see Proactive Investors Australia: http://www.proactiveinvestors.com.au/companies/news/5031/obama-backs-nuclear-lifts-uranium-sector-5031.html
Thursday, February 18, 2010
Obama backs nuclear, lifts uranium sector
President Obama announced $8.3 billion in loans guaranteed for nuclear reactors yesterday, and according to USA Today, he wants spending to snowball through 2011.
After touting nuclear energy during his State of the Union Address in January, Obama pledged billions in Department of Energy loan guarantees to finance new reactors on Tuesday.
According to coverage by USA Today, the D.O.E. has $18 billion available, and Obama is hoping funds will snowball to $54.5 billion in 2011 enough to build ten reactors. The $8.5 billion in guarantees Obama announced yesterday are headed to Georgia, where two reactors could supply 1.4 million people with electricity as soon as 2017.
Components of the Uranium Stocks Index in North America soared higher yesterday, leaving more than half of the sector ahead by double-digits over the last five sessions.
It will be interesting to see any spin-off into pure uranium producers in Australia: Paladin Resources (ASX: PDN), ERA (ASX:ERA) and White Canyon Uranium (ASX:WCU; TSX-V: WU).
WCU Price at posting:
21.5¢ Sentiment: Buy Disclosure: Held
