uranium miner tops asx trade - article

This will grab the attention of the masses.
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Uranium miner tops ASX trade
By Nicki Bourlioufas
March 31, 2005
From: AAP
INVESTORS are scampering to buy stock in uranium miners with a Western Australian based company Reefton Mining again dominating trade on the Australian Stock Exchange.

At noon today, the top-traded stock by volume was Reefton Mining, with 35.24 million shares traded for a total value of $4.21 million. The stock gained one cent to 11.5 cents.
Reefton told the ASX today it has located uranium at its mine in the African nation of Namibia.

Reefton has been a popular stock on the ASX and its shares have more than doubled during March after it first announced the uranium discovery in Namibia just under two weeks ago.

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The stock hit a year-high price of 17 cents on March 22.

Yesterday, the top-traded stock was another WA-based uranium miner, Deep Yellow, with 50 million shares traded for a total value of $2.76 million. That stock closed yesterday at 5.1 cents. Deep Yellow was quoted at 4.8 cents at 1400 AEST.

Deep Yellow announced earlier this month that it has been granted licences from the Tanzanian Ministry of Energy and Minerals to mine for uranium in that country.

Shares in uranium miner WMC Resources, which holds up to one-third of the world's known uranium at its Olympic Dam mine in South Australia, have also rocketed over the past year, in part due to its uranium reserves, as well as being the takeover target of BHP Billiton after Xstrata bowed out of the race.

At 1400 AEST, WMC was quoted at $7.98, around an all-time high price.

The companies are benefiting from soaring uranium prices on global markets as the mineral gains acceptance as an alternative to fossil fuel. Uranium prices have jumped 79 per cent since 2003 to $US21.75 a pound from an annual spot month-end spot price average of $US11.54, fuelled by supply shortages and growing concerns about greenhouse gas emissions from fossil fuels.