Hole 116: 2.5 Metres Grading 70.34% U3O8 / #10-200: 22.5 Metres Grading 11.3% U3O8 / #30: 69 metres grading 2.33% U3O8 / #10-188B: 7.5 metres grading 29.98% U3O8
ATHABASCA BASIN: WHERE GRADE IS KING!
Message: Kazakhstan wins support for uranium exchange
http://www.thenews.com.pk/daily_deta...
| Kazakhstan wins support for uranium exchange |
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| Friday, September 19, 2008 ALMATY: Kazakhstan has the support of leading companies to create an international uranium exchange that would help set a transparent market price, a top Kazakh industry official said on Thursday. Kazakhstan is home to a fifth of global uranium reserves and wants to surpass Australia and Canada to become the world’s top producer in two years. Its economy heavily dependent on oil, Kazakhstan also sees uranium was a way to diversify. Mukhtar Dzhakishev, head of Kazakh uranium company Kazatomprom, said global companies such as France’s Areva, Cameco Corp and Russian firms had largely agreed to his proposal to set it up as soon as next year. “Our market doesn’t have normal prices, it only has a (spot)indicator which fluctuates along with deliberate speculative actions,” he told reporters on the sidelines of a mining conference in the Kazakh financial capital Almaty. “To introduce the market price, there’s been a proposal to set up a bourse to include producers, buyers and financial institutions... It’s our idea.” “It will lead to transparency and clarity and create a trading venue,” he said. “Many financial institutions are interested and can take part in it as investors.” Other companies could not be reached for comment but one uranium trader in London agreed the move would bring more transparency to the market. “I think they want to increase the ability to buy and sell uranium a little bit more transparently,” the trader said. “I think that is his motive. ... There isn’t that much transparency in these markets and he obviously wants that to improve.” Kazatomprom expects to produce 8,800 tonnes of uranium this year, rising to 11,000 tonnes in 2009 and by 2010 it forecasts 15,000 tonnes. By 2015-2016 it expects to produce 27,000 tonnes to fill the shortfall in the market. |
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