Hathor Exploration's (TSE:HAT) board recommends that shareholders accept Rio Tinto's (LON:RIO) all-cash offer of Can$654 million.
Rio Tinto increased its all-cash offer to acquire all of the outstanding common shares of Hathor to $4.70 per share.
The offer represents a premium to Cameco Corporation's previous offer of Can$4.50 per common share.
Gold futures for December delivery dropped 3.2% or $57 to $1,717.30 an ounce on the Comex division of the New York Mercantile Exchange by early afternoon on Thursday.
Gold's weakness flies in the face of new data from the World Gold Council showing investment demand at record highs and voracious jewelry demand from China, and investment bank Morgan Stanley picking gold as its top commodity for 2012 and predicting a price of $2,200 an ounce in the first half.
Australian legal firm Minter Ellison predicts that lifting the ban on Australian uranium exports could present significant opportunities for mining companies in Australia, as Indian and other foreign state-owned enterprises look for uranium exploration opportunities in that country. Mineweb quotes the firm's Energy and Resources partner Andrew Thompson:
"This reversal comes as welcome news to Australian mining companies that are currently restricted by the policy. It will see an increase in uranium export markets, as well as opportunities for foreign direct investment and increased capital for Australian uranium projects.
"Australian uranium explorers and producers would benefit from India's increasing use of nuclear energy, which is expected to grow from 3% to 40% of total domestic electricity consumption by 2050."
KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2011) - FISSION ENERGY CORP. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission" or the "Company") is pleased to announce that, further to its press release dated October 27, 2011, the Company has now completed the previously announced private placement of 11,800,000 flow-through common shares (the "Flow-Through Common Shares") at a price of $0.85 per Flow-Through Common Share for total gross proceeds of $10,030,000 (the "Private Placement"). The Private Placement was conducted on a bought deal basis by a syndicate of underwriters led by Dundee Securities Ltd. and including National Bank Financial Inc., Raymond James Ltd., Primary Capital Inc. and Versant Partners Inc. (the "Underwriters").
A new European study says supply shortfalls of rare-earth elements over the next two decades put at risk the EU's ambitious plans to expand the production of solar, wind and green transport technologies and implement carbon-capture systems.
According to the EU's Joint Research Centre, solar will require half the current world supply of tellurium and 25% of the supply of indium, while Europe’s wind energy programme which is supposed to power all of the continents 240 million households within 20 years need a steady supply of neodymium and dysprosium. China controls 95% of the globe's rare earth output in 2010 produced more solar panels than the rest of the world combined.
The price of US crude oil broke through the psychologically important $100/barrel level on Wednesday after news of a pipeline deal that will relieve the oil glut in Cushing, Oklahoma, the pricing point for US crude. The US benchmark crude price West Texas Intermediate is now up more than a third from year-lows of $76 struck in early October.
On top of the almost 3% move higher to $102 on Wednesday, the gap between WTI and the international benchmark price, Brent, reduced dramatically. From a record margin of $26.87 early September, WTI is now less than $10 cheaper. At the same time the discount on Western Canada Select narrowed 55 cents to $11.40/barrel meaning oil sands producers now get more than $90 per barrel for their heavy oil for the first time since June.
Alberta is poised to become a major player in Canadian mining, says The Mining Association of Canada.
The Edmonton Sun reports that half of the country's $140 billion in mining activity over the next five years will be centred in Alberta, with 12 projects slated for development by 2016:
Yesterday's announcement by Australian PM Julia Gillard to consider lifting the ban on uranium sales to India is raising eyebrows at one of the country's largest iron ore producers.
News.com.au reports Fortescue Metals (ASX:FMG) chief executive Neville Power questioning whether the proposed sales would benefit BHP's Olympic Dam uranium mine in South Australia: "You would wonder," Power said yesterday at Fortescue's Port Headlands wharf in Western Australia.
The Alberta oilsands and Bakken oil fields in North Dakota put on a good show 278 km above earth.
Ken Paulman, writing for Midwest Energy News, conducted some cartographic detective work on a video that went viral, a time-lapse video of the earth's surface shot from the International Space Station.