** south australian uranium disaster, page-30

re: australian uranium conference ***** ABC Online, Australia - 58 minutes ago


Labor's uranium decision hits SA miners, explorers

Wednesday, 12/10/2005

Several million dollars worth of value has been wiped off the share prices of uranium explorers and miners with South Australian interests.

A re-confirmation of the state's Labor Party policy to block new uranium mines until 2010 prompted the slide, with some stocks falling 20 per cent.

Until now uranium stocks have been strong interest, on the back of a tripling of the world price.

Steve Johnston, of South Australian uranium explorer Allied Resources, says Labor's negative attitude is stifling the industry.

"I think sticking your head in the sand and saying look there's no more uranium mining that's our policy till 2010 is okay, but already we know that there's been several millions of dollars worth of market capitalisation wiped off just on the basis of this Labor party decision," he said.

"It's a disaster like that because explorations like the nursery industry, if you don't maintain it through all of the downturns in the cycle then there are no new mines."