uranium 1 in sa.. is their mine close to aex

this is old news to u guys but its new to me

uranium one, listed in torono exchange, is going to start production in first quarter 2007.

this may rub some good sentiment to AEX?

Uranium One aims for more output
Allan Seccombe
Posted: Tue, 16 May 2006
[miningmx.com] -- sxr Uranium One will take two projects to the board for approval in the third quarter of this year to add production of 900,000 pounds of uranium and 100,000 oz of gold to the company profile, financial director Jean Nortier said on Tuesday.


Feasibility studies on three projects, the Dominion uranium operation and the Modder East gold mine in South Africa and the Honeymoon uranium prospect in Australia are all due to be completed by June.

Dominion is the closest to production, with output expected in the first quarter of next year. The only outstanding issue is the granting by the government of a mining licence, Nortier said.

“We are in constant discussion and are resolving issues around water usage. We are still confident of being granted the licence in good time,” Nortier said.
It’s a bullish environment for uraniumDominion will start with annualised production of two million pounds building up to four million by 2010. The first year’s production will be sold on the spot market where prices are currently around $42 a pound, well above the breakeven of $18 for Dominion. From 2008, Uranium One plans to enter into contracts for its uranium oxide output.

“It’s a bullish environment for uranium,” Nortier said, arguing that it is a clean energy opposed to the pollution generated from burning fossil fuels, it’s reliable and cheap.

The Dominion plant is one third constructed and declines are being built, he said. There is also a drilling programme at the project. It has a measured and indicated resource of 16,1million pounds of U308 uranium and an inferred resource of 146,6-million pounds.

The company raised $140m in February to finance the fast tracking of Dominion.

In its first quarterly set of results, Uranium One posted an operating loss of $9.6m for the period to end-March. There were no comparative figures. It recorded a fully diluted loss per ordinary share of $0.019. It had cash of $135m at the end of the period.

Production at Honeymoon in Australia could start by the start of 2008, bringing Uranium One on to a uranium production target of five million pounds.

Uranium One is also busy with a uranium exploration project on five properties together with Pitchstone Exploration in the Athabasca Basin in Saskatchewan, Canada.
Free news alerts: click here to subscribe“The length of time it takes getting all the environmental issues cleared in a first world country like Canada means that you are more likely to see added uranium production through corporate activity before something comes from that project,” Nortier said.

Uranium One is looking for further prospects in Africa, Australia and North America.

Before the end of 2006 there could very well be an announcement of corporate action on the uranium side of the business as well as around the Modder East gold project to the east of Johannesburg, which will start production in 2008.

Uranium One holds 79% of Aflease Gold, the owner of Modder East. Full capital still needs to be raised for the project, which Nortier said would be done in increments.