Powertech Uranium Corp. has indefinitely put on hold its future Centennial Project uranium mine northeast of Fort Collins, partially due to the Japanese nuclear disaster's impacts on the uranium industry, Powertech's president said Wednesday. The company plans to focus all its efforts on receiving its Dewey-Burdock uranium mine allowed and producing uranium in South Dakota before moving ahead with the Centennial Project, Powertech USA President Richard Clement said. The Centennial Project is planned to be construct in Weld County about 15 miles northeast of Fort Collins between Wellington and Nunn.
Powertech plans to mine uranium there and at Dewey-Burdock using a process called in situ leaching, need the company to inject a baking soda-like resolution into the ground, suspend the uranium ore and pump it out as a liquid. "Dewey-Burdock is the most superior project the company has, therefore, we are concentrating our efforts on Dewey-Burdock to get allowed," Clement said. "Especially in the post-tsunami financial environment, we require to concentrate our efforts as much as any other company." The March 11 Tohoku earthquake in Japan and nuclear reduce at the Fukushima Dai-ichi nuclear power plant that follow sent uranium prices plummeting.
Just before the earthquake, uranium prices had top out around $75. By Tuesday, the price had drop to $55.25, according to TradeTech, a Denver-based uranium market study firm. “This is about as bad a story as you can visualize for the U.S. nuclear power industry,” said Charles Mason, True Chair of energy economics in the finance department at the University of Wyoming, who is script a book about uranium exploration and its impacts. “It definitely is bad news.” Once it became clear the quake would guide to prolonged nuclear disaster, nuclear industry forecasters started to expect unhappy consequences for uranium prices.
Powertech plans to mine uranium there and at Dewey-Burdock using a process called in situ leaching, need the company to inject a baking soda-like resolution into the ground, suspend the uranium ore and pump it out as a liquid. "Dewey-Burdock is the most superior project the company has, therefore, we are concentrating our efforts on Dewey-Burdock to get allowed," Clement said. "Especially in the post-tsunami financial environment, we require to concentrate our efforts as much as any other company." The March 11 Tohoku earthquake in Japan and nuclear reduce at the Fukushima Dai-ichi nuclear power plant that follow sent uranium prices plummeting.
Just before the earthquake, uranium prices had top out around $75. By Tuesday, the price had drop to $55.25, according to TradeTech, a Denver-based uranium market study firm. “This is about as bad a story as you can visualize for the U.S. nuclear power industry,” said Charles Mason, True Chair of energy economics in the finance department at the University of Wyoming, who is script a book about uranium exploration and its impacts. “It definitely is bad news.” Once it became clear the quake would guide to prolonged nuclear disaster, nuclear industry forecasters started to expect unhappy consequences for uranium prices.
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