Grand Canyon ‘s danger from uranium mining – documentary

Documentary Short: How Uranium Mining Threatens The Grand Canyon  http://thinkprogress.org/climate/2012/07/11/515109/documentary-short-how-uranium-mining-threatens-the-grand-canyon/?mobile=nc  By Public Lands Team on Jul 11, 2012 By Jessica Goad

Today the Center for American Progress and the Sierra Club released a series of short documentary videos called “Public Lands, Private Profits .”

One of the stories, “A Grand Threat ,” profiles the new rush to extract uranium around Grand Canyon National Park. A Canadian company is currently excavating uranium at one mine on the north rim of the canyon, and it has plans for more mines in the near future.

Although Secretary of the Interior Ken Salazar set one million acres off-limits to mineral extraction this past January, that decision applied only to new mining claims, not those already in existence.  There are approximately 3,500 mining claims that may be valid — potentially resulting in up to 11 uranium mines  near the Grand Canyon.

Shockingly, these new mines are moving forward under environmental studies and plans of operation last approved in the 1980s. Although the Interior Department and the Forest Service have full authority to demand updated environmental reviews, they have not taken that step.

And just two weeks ago, Kaibab National Forest Supervisor Mike Williams agreed to let Denison move forward  with its plans to develop the Canyon Mine (featured in the video) under environmental and cultural impact studies from 1986.

Last week, Denison Mines sold its U.S. assets to Energy Fuels Incorporated. Denison declined to comment, but Energy Fuels explained that it is “highly cognizant ” of the responsibilities of mining in the region.

Opponents of uranium mining fear that any water pollution could take years to clean up. To find out more about this issue or to take action, visit the Sierra Club’s website .

Big loss for uranium miner Denison Mines

Uranium miner Denison Mines reports US$52-million first-quarter loss
By: The Canadian Press  05/9/2012  TORONTO – Denison Mines Corp. (TSX:DML) reported Wednesday a loss of US$52 million in the first quarter as it took a $44-million writedown on its U.S. assets and operations which it is selling.
The uranium miner, which keeps its books in U.S. dollars, said the loss amounted to 14 cents per share for the quarter ended March 31 compared with a loss of $7.1 million or two cents per share a year ago..

.. Shares in the company, which reported its results after the close of markets, were down four cents at $1.57 on the Toronto Stock Exchange on Wednesday.

Uranium sales lag, while stocks build up

Uranium Stocks Build Momentum but Prices Remain Weak,  Equity Research on Cameco Corp & Denison Mines NEW YORK, NY, Nov 24, 2011 (MARKETWIRE via COMTEX) — “………While uranium stocks are on the upswing on long term optimism and takeover speculation, the spot price for uranium remains low. The spot uranium price dropped to slightly below $53 a pound U3O8, according to price publishers TradeTech and Ux Consulting, as little new buying interest emerged over the past week in the spot uranium market. Ux noted in its Monday report that a number of buyers and sellers already have met their volume expectations for the year — not surprising given volume levels posted since July…..

Cameco Corp reported…net profit fell 60 percent ….. Denison Mines  As a result of the events in Japan in March 2011, the uranium spot market demand has declined and the price has been trading in a range of $50.00 to $55.00 per pound. In response to these weaker market conditions, Denison has deferred uranium sales to later in the year.

Uranium mining companies share losses average 27% over past year!

Over the last month, these companies have lost between 25 and 29 percent, and they have lost between 57 and 84 percent so far this year. These significant losses proliferate uranium miners and producers, as can be seen from the Global X Uranium ETF (URA), which tracks the Solactive Uranium Index and is down over 60% so far this year…..

An Abysmal Month For Uranium Producers Extends Their 2011 Pain, Seeking Alpha 4 Oct 11, The uranium industry is not what it used to be, nor are the share values of the uranium producers. This may well go down as the worst year for uranium in the modern era, even though several nuclear power experts continue to claim that uranium use is sensible and safe.

This first quarter of 2011 started off with Japanese nuclear concerns following the destruction caused by the earthquake and tsunami that hit the nation, and uranium prices entered a tailspin shortly thereafter. In the wake of tsunami, Germany opted to discontinue nuclear power plant development and reveal plans to eventually eliminate nuclear power as an energy source.

It also appears likely that Japan may be hesitant to build more nuclear power plants in the near future. For many years, Japan and Germany have been significant users of nuclear power. This perceived vacuum to demand weakened the price of uranium. It also weakened the shares of those companies that produce and/or provide uranium…..

In the third quarter, which just ended last week, uranium and its producers continued to drop along with the broader market, only mostly to a broader extent as the investment was deemed more and more speculative. Most uranium producers ended the third quarter at their 2011 lows.

Below are the 1-month, 3-month, 6-month, and 2011-to-date performance rates for several companies that mine and/or provide uranium for energy production:

Cameco Corp. (CCJ)

• 1-month: -23.12%
• 3-month: -34.67%
• 6-month: -43.28%
• 2011-to-date: -57.10%

Denison Mines Corp. (DNN)

• 1-month: -39.35%
• 3-month: -49.18%
• 6-month: -62.25%
• 2011-to-date: -72.51%

Uranerz Energy Corp. (UEC)

• 1-month: -25.78%
• 3-month: -23.14%
• 6-month: -40.99%
• 2011-to-date: -60.42%

Uranium Resources, Inc. (URRE)

• 1-month: -48.28%
• 3-month: -66.75%
• 6-month: -73.40%
• 2011-to-date: -83.56%

USEC Inc. (USU)

• 1-month: -40.28%
• 3-month: -63.82%
• 6-month: -71.65%
• 2011-to-date: -79.56%

Over the last month, these companies have lost between 25 and 29 percent, and they have lost between 57 and 84 percent so far this year. These significant losses proliferate uranium miners and producers, as can be seen from the Global X Uranium ETF (URA), which tracks the Solactive Uranium Index and is down over 60% so far this year…..

the future of nuclear power may not rely upon uranium so much as thorium. If such a switch to thorium were to occur, it would have a devastating effect upon uranium prices and miners that are focused on uranium. Nonetheless, such technology is not yet here and experts differ on whether it will be an eventual option or remain a pipe-dream.

It should be expected that this industry will continue to exhibit high risk/reward characteristics, and that investment allocations should be limited accordingly.

Cameco, Denison, Uranium One, Paladin – uranium share prices falls down 27%

Shares of Denison Mines and Uranium Resources Face Strong Downward Pressure, MarketWatch, NEW YORK, NY, Sep 30, 2011 (MARKETWIRE via COMTEX)–– Uranium stocks have struggled this month as prices for the radioactive material have plunged. According to the latest quarterly report by Resource Capital Research, uranium prices are down 27 per cent over the past three months and 23 per cent over the past year….

Uranium explorers that suffered double-digit share price percentage falls in the past one to three months include Cameco, Denison Mines, Uranium One and Paladin….

http://www.marketwatch.com/story/shares-of-denison-mines-and-uranium-resources-face-strong-downward-pressure-2011-09-30?reflink=MW_news_stmp

Big loss for Denison Mines on falling uranium sales

UPDATE 1-Denison Mines falls to loss on soft uranium sales, TORONTO Aug 4 (Reuters) – Denison Mines  reported a second-quarter loss on Thursday as uranium sales fell sharply in the aftermath of the nuclear crisis in Japan.

The uranium producer said it had a net loss of $13.7 million, ….

It sold 116,000 pounds of uranium at an average price of $65.94 a pound, compared with 417,000 pounds at an average price of $45.56 in the second quarter of 2010.

Denison said that uranium demand has decreased in the aftermath of the nuclear accident in Japan and that it has deferred sales to the second half of the year, with some 570,000 pounds available in inventory…http://af.reuters.com/article/metalsNews/idAFN1E7731YV20110804

Uranium miners slash production due to uncertainty about demand

Nuclear Uncertainty Causes Uranium Production Pullback The Bedford Report Provides Investment Research on Denison Mines & First Uranium 16 June NEW YORK, NY–(Marketwire – Jun 15, 2011) – Uranium spot prices are facing downward pressure this month amidst uncertainty regarding global nuclear demand. These consumption worries have led several uranium explorers to slash production estimates going forward. The Bedford Report examines the outlook for companies in the Uranium Sector and provides equity research on Denison Mines Corporation (NYSE Amex: DNN) (TSX: DML) and First Uranium Corporation (TSX: FIU)…….http://www.marketwire.com/press-release/nuclear-uncertainty-causes-uranium-production-pullback-nyse-amex-dnn-1526989.htm

Conservations sue to stop uranium exploration

Conservation groups sue to block uranium exploration | The Salt Lake Tribune, 31 July 2010, A trio of Moab conservation groups has filed suit challenging a decision by the U.S. Forest Service to allow uranium exploration in the Manti-La Sal National Forest.The organizations — Uranium Watch, Center for Water Advocacy and Living Rivers — say the Forest Service gave Denison Mines Corp. permission to drill 16 exploration holes and two radon vent holes as part of an expansion of the Pandora Uranium Mine without doing a full environmental analysis.Their suit, filed Thursday in U.S. District Court in Salt Lake City, seeks to overturn the decision to allow the drilling.The U.S. Attorney’s Office had no comment on the lawsuit.Pamela Manson Conservation groups sue to block uranium exploration | The Salt Lake Tribune

Illegal uranium mining: Denison Mines in Grand Canyon

EPA Says Ariz. Uranium Mine Operating IllegallyEPA says Arizona uranium mine north of Grand Canyon is operating without federal authorization  , ABC News, By FELICIA FONSECA Associated Press WriterFLAGSTAFF, Ariz. May 4, 2010 (AP) A uranium mine north of the Grand Canyon is operating in violation of the law, and its owner could face thousands of dollars in fines as a result, the U.S. Environmental Protection Agency said.