R/€ = 15.21 Change: -0.03
R/$ = 13.01 Change: 0.00
Au 1258.27 $/oz Change: -0.90
Pt 924.00 $/oz Change: -0.50

Uranium News

Cameco settles US tax spat, 2017 outlook weakens

By: Henry Lazenby     Updated 5 hours ago Canadian uranium producer Cameco announced on Thursday that it has reached a settlement with the US Internal Revenue Service for the tax years 2009 to 2012, bolstering the company’s position that its transfer pricing arrangements are appropriate. The settlement agreement results in a cash tax... 

Resources Watch 

     27th July 2017 Fission redefines Athabasca basin; And, State capture casts long shadow over Eskom’s results 

Resources Watch
Resources Watch

Fission reports wide mineralisation, multiple stacked lenses at PLS R1515W zone

By: Henry Lazenby     26th July 2017 Results from the first two summer drill holes at the R1515W zone of Fission Uranium's Patterson Lake South project, in Saskatchewan, show that the explorer has hit high grades and wide mineralisation in multiple stacked lenses. The zone has been expanded both laterally and down-dip to the south. 

Deputy Minister ‘uncomfortable’ at not being consulted

By: Martin Creamer     26th July 2017 Deputy Mineral Resources Minister Godfrey Oliphant told Radio 702 morning anchor Xolani Gwala on Wednesday that he was “uncomfortable” at having to read about the proposed mineral rights moratorium in the newspapers. Oliphant, who has served as the deputy to three Mineral Resources Ministers,... 

Deputy Minister ‘uncomfortable’ at not being consulted
Photo by Duane Daws
Deputy Mineral Resources Minister Godfrey Oliphant

Stop moratorium now, NUM instructs DMR

By: Martin Creamer     26th July 2017 The National Union of Mineworkers (NUM) said on Wednesday that it is deeply concerned by the current consideration by the Minister of Mineral Resources Mosebenzi Zwane to put in place a mineral rights moratorium until the finalisation of the Mining Charter Three court challenge by the Chamber of... 

TSX falls, weighed by Barrick and other gold miners

By: Reuters     24th July 2017 Canada's main stock index fell on Monday, as gold miners broadly weighed and Barrick Gold lost nearly 5% after a company it majority owns, Acacia Mining, was hit with a bill for $190-billion in unpaid taxes in Tanzania. Railway stocks, big banks and pipeline and other energy stocks also put... 

Embattled Paladin secures new financing facility

By: Esmarie Swanepoel     24th July 2017 The administrators of embattled uranium miner Paladin Energy have secured some $40-million of additional debt, announcing on Monday that they had entered into agreements with Deutsche Bank. Under the agreements, Deutsche Bank would acquire an existing $20-million revolving credit facility from... 

Australia ships first uranium to India for testing, Bishop says

By: Bloomberg     24th July 2017 Australia has sent its first uranium shipment to India for testing purposes ahead of possible commercial sales to the nation, Foreign Minister Julie Bishop said. “I can confirm that the first shipment of uranium has taken place in mid-July, when a small sample of uranium was transferred for... 

NexGen closes $110m financing, appoints new board member

By: Henry Lazenby     21st July 2017 Uranium explorer NexGen Energy has successfully closed a $110-million financing with Hong Kong-based CEF Holdings (CEF) and affiliates of its shareholders, comprising $50-million in common shares and a $60-million principal amount of unsecured convertible debentures.  Under the terms of the... 

Paladin teeters on the brink of receivership

By: Henry Lazenby     21st July 2017 Australian uranium player Paladin Energy is on the brink of receivership as its debts outweigh potential revenues. The ASX-listed miner, which will be stripped of its TSX listing on August 10, for failure to meet the exchange’s ongoing listing requirements, said on Friday that it had received an... 

