September 13, 2009

Bloomberg Bullish On Uranium



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Link To
Australianuraniuminvesting


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Friday 11th September 2009

Canadian Miners Look To Australia For Uranium

TWO large Canadian resources companies are separately looking to Australia for local uranium projects.

Uranium explorer Toro Energy said today it planned to team up with Cameco Australia to explore and develop a project in Western Australia.

The proposed joint venture will focus on the Birrindudu project in the Tanami region near the WA border with the Northern Territory.

Toro will have to drill at least four test holes in a two year period and spend a minimum $1 million to acquire a 50.1 per cent stake in Birrindudu.

Cameco Australia is the local arm of the Canadian giant Cameco, which accounts for 15 per cent of the world's uranium output from its mines in North America.

Toro managing director Greg Hall welcomed the deal and said Birrindudu was an "ideal fit'' for the company's exploration assets.

Meanwhile Teck Australia, owned by Canadian resources giant Teck Resources, has joined with three local companies including Marmota Energy, PlatSearch NL and Eaglehawk Geological Consulting to explore for uranium deposits in South Australia.

That project will focus on Junction Dam, which is 10km east of the Honeymoon uranium mine and 50km west of Broken Hill.

Under the terms of joint venture, Marmota Energy can earn a 51 per cent stake in the uranium rights on the tenement by spending a total of $600,000 in staged increments.

"The project's proximity to the major regional centre of Broken Hill and good access to road and rail infrastructure makes this a strategically significant project for Marmota Energy, Marmota said in a statement.


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3 comments:

  1. what is the code for the uranium etf that you have shown?

    ReplyDelete
  2. Sorry for the delay in response :)

    ETF Code is URA
    Global X Uranium ETF
    (NYSEArca: URA )

    ReplyDelete
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    ReplyDelete