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Uranium Resources, Inc. (URRE) Message Board

  • perterber perterber Nov 17, 2010 11:50 AM Flag

    china is paying 79$/pound for u.....

    to anyone following the term market for uranium, you know that china has been stockpiling uranium; they have been buying several million pounds in the spot market and locking in all kinds of long term contracts for the metal as well;

    recently, areva sold a portion of its immouraren deposit in niger to chinese for several billion dollars, in effect china paid 79$/pound equivalent;

    china alone will move the spot price to 70$ and beyond imho; here are a couple of quotes from ceo of two of the biggest unhedged producers of uranium, speaking about china;

    Jean Nortier, Uranium One CEO ".......Uranium buyers in the US "have been a bit slow in realizing a major supply crunch is coming," Nortier said US utility buyers are "more willing to buy at market prices, but we're not seeing a desperate scramble for supply", Nortier said, in contrast to the behavior on the part of Asian buyers who are locking in long-term supplies. Nortier said China is the "locomotive" driving the future supply crunch and rising prices in the longer term."Nobody knows how much China will need to buy" to fuel its massive nuclear power construction program, he said. "Our view is they will buy every single pound they can," Nortier said.

    Paladin CEO John Borshoff ".....expects prices to keep rising as China drives demand for nuclear fuel. China has “piled up” contracts to import uranium, Although they have sucked a chunk out of new production, they are nowhere near their target of acquiring in the vicinity of 45 to 50 million pounds per annum by 2020.” China needs the nuclear fuel and has “come out of its slumber....."

    hold onto your urre shares longs, our texas properties have become valuable again (as i had suggested they would many times) and the cameco deal will be signed anyday; in new mexico, the rising spot price of uranium will increase urre's leverage significantly, i would not be surprised to see another major miner come in and take a piece of our new mexico properties as well; we need to get rio algom back on the table;

    in any event, lots of impetus, do not sell your shares yet longs, i will advise when i am selling;


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    • Good post

      If you look at the long term expected huge energy demand for China and India alone, you can only come to one conclusion. They will need massive clean nuclear power. They know it and they are willing to do something about it "NOW".

      Going deeper and deeper for oil is not cheap. No, it is getting incredible expensive. I remember the times when my family would drill an oil well in Montana for 80 000 Dollars. Make this a several millions now. Several hundred millions coming up.
      And in the Golf ?? Make this several Billions. About as much as it costs to build a nuclear power plant and get clean energy.

    • very good quotes, i read this myself the other day.

    • one thing i meant to add;

      china is paying 79$/pound for uranium from a mine not yet opened, in a country that is ripe with political turmoil and all kinds of violence; the oil industry has been plagued in africa by kidnappings and it is only a matter of time till the militants start with the u miners as well;

      the point is that imagine what urre's reserves will be worth, in a safe politically stable climate like new mexico?;

      soon enough the american utilities will need product and they will come to new mexico to get it;


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