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« Coal-fired power station blocked! | Main | Khan Resources Incorporated: Up 23.81% Today! »
Wednesday
Jul022008

Queensland Resources Council for lifting a ban on uranium mining

Croc 02 July 2008


Michael Roche, chief executive of The Queensland Resources Council has argued today that:

“Lifting a ban on uranium mining could expand the state's economy and through its use in nuclear power generation help to avoid huge greenhouse gas emissions.”

Three cheers for this man!

Mr Roche goes on to sat that:

“It's estimated that Queensland uranium exported for nuclear power generation could in 2030 alone avoid the annual production of some 120 million (metric) tonnes of carbon dioxide, this is equivalent to around 70 per cent of Queensland's 2006 greenhouse gas emissions”

A Deloitte Insight Economics’ report has stated that:

“Australia has 36 per cent of the assured global uranium resources in ground and was the source of 19 per cent of primary global supply in 2006, with known deposits in Queensland of 135 million pounds estimated to be worth $US12.2 billion at a $US90 per pound spot price, according to Deloitte's report.”

Well we all know that the spot price for uranium is not $US90/lb but the long-term price is, so the figure of $US12.2 billion of uranium in the ground, that most of the world would happily pay for, has got to get them thinking.

As regular readers will know we have only two companies on the ‘buy’ list at the moment and one of them is Laramide Resources Limited where it flagship asset, the Westmoreland Uranium Project is situated in Queensland. They have also found some gold there so it could be very interesting if they ever get the green light.

Laramide Resources Limited has a market capitalization of $287 million, a P/E ratio of 187 with 59 million shares outstanding, Laramide closed recently at $4.88 per share and trades on the Toronto Stock Exchange under the symbol of LAM.

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Reader Comments (1)

How do we get Michael Roche and his pro-uranium ming views into the Queensland Govt ?
I have just spent a few weeks in Qld near Clermont and without exaggerating I think it is fair to say the coal mining industry is undergoing a rampant expansion.
I find it puzzling that on one hand the Rudd Govt (Australian Federal Govt) is developing policies to cut carbon emissions, yet on the ground NOW, there is this huge expansion in coal mining.

July 2, 2008 | Unregistered CommenterWarwick Hughes

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