Paladin teeters on the brink of receivership
Photo by Bloomberg
Paladin Energy's Langer Heinrich Mine, Namibia

Charter’s BEE ‘top-up’ provision may be unconstitutional

     21st July 2017 The new “top-up” provision in the latest Mining Charter gazetted on June 15, may prove to be unconstitutional and may lead to further expensive legal action by the mining industry, states Fasken Martineau partner and global mining group member Nicola Jackson. In a statement published on June 15,... 

Charter’s BEE  ‘top-up’ provision may be unconstitutional
GOVERNMENT PAYING LIP SERVICE? The controversial Mining Charter’s new procurement targets stipulate that 80% of services be performed by black economic-empowerment entities

A pearl at a time, Fission redefines Saskatchewan’s Athabasca basin 

By: Henry Lazenby     19th July 2017 Since the November 2012 discovery of a new high-grade uranium deposit just outside the south-western corner of Saskatchewan’s famed Athabasca basin, where the world’s highest-grade uranium mines are found, explorer Fission Uranium has succeeded in stringing together new uranium discoveries “like... 

A pearl at a time, Fission redefines Saskatchewan’s Athabasca basin
Fission Uranium president, COO and chief geologist Ross McElroy discusses how the Patterson Lake South uranium project was discovered, current exploration goals, and the project’s strategic advantage in the ongoing low uranium price environment. Video: Henry Lazenby; Editing: Lionel da Silva.

Nuclear is not just about energy – Niasa MD

By: Natasha Odendaal     19th July 2017 South Africa’s controversial nuclear energy plans have overwhelmingly overshadowed the more expansive, overall industry that has quietly developed in the country, which has become a world leader in nuclear medicine. Speaking at the one-day nuclear forum on the sidelines of the PowerGen Africa... 

North American metals and mining sector provides weak covenant protections – Moody’s

By: Henry Lazenby     15th July 2017 High-yield bonds issued in the metals and mining sector provide weak covenant protection, Moody's Investors Service says in a new report issued on Friday. The average covenant quality (CQ) score under the credit rating agency's scoring criteria for the 56 North American metals and mining... 

Support for multicommodity potential of Malawi project

     14th July 2017 Sampling at dual-listed explorer Mkango Resources’ Thambani heavy minerals project, in southern Malawi, supports the notion that Thambani has significant multicommodity potential, says president Alexander Lemon. He noted in a May statement that not only were the uranium results highly... 

Support for multicommodity potential of Malawi project
GOOD TIME TO INVEST Renewed interest in uranium projects has been sparked by Kazakhstan’s cut in uranium production and a supply shortfall for new rectors coming on line in the next five years

Construction formally starts at Salamanca uranium mine

By: Creamer Media Reporter      12th July 2017 ASX- and Aim-listed Berkeley Energia has advanced its Salamanca uranium project from the development phase to the construction phase with the delivery of the primary crusher to the site in western Spain. The 400-t/h crusher was manufactured by Sandvik Group, in Finland, and was one of the... 

Construction formally starts at Salamanca uranium mine
The crusher has arrived at the Salamanca uranium project's site in Spain.

ERA production falls in June quarter

By: Esmarie Swanepoel     12th July 2017 Uranium miner Energy Resources of Australia (ERA) has reported a 25% fall in uranium oxide (U3O8) production during the three months to June, compared with the first quarter. Production for the second quarter fell to 449 t of U3O8, compared with 666 t U3O8 produced in the previous quarter, with... 

Miners rewarded for improved capital discipline

By: Henry Lazenby     11th July 2017 Increased cash flows, merger and acquisition (M&A) activity and new debt issues have helped many of the world’s top miners strengthen their balance sheets in 2016, reflecting miners’ response to investor messages around capital discipline, according to new analysis from PwC Canada. "As the global... 

Miners rewarded for improved capital discipline

Toro receives federal approval for Wiluna uranium project

By: Ilan Solomons     10th July 2017 Federal Environment and Energy Minister Josh Frydenberg has granted environmental approval for Toro Energy’s Wiluna extension uranium project, in Western Australia.   The project was assessed under a bilateral agreement between federal and state governments initiated in February 2014.  ASX-listed... 

