Hi Moosey, below is The Australian article you couldn't access:
WA attracts cash for uranium projects as outlook improves
Barry FitzGerald
- THE AUSTRALIAN
- JANUARY 02, 2015 12:00AM
Resources Editor
Melbourne
WESTERN Australia has been a hotspot for uranium exploration in recent weeks, with more than $20 million pulled in by ASX-listed juniors to step up work in 2015 in the expectation of higher prices for the nuclear fuel.
Toro Energy has pulled in $17.5m from private equity resources fund Sentient for its Wiluna project, and Cauldron Energy has received another $2.53m under its staged funding agreement with Chinese investor, Starry World Investment, taking the total received since July last year to advance its Bennet Well project to $3.53m.
The equity injections follow the improvement in spot uranium prices from a low of $US28 a pound in May last year to a high of $US44 a pound in November, and a year-end close of $US35.25 a pound. Term or long-term contract prices are higher at about $US49 a pound.
Either way, the price is below the $US60-$US70 a pound “inducement’’ threshold considered necessary to encourage new uranium mine developments.
Uranium last traded at $US70 a pound before Japan shut down its fleet of nuclear power plants following the Fukushima power plant disaster in March 2011.
Credit Suisse says uranium’s recovery is due to the outlook for restarts in Japan improving.
“In early November, the governor of the Kagoshima prefecture and regional councillors voted in favour of restarting the first two reactors since the Fukushima accident. The remaining hurdles include final approval from Japan’s national government and operational safety checks,’’ Credit Suisse said.
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