takeover, page-19

Some links to my recent posting:

1.The Chinese aquired 35 % of Trekkopje:

http://www.areva-np.com/scripts/press/publigen/content/templates/show.asp?P=875&L=US

"China: AREVA and CGNPC sign the biggest contract ever in the history of nuclear power and enter into a long-term commitment. AREVA and CNNC strengthen their links.

During the State Visit of French President Nicolas Sarkozy to China, Qian Zhimin, Chairman of CGNPC (China Guangdong Nuclear Power Corp.) and Anne Lauvergeon, CEO of AREVA, signed a historic agreement for the nuclear power industry.

The record contract, worth 8 billion euros, is unprecedented in the world nuclear market.
Through a series of agreements, AREVA, in conjunction with CGNPC, will build two new generation EPR reactors and will provide all the materials and services required to operate them. The agreements mark the start of a global and sustainable cooperation. An engineering joint venture will shortly be created.
In the same spirit, the two chairmen signed an agreement under which CGNPC has agreed to buy 35% of the production of UraMin...."

2.Later they increased their stake to the 50% level:

http://www.neimagazine.com/story.asp?storyCode=2053048

"...This was not the first time that Chinese uranium buyers scanned Africa for supplies. CGNPC acquired a 49% share in Areva?s Trekkopje project in Namibia (to include the off-take of 50% of the mine?s uranium production) in November 2008...."

3.The latest bad news from Cigar Lake:
(Note that they had to adjust their expected OPEX from 14 USD/lbs up to 23 USD/lbs-and this may not be the end of it...)

http://nuclear-news.net/2010/04/06/higher-costs-lower-profits-for-cameco-uranium-mining/

Cameco downgraded to sell FP Trading Desk: April 05, 2010, by David Pett Uranium, Mining, Cameco
The ongoing saga at Cigar Lake continues to haunt Cameco Inc. investors.Late Thursday, the uranium miner released its long-awaited technical report on the Northern Saskatchewan project, revealing higher costs and a slower-than-expected ramp-up of production.
?While the company had recently disclosed a revised capital cost estimate of around $1.0 billion and a revised start-up timeline of 2013, the technical report disclosed higher than forecast life of mine cash operating costs of $23/lb (up from $14/lb) and a relatively slow production ramp up timeline (with full capacity not expected until 2017),? Orest Wowkowdaw, Canaccord Adams analyst, said.