FEED lowers Salamanca uranium mine’s upfront costs

By: Mariaan Webb     6th July 2017 The Salamanca uranium mine in Spain has been confirmed as one of the lowest-cost uranium developments in the world, Aim- and ASX-listed Berkeley Energia reported on Thursday, as it published a new capital cost estimate for the project. The Salamanca mine, which will produce 4.4-million pounds a... 

FEED lowers Salamanca uranium mine’s upfront costs

Canadian Nuclear Safety Commission OKs another ten years of McCLean Lake mill ops

By: Henry Lazenby     6th July 2017 A uranium mill processing high-grade uranium ore from Saskatchewan’s Athabasca basin has been granted a new ten-year licence to operate. The McClean Lake mill is one of the most technologically advanced uranium mills in operation and is the only facility in the world designed to process... 

Uranium Resources receives mining licence for Tanzania operations

By: Megan van Wyngaardt     5th July 2017 Uranium Resources’ major shareholder, Estes, on Wednesday confirmed that it would continue to fund the company’s ongoing working capital requirements while the company reviews alternative financing arrangements.  To date, Estes has provided unsecured loans totalling $1.8-million, which are now... 

Tanzania turns up heat on overseas miners with State stake law

By: Reuters     5th July 2017 Tanzania put more pressure on foreign mining companies on Tuesday by amending mining and tax laws to make it mandatory for the State to own at least 16% of mining projects, while also raising export royalties. Parliament passed the bill unanimously, the State-run Tanzania Information Services said. 

Tanzania turns up heat on overseas miners with State stake law
Photo by Reuters
Tanzanian President John Magufuli

Administrators take over at embattled miner Paladin

By: Esmarie Swanepoel     4th July 2017 Embattled uranium miner Paladin Energy has called in administrators after failing to secure a standstill agreement with France’s Electricite de France SA (EDF). Paladin was due to make repayments of a $227-million debt to EDF on July 10. 

Mining Indaba offering new junior zone, boosting interface opportunities 

By: Martin Creamer     4th July 2017 Strong new thrusts are planned for next year’s Investing in African Mining Indaba, which is scheduled to take place at the Cape Town International Convention Centre from February 5 to 8, once again to support investment in mining companies operating in Africa and to provide an effective platform... 

Mining Indaba offering new junior zone, boosting interface opportunities
Investing in African Mining Indaba MD Alex Grose outlines to Mining Weekly Online’s Martin Creamer the major new focus on junior miner involvement. Video and Video Editing: Lionel da Silva.

Paladin has only days to repay EDF debt

By: Esmarie Swanepoel     3rd July 2017 France’s Electricite de France SA (EDF) is pushing embattled uranium miner Paladin Energy for the repayment of $227-million in debt, which is due on July 10. Paladin previously attempted to negotiate a standstill agreement with EDF under the long-term supply agreement inked in 2012, but a... 

Paladin has only days to repay EDF debt

Mining Charter violates shareholder rights – Hogan Lovells

By: Martin Creamer     23rd June 2017 Mining Charter Three’s arbitrary increase of empowerment shareholding to 30% violates the property rights of shareholders, and the new charter’s requirement to pay 1% of yearly turnover is not expected to survive challenges under the Companies Act and the Constitution. Property rights under the... 

Mining Charter violates shareholder rights – Hogan Lovells
Hogan Lovells partner Wessel Badenhorst

Slow, bumpy market recovery on the cards for most commodities

By: Henry Lazenby     22nd June 2017 The global commodity market is probably in for a slow, drawn-out recovery following the five-year bear market, S&P Global Market Intelligence director for reports on the metals and mining sectors Dr Chris Hinde said during a webcast on Wednesday. According to S&P’s ‘State of the Market’ report,... 

