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Friday
Jul222011

First Uranium Corporation (TSE:FIU) Up 53.25% Today

FIU Chart 23 July 2011.JPG



JOHANNESBURG/TORONTO, July 22 - Africa's biggest gold miner, AngloGold Ashanti (ANGJ.J), said on Friday it would acquire a 19.79 percent stake in First Uranium (FIU.TO), sending shares of the small Canadian miner up more than 50 percent.

AngloGold said it would buy 47 million shares of First Uranium at C$0.60 a share for a total of C$28 million ($30 million), from South Africa's Village Main Reef Gold Mining (VILJ.J).

"The acquisition was effected by AngloGold Ashanti for investment purposes," it said in a statement.

AngloGold was also granted a right of first refusal for Village's remaining 5.7 percent stake in First Uranium.

In a note to clients, BMO Capital Markets analyst Edward Sterck called thedeal "positive" and said it would increase First Uranium's appeal as a M&A target.

Shares of First Uranium, which produces uranium and gold at its Ezulwini Mine and Mine Waste Solutions tailing facility in South Africa, rose 50.7 percent to 58 Canadian cents a share on Friday morning on the Toronto Stock Exchange.

The Toronto-based miner produced some 96,000 ounces of gold in 2010, along with about 44,000 pounds of uranium, according to its annual report.

Just a thought but maybe this is the start of some consolidation in this sector. However the stock price is still light years away from its high of around twelve dollars in 2007.




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sk chart 22 May 2011.JPG



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Reader Comments (4)

Yes, and all the other uraniums are light years away from their highs. before the Japan incident they were recovering but even if they get back to those levels they would still be light years from 2007 levels.
it will take years to get back there.There are about 60 Nukes being constructed at the moment and until those come online you are better investing elsewhere unless unless you are prepared to hold for about 7 years

July 23, 2011 | Unregistered Commenteruranium bug

For once we hope that you are wrong....

July 24, 2011 | Unregistered CommenterUranium Stocks

Yes ,and I hope I am wrong as well, But people far more expert than me just will not stick their necks and give a time line on a huge bounce. 2007 bubble seems to have been caused by hedge fund stock piling not product shortage. The laws of supply and demand still apply to uranium and the US government seems to have ample reserves from weapons to cover any shortfall.

July 25, 2011 | Unregistered Commenteruranium bug

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vanadium steel alloys are the material of choice for building axles, gears and crankshafts. This alloy is valued among steel alloys for its durable nature. Adding a small amount of vanadium to steel instantly boosts the strength of the metal, its toughness and its resistance to heat. It makes vanadium steel one of the great tools for building stronger products.

http://www.vanadiumsite.com/steel/

August 14, 2011 | Unregistered CommenterRichard

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