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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (22254)	1/26/2005 7:26:41 PM
From: mishedlo	Read Replies (1) of 116555

World´s largest uranium groups eye Australia´s WMC Resources assets - report Wednesday, January 26, 2005 10:37:53 PM World's largest uranium groups eye Australia's WMC Resources assets - report SYDNEY (AFX) - The world's two largest uranium groups have joined the hunt for a stake in WMC Resources Ltd's Olympic Dam copper uranium project in South Australia, The Australian newspaper reported, citing unnamed sources It said officials from Cameco Corp of Canada and Cogema of France are believed to have visited the remote project site in recent weeks Both companies are closely watching Switzerland-based Xstrata Plc's 7.4 bln aud battle to win control of the Australian miner, it said WMC is considering a 5 bln aud expansion of Olympic Dam, which contains about one-third the world's known uranium Meanwhile, Cameco, the world's biggest uranium producer, has lent support to claims by WMC Resources chief Andrew Michelmore that the uranium market will continue to strengthen Michelmore's heavy promotion of the uranium boom and its impact on WMC's value has come under attack from Xstrata chief executive Mick Davis But Cameco has provided support for the WMC view. Speaking after a mining conference in Vancouver, Cameco president Jerry Grandey said the group continues to expect "upward pressure on the price" "You can't have a world market using 180 mln pounds a year of uranium, producing just 100 mln (pounds) and not have the price response that becomes great enough to stimulate production," Grandey said adding the industry is still searching for an equilibrium price Spot uranium prices rose by 43 pct to 20.70 usd a pound last year. Grandey said the long-term or contract price is now 25 usd a pound. He said the difference between spot and long-term prices was the "biggest disconnect" that Cameco had seen forexstreet.com

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