Pressure is on to Fund Uranium Mining Enabling Miners to Produce Enough to Meet Demand
News provided by Financialnewsmedia.com
Jan 18, 2022, 10:00 ET
PALM BEACH, Fla., Jan. 18, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The demand for cleaner fuel alternatives is on the rise. As one of the world's most abundant metals, uranium is a popular choice. A single pellet of uranium produces the same amount of electricity as: One ton of coal; Three barrels of oil; or 17,000 cubic feet of natural gas. In 2020, the U.S. government began to invest heavily in uranium mining, contributing to an uptick in the stock market. Uranium fuels nuclear power, which represents approximately 20% of America's energy and 10% of the world's electricity. And its use is growing. An article predicting a rise in uranium stocks said: "About 50 new reactors are under construction in countries that include China, India, Russia and the United Arab Emirates, with completion dates ranging from 2021 to 2027… All told, about 445 nuclear power reactors are operating and 300 more are proposed, mainly in Asian nations, where electricity demand is increasing quickly. The use of electricity is considered one of the greatest signs of a strong economy for nations around the world. The strength of the world economy contributes a lot to demand in the stock market in general… Uranium is trending as a way to fuel electricity. In turn, the rise in electricity use is fueling the demand for nuclear power and uranium. Investors see the demand for a product or service as a sign to invest for the potential to earn a profit." Active companies in the markets today include: BASIN URANIUM CORP. (OTCPK: BURCF) (CSE: NCLR), Rio Tinto Group (NYSE: RIO), Cameco (NYSE: CCJ) (TSX: CCO), Uranium Energy Corp. (NYSE: UEC), Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR).
It continued answering why it feels uranium stock are going up, saying: "The U.S. currently imports about 90% of its uranium. Increased demand is putting pressure on the government to produce more of its own uranium for nuclear power. Joe Biden's presidential victory in the 2020 election gave uranium stock prices a boost because he is emphasizing alternative fuels. Even without Biden's victory, the demand for uranium would be high. The need for uranium spans across the political spectrum since electricity is such a basic necessity. Because of the many shutdowns resulting from the COVID-19 pandemic and the need for medical application to help to combat it, the demand for uranium increased quickly last year and remains high. This puts pressure on governments to fund uranium mining. It also puts pressure on the miners to produce enough to meet demand." BASIN URANIUM CORP. (CSE: NCLR.CN) (OTCPK: BURCF) BREAKING NEWS: BASIN URANIUM ENGAGES TERRALOGIC FOR 2022 EXPLORATION PROGRAM – BASIN URANIUM CORP. ("Basin Uranium" or the "Company") is pleased to announce the Company has engaged TerraLogic Exploration Inc. to facilitate the proposed exploration and development work program on the Company's Mann Lake uranium project in Saskatchewan's prolific Athabasca Basin. The Mann Lake project is located 25km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco's Millennium uranium deposit. The work program is fully funded with cash on hand from the capital raises completed in 2021.
"We are excited to partner with TerraLogic for our upcoming 2022 work program, which is to include a significant diamond drill program. TerraLogic has extensive experience in the Athabasca Basin, having fully-managed numerous exploration programs throughout the area," commented Mike Blady, CEO of Basin Uranium. "We are currently working through the permitting process, consulting with stakeholders including the Ya' thi Néné and the local First Nations groups, in addition to the Saskatchewan Ministry of Environment, Fish, Wildlife and Lands. We are also finalizing agreements with the various surveying and drilling crews to be able to mobilize once the permitting process is completed."
Permitting Update - In December 2021, the Company submitted its permitting package to the Saskatchewan Ministry of Environment, Fish, Wildlife and Lands and began the consultation process with local stakeholders. The Company has engaged the Ya' thi Néné, a non-profit organization owned by the seven Athabasca Basin First Nations communities, in addition to other local stakeholders to ensure the highest level of engagement with all groups.
The proposed 2022 work program will include geophysical surveying and geochemical sampling, in addition to an extensive diamond drill program. Past exploration, which totalled over $3 million by previous operators, has identified a number of basement conductors and structural corridors which is the prospective horizon for uranium mineralization. Preparations are underway for the rapid mobilization upon receipt of all necessary permits and approvals, in addition to completing stakeholder consultation, with the work program anticipated to commence later this quarter. CONTINUED…Read the BASIN URANIUM full press release by going to:https://basinuranium.ca
Cameco Corporation (NYSE: CCJ) (TSX: CCO) and Terrestrial Energy, both leading Canadian companies in their fields, have recently signed a Memorandum of Understanding (MOU) to examine potential partnership opportunities to deploy Terrestrial Energy's Integrated Molten Salt Reactor (IMSR) Generation IV nuclear power plants in North America and worldwide, and to evaluate possible opportunities for the supply of uranium supply, fuel and other services. As part of these activities, the companies are investigating the potential of Cameco's Port Hope uranium conversion facility in southern Ontario for IMSR fuel salt supply.
This MOU is non-binding and non-exclusive. It follows Terrestrial Energy's prior agreements with Cameco to supply uranium products for its ongoing fuel testing programs.
"Nuclear energy is a proven, reliable source of carbon-free power and a critical tool in achieving a net-zero emissions future in North America and worldwide," said Tim Gitzel, Cameco's president and CEO. "Cameco plans to be a key fuel supplier for the emerging small modular reactor and advanced reactor market.
We look forward to investigating with Terrestrial Energy opportunities to partner for possible future deployments of its next-generation nuclear power plant technology."
(20min delay)
