world wakes up to uranium....yippee!!

From the Australian business news desk at noon:

But here is the delicious irony: the talkfest now under way in Copenhagen is expected to provide a major boost to the global move towards nuclear generated power, according to the latest energy report out of Brussels from BNP Paribas Fortis Bank. “The much delayed renaissance in the US nuclear power industry will be guaranteed by the Copenhagen accord,” the report adds. The bank is expecting US Energy Secretary Steven Chu to provide government funding for up to another 10 power plants. (Are you with us so far, Kevin?)

The bank is, as a result of the upsurge in nuclear plant building programs, expecting uranium spot prices to hit $US95/lb next year, almost double their present levels (the price dropped by US50c to $US45/lb last week). The forecast is still a long way from the $US140/lb peak in 2007 but get this - the bank says the looming uranium shortage will mean that figure will be reached again “before too long”.

Just in the past week we have seen Armenia announce a new 1000 megawatt nuclear plant, the South African power utility say the only way it can reach its emission reduction target by 2020 is if the country has a nuclear plant operating, India has announced four new 700MW plants and Mississippi regulators have approved expanding the generation capacity of the Grand Gulf nuclear power station in that state.

So, while sobbing uncontrollably about your recently acquired gold stocks which are now looking a little limp or cursing yourself for not getting in on the ground floor for potash and phosphate, this might be the time to start paying attention to what the uranium plays are up to.

In the past 24 hours, for example, we’ve seen a number of announcements.

WildHorse Energy has begun drilling at its 72sq km Mecsek Hills uranium project in Hungary, Extract Resources announced some exciting assays from its Rossing South project in Namibia including 28m at 0.45 per cent U3O8, Aura Energy has committed $1.6 million to define a uranium resource at its Storsjon project in Sweden, and Impact Minerals has started the first drill program at its Botswana uranium project.

This is no time for nodding off when someone mentions uranium.

SPEAKS FOR ITSELF PM