Morning Everyone,
See article below from the Sydney Morning Herald re China's bid for nuclear supplies (http://business.smh.com.au/business/chinas-bid-for-nuclear-supplies-20090421-ae1u.html)
Fits in well with what Tibbs was earlier about the Chinese being on the prowl for Aussie Uranium investments...
--------------------------------------------------------------------------
John Garnaut Herald Correspondent in Beijing
April 22, 2009
CHINA is shaping as a new multi-billion-dollar export market as it looks to Australia to supply the uranium it needs to underpin a massive expansion in its nuclear power industry.
Chinese officials have announced they will start building five extra power plants this year on top of the 24 under construction and 11 already in operation.
Chinese analysts say the country's lack of uranium is "the tiger in the road" to fulfilling its nuclear power ambitions and that Australia offers the most obvious solution.
"There are not enough uranium resources in China to support the aggressive nuclear power development plan for the next 20 to 30 years," said Professor Liu Deshun, of China's Institute of Nuclear and New Energy Technology. "Australia has the uranium resources that could be exported and in China we have the demand."
The fast-tracking of China's nuclear power plans - dubbed the "Nuclear Great Leap Forward" by Nanfeng Chuang magazine - stems from mounting concerns about climate change, energy security and the more immediate task of kick-starting the economy.
In Beijing, Vice-Premier Zhang Dejiang has announced China will "accelerate the development of nuclear power and increase the ratio of clean energies like nuclear power".
But a Chinese official at the conference the vice-premier was addressing raised concerns about safety and waste disposal.
"If we are not fully aware of the sector's over-rapid expansions, it will threaten construction quality and operation safety of nuclear power plants," said Li Ganjie, director of the National Nuclear Safety Administration.
Chinese companies are lining up to invest in Australian uranium mining and exploration companies and sign long-term supply contracts if mine expansion plans receive approval in Australia.
The Minister for Resources, Martin Ferguson, indicated the Federal Government was unlikely to stand in the way of expansion, subject to environmental and investment tests.
He told the Herald he welcomed China's move to fast-track nuclear power. "It is this Government's policy to encourage the further development of the Australian uranium industry."
The mining company ERA is today expected to elaborate on its plan to build a "heap leach" plant to extract uranium from low-grade ore. It will also build an exploration pit as a prelude to expanding its Ranger mine in Kakadu, which produces 10 per cent of the world's uranium.
Next week BHP Billiton will step closer to a massive expansion of its Olympic Dam uranium and copper mine in South Australia - the world's biggest proven uranium reserve - when it issues an environmental impact assessment for public consultation.
Analysts warn China's nuclear expansion will not succeed unless it secures enough uranium.
John Wilson, uranium analyst at Resource Capital Research, said China could be a multi-billion-dollar uranium export market if Australia secures contracts from a large proportion of the 100-odd reactors China plans to build before 2030.
Australia's current uranium exports are valued at $900 million and rapidly rising.
ERA exported Australia's first and only uranium shipment to China late last year after the two countries signed a nuclear safeguards agreement.
"There is clearly significant new export potential in China but there would need to be an expansion of existing capacity and new uranium mines developed in Australia to meet this demand," said Mitch Hooke, chief executive of the Minerals Council of Australia.
This month Uranium United, a Northern Territory uranium hopeful, signed a non-binding investment agreement with Henan Provincial Non-Ferrous Metals.
Sinosteel already has uranium exploration interests in Australia and Huaneng Power told the Herald it is actively searching for Australian uranium mining assets.
--------------------------------------------------------------------------------------
Have a good day.
Cheers
SW
- Forums
- ASX - By Stock
- BMN
- china's bid for nuclear supplies
china's bid for nuclear supplies
-
-
- There are more pages in this discussion • 4 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add BMN (ASX) to my watchlist
|
|||||
Last
$2.26 |
Change
-0.040(1.74%) |
Mkt cap ! $403.6M |
Open | High | Low | Value | Volume |
$2.27 | $2.27 | $2.20 | $2.289M | 1.025M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 6729 | $2.25 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.26 | 4822 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 6237 | 2.190 |
1 | 1000 | 2.180 |
2 | 1448 | 2.170 |
2 | 46454 | 2.150 |
1 | 1000 | 2.130 |
Price($) | Vol. | No. |
---|---|---|
2.260 | 4822 | 1 |
2.270 | 146 | 1 |
2.380 | 4000 | 1 |
2.390 | 11000 | 1 |
2.400 | 2000 | 1 |
Last trade - 16.10pm 23/08/2024 (20 minute delay) ? |
BMN (ASX) Chart |
The Watchlist
SER
STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
SPONSORED BY The Market Online