Paladin’s Fission Uranium takeover delayed by Canada security review
The takeover has faced several hurdles, including a delayed shareholder vote in August and opposition from Fission’s largest investor.
After investors fled the sector because of the nuclear power plant crisis in Japan, uranium stocks are beginning to mount a comeback. Nuclear power construction is likely to continue its rapid growth, largely because there aren’t many strong alternatives. As vice-president of the China Nuclear Energy Association, Zhao Chengkun, explains, nuclear is the only energy source that can be used on a mass scale to achieve the nation’s goal of developing cleaner, low carbon energy.
The Bedford Report examines the Uranium Industry and provides research reports on Uranium Resources, Inc. (NASDAQ: URRE) and Cameco Corporation (NYSE: CCJ). Access to the full company reports can be found at:
www.bedfordreport.com/2011-04-URRE
www.bedfordreport.com/2011-04-CCJ
China recently declared its six operating plants safe, while suspending approval of new nuclear plants while it reviews safety standards. China is in the process quadrupling its uranium consumption to 50 million-60 million pounds a year, and says it plans to build 10 nuclear power plants a year for the next decade.
US President Barack Obama still believes that nuclear power will play an important role going forward. “We’re going to incorporate those conclusions and lessons from Japan in design and the building of the next generation of plants,” he explains.
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Shares of Uranium Resources lost close to 50 percent of their value following Japan’s tragic earthquake and subsequent nuclear disaster. The company recently completed an agreement to explore 53,500 acres in Kennedy County, Texas, for three years, with an option to lease the acreage for uranium production. URRE CEO Don Ewigleben argues the lease has “strong indications for uranium potential.”
Read the full news release here.