Slow, bumpy market recovery on the cards for most commodities

Strateco loses Quebec lawsuit

By: Henry Lazenby     22nd June 2017 Canadian uranium project developer Strateco Resources has suffered defeat in its litigation against the government of Quebec, saying it is reviewing the 115-page judgment and assessing the possibility of appealing the decision. Judge Denis Jacques rendered his decision on Wednesday regarding the... 

Mining Charter exposing South African economy to GATT angst  

By: Martin Creamer     21st June 2017 The procurement rules of the new Mining Charter may violate South Africa’s obligations under the General Agreement on Tariffs and Trade (GATT), exposing the country to challenges by other member states of the World Trade Organisation (WTO), Herbert Smith Freehills lawyers Peter Leon and Patrick... 

Mining Charter exposing South African economy to GATT angst
Photo by Duane Daws
Herbert Smith Freehills co-chair Peter Leon

Mining Charter set to worsen stakeholder relations – Bench Marks

By: Martin Creamer     20th June 2017 The new Mining Charter is the flawed outcome of inadequate consultation with communities, the board of the Bench Marks Foundation said on Tuesday, when it warned that the document is poised to worsen stakeholder relations. Bench Marks executive director John Capel condemned the new charter as a... 

Mining Charter set to worsen stakeholder relations – Bench Marks
Photo by Reuters
Rt Rev Dr Jo Seoka, chairperson of the Bench Marks Foundation, which has launched a scathing attack on the new Mining Charter.

Western Australia bans future uranium mines

By: Esmarie Swanepoel     20th June 2017 Western Australia on Tuesday officially implemented a ban on future uranium mining leases, but has given assurances that it will not hinder the development of projects already granted approval. Mines and Petroleum Minister Bill Johnston told Parliament that the actions were consistent with the... 

Western Australia bans future uranium mines

Chamber going to court to halt devastating charter blow to already battered mining sector 

By: Martin Creamer     15th June 2017 The Chamber of Mines of South Africa will be applying at the earliest opportunity for a court date for a declaratory order on continuing empowerment consequences, as well as immediately seeking an interim court interdict to suspend the implementation of Mining Charter Three, the devastating set... 

Chamber going to court to halt devastating charter blow to already battered mining sector
Photo by Creamer Media
Chamber of Mines of South Africa president Mxolisi Mgojo

Paladin has 30 days to repay $277m in debt

By: Esmarie Swanepoel     13th June 2017 Uranium miner Paladin has to repay $277-million in debt within the next 30 days, after the company failed to provide sufficient security to offtake partner Électricité de France (EDF) under a long-term supply contract (LTSC) Paladin previously proposed additional security for the LTSC, signed in... 

Berkeley Energia building a Europe-focused board

By: Creamer Media Reporter      12th June 2017 Uranium project developer Berkeley Energia has appointed Adam Parker as independent nonexecutive, strengthening the company’s commitment to build an Europe-focused board. The ASX- and Aim-listed company, which is bringing the Salamanca mine in western Spain into production, recently also... 

IHS Markit's materials price index registers 3.1% weekly decline

By: Henry Lazenby     9th June 2017 A broad basket of commodities tracked by market research house IHS Markit has declined the most in a single week since mid-April, falling 3.1% last week in a broad retreat. IHS senior economist Ben Orhan said in a news release to Mining Weekly Online on Thursday that the commodity price index... 

Uranium to boost Namibian mining sector – BMI

By: Megan van Wyngaardt     8th June 2017 Namibia's mining sector will witness solid growth over the coming years, owing to an increase in domestic uranium production, but this could be stifled by proposed regulatory revisions, which will pose significant challenges for the broader mining sector, research firm BMI said on Thursday. In... 

Denison plans active summer drilling across development portfolio

By: Henry Lazenby     7th June 2017 Uranium development company Denison Mines plans for an active summer of exploration on its flagship Wheeler River project, in northern Saskatchewan’s Athabasca Basin, as well as on other projects in its growth pipeline. The Toronto-headquartered explorer said on Wednesday it plans to undertake up... 

Denison plans active summer drilling across development portfolio
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