade to stockpile U.S.-mined uranium in a new national uranium reserve.The move is designed to prop up domestic production as a matter of national energy security and re-establish the country's nuclear fuel supply chain.Trump's "Budget for Ameri...Read More
Weekly Reports |Feb 11 2020Lack of demand continues to drag on uranium prices despite ongoing production curtailments, yet nuclear energy remains a matter of cost.-Uranium spot prices drift lower-Production curtailments ongoing-Nuclear power a costly optionBy Greg PeelThe world's largest mining investment conference, now in its 26th year, began in Cape Town last week. Given the tenuous state of So...Read More