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Uranium News
Fission intersects widest mineralisation, strongest radioactivity at PLS zone
By: Samantha Herbst 2nd August 2017 TSX-listed explorer Fission Uranium has intersected the widest mineralisation and some of the strongest radioactivity to date at its Patterson Lake South property in Canada’s Athabasca basin, following the results of an additional two holes drilled to test the recently discovered, land-based... →
ERA narrows loss in interim period
By: Esmarie Iannucci 2nd August 2017 Uranium miner Energy Resources of Australia (ERA) has narrowed its loss during the half-year ended June, compared with the previous corresponding period. The ASX-listed miner on Wednesday reported a loss of A$0.5-million for the interim period, compared with a loss of A$196.5-million in the... →
NUM, ANC ‘very encouraging’ – Royal Bafokeng Platinum 
By: Martin Creamer 1st August 2017 Royal Bafokeng Platinum CEO Steve Phiri said on Tuesday that he was “very encouraged” by the stance taken the day before by the National Union of Mineworkers (NUM) and the ruling African National Congress (ANC). “We can only improve the situation if we work together and not against each other,”... →
Vimy raises A$6m
By: Esmarie Iannucci 31st July 2017 Uranium developer Vimy Resources has raised A$6-million through a share placement to sophisticated and institutional investors to complete definitive feasibility study (DFS) work at its Mulga Rock project, in Western Australia. The company will issue 43-million shares, priced at 14c each, to new... →
Positive signals herald increased US reliance on nuclear as part of renewables mix
By: Henry Lazenby 28th July 2017 Changing global macroeconomic trends are increasingly making more space for nuclear power to support renewable energy roll-outs, boding well for the uranium market, which has been dealing with unsustainably low prices for nearly a decade, according to former US secretary of energy and current... →
Cameco settles US tax spat, 2017 outlook weakens
By: Henry Lazenby 28th July 2017 Canadian uranium producer Cameco 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 payment of about $122 000, which... →
Cameco's Inkai mine, in Kazakhstan
Resources Watch
27th July 2017 Fission redefines Athabasca basin; And, State capture casts long shadow over Eskom’s results →
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 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... →
Embattled Paladin secures new financing facility
By: Esmarie Iannucci 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 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,... →
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... →
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... →
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... →
ERA production falls in June quarter
By: Esmarie Iannucci 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... →
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... →
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... →
Administrators take over at embattled miner Paladin
By: Esmarie Iannucci 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... →
Paladin has only days to repay EDF debt
By: Esmarie Iannucci 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... →
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... →
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,... →
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... →
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... →
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 Iannucci 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... →
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 of Mines of South Africa president Mxolisi Mgojo
Paladin has 30 days to repay $277m in debt
By: Esmarie Iannucci 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... →
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