Obama's Energy Pick Has profound Ties to Fossil