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Mining Industry



Mining Industry > Group's Default Discussion > bottom in at uranium...what do you think? View modes: 
  • bottom in at uranium...what do you think?

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    LONDON, July 15 (Reuters) - The spot price of uranium, usedto fuelthe world's nuclear plants, rose $4 to $64 per poundthis week,according to the web site of Ux Consulting, a leadingpublisher ofuranium prices and forecasts.

    Traders said the price UX-U3O8-SPT was supported byLondon-listed Nufcor Uranium Ltd (NU.L: Quote, Profile, Research) currently raising moneyto buy uranium by offering shares during a road show in Canada.

    "The only true demand currently is Nufcor, they are on theirroad showso let's see what they come back with," a uraniumtrader said.

    The North American road show would finish on Thursday,traders said.

    The holding company owns around 2.3 million pounds ofuranium stocks forinvestment purposes and at the end of June itsaid it would raise morecash to up its holding.

    Traders said the firm was looking to raise around $75million, buying some 1 to 1.4 million pounds of uranium.

    "But they have to convince their shareholders to collect themoney ... the amount is subject to fund raising," the tradersaid.

    At least 90 percent of the net proceeds of the offeringwould be used tobuy uranium, traders said, and an applicationhad been made to list theshares on the Toronto Stock Exchange.

    The market is still waiting for the exact amount and theoffer price of the shares.
    Nufcor Uranium was not immediately available for comment.

    The two largest funds holding uranium are Canada's UraniumParticipation Corp. (UPC) (U.TO: Quote, Profile, Research) and Nufcor -- which togetherown around 8 million pounds of uranium.

    (Reporting by Anna Stablum; editing by Nigel Hunt)


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