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« Cameco Corporation: Still paddling! | Main | Denison Mines Corporation: Options update! »
Monday
Sep082008

Uranium stocks lifted by WA election

Shares in Energy and Minerals Australia Ltd rose 41 per cent to close at 49.5c, while Northern Uranium Ltd put on 30 per cent to 35c, Toro Energy Ltd jumped 23 per cent to 24c while Marathon Resources gained 17 per cent to $1.49.

In anticipation of the Liberal Party winning the election in Western Australia the uranium mining sector experienced a considerable jump. Liberal leader Colin Barnett has voiced his support for uranium mining in the state should the Liberals gain power. The outcome of the election will not be known until all of the postal votes have been counted so we wait patiently for a favourable result. The National Party leader Brendon Grylls has indicated that their party will likely make a decision on Sunday as to which major political party it would support. We read this on wabusiness.com to read the article in full please click here.

So there could some good yet for this embattled sector of the market!

Over at Bloomberg who also covered this story they had this quote:

“Mega Uranium Ltd., another Canadian mining company, said Carpenter's pledge to legislate against mining the metal may lead it to sell its entire Australian asset portfolio, the Australian newspaper reported Aug. 29. The Toronto-based company said it had been prepared to invest as much as A$200 million.”

All we can do now is wait with all fingers crossed.

Have a good one.

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Reader Comments (3)

Gidday Bob,
Yes the WA election result gives a glimmer of hope to uranium companies with resources there. ENCOUNTER RESOURCES LIMITED (ENR) is another company focused well on WA uranium.
However you quoted Marathon Resources (ASX code MTN) in your list and I am sure their recent share price appreciation has next to zero to do with any WA uranium issue. MTN has the ~30,000 t U3O8 Mount Gee orebody in South Australia and since 2007 has come under severe pressure from green and anti-mining-Mt Gee pressure groups that started after its burial of drilling waste did not comply with Govt requirements. There is a wildlife sanctuary nearby that has been a focus of anti-MTN sentiment. MTN share price has doubled in two weeks and this must in my opinion be due to some investors believing that MTN relations with the South Australian Govt are on the mend.

September 8, 2008 | Unregistered CommenterWarwick Hughes

Warwick,

Thanks for your input it is very much appreciated. A radio report this morning said that this election was still too close to call so the National party may well hold the balance of power when the dust settles.

September 8, 2008 | Unregistered CommenterUranium Stocks

Well Bob, history has been made in WA with the pro-U mining Lib-Nat Govt taking power, claimed by commentators to be the greatest political turnaround in Oz history. Remember though that the previous Govt allowed a huge backlog of delayed mining title applications (all minerals) to grow to over 10,000 I believe. Some legal limbo re Native Title issues was the cause I believe. The new admin has much to do.
Just saw this great news item showing the strange views of the Queensland Premier who approves uranium exports but denies uranium mining.
"Anna Bligh backs uranium export in theory only"
http://www.news.com.au/couriermail/story/0,23739,24344521-3102,00.html

September 14, 2008 | Unregistered CommenterWarwick Hughes

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