Mongolia settles row with Canadian miner, pays $70 million

In the wake of the Fukushima meltdowns, some nations are looking to move away from nuclear power. But not China, which is proceeding with plans to build 36 reactors over the next decade. As a result of such climate change concerns, as well as the need for more power in developing nations, more than 60 reactors are under construction around the world today in countries like India, Russia and South Korea. Even the US is currently building one new reactor — the second unit at Watts Bar in Tennessee.

Mega Uranium today announces its unaudited results for the three and nine months ended June 30, 2011. As at June 30, 2011, Mega had cash, cash equivalents and marketable securities totaling $31.1 million, as compared to $49.9 million at the end of September 30, 2010, a decrease of 38%. The decrease is primarily attributable to the Lake Maitland feasibility costs and other exploration expenditures incurred during the current period. As at June 30, 2011, the Company had mineral properties and related expenditures of $265.9 million, as compared to $251.7 million as at September 30, 2010. The increase reflects expenditures on our mineral properties of $18.9 million, offset by write offs of mineral properties of $4.6 million.

First Uranium announced that on August 11, 2011 a fatality occurred at the Ezulwini mine. An internal investigation is underway to determine the cause of the incident. A day of mourning started on Thursday evening night shift in sympathy of the deceased. The Department of Mineral Resource's review and investigation is also in progress.

Macusani Yellowcake Inc. (the "Company") (TSX VENTURE:YEL) (FRANKFURT:QG1) is pleased to announce additional assay results from the drilling program on two platforms, PT-CH17 and PT-CH2, at the Chilcuno Chico area on the Kihitian Property on the Macusani Plateau in Puno, Peru. The exploration program, which targeted the deeper Manto "B" zone, intersected 11 m with a weighted average grade of 2,042 ppm U3O8 (or 4.084 lbs/ton) from 85 to 96m. This intersection represents the high-grade portion of a larger 27 m intersection (from 74 to 101m) with a weighted average grade of 862 ppm U3O8 (or 1.724 lbs/ton).

According to a new report by Research & Markets high uranium prices, paralleled by growing global demand for energy, will result in Namibia doubling its uranium production to approximately 12,000 tonnes by 2015 from the 5,300 tonnes the country produced in 2009. Namibia's extensive uranium deposits, coupled with the expansion of existing mines, will result in the country's uranium production increasing sharply in the short to medium term.

Canada's largest uranium producer lost 23% of its profits in the second quarter, as uranium sales volumes declined. In announcing its second-quarter results Thursday, Saskatoon-based Cameco also lowered its industry forecast in the wake of the Japan Fukushima nuclear crisis, which has slowed the expansion of nuclear power in Japan and resulted in Germany deciding to move away from atomic energy by phasing out and shutting down nuclear reactors.

Businessweek quotes a confidential report prepared for South Africa's mining CEOs as saying South Africa’s ruling party is closer to some form of nationalization than at any other time since the end of apartheid. A government takeover of mines could choke investments in a country with metal and mineral reserves estimated at 2.5 trillion and lead to a collapse of the currency, the rand. Firebrand Julius Malema (pictured), the leader of the youth wing of the ruling African National Congress which often acts as kingmaker in the country’s politics, is spearheading the campaign to seize mines, farms and banks. Malema is never far from headlines in the country with racially charged comments but now an anti-corruption police unit is probing a trust fund owned by him allegedly being used to funnel payments in exchange for securing government tenders.

The Tanzanian government has planned a USD 400 million uranium mining project by Australian based Mantra Resources in the Selous Game Reserve, a project that will greatly boost the country’s economy.

Marathon Resources, a uranium explorer in southern Australia, plans to meet with Mineral Resources Minister Tom Koutsantonis after the company was kicked out of the Arkaroola. The Arkaroola is located in the Northern Flinders Ranges in South Australia, adjacent to Gammon Ranges National Park. The area has been a flash point for environmentalists who want to protect the area and miners who want to develop it. Marathon Resources was exploring Mt Gee, calling it one of Australia's largest undeveloped uranium deposits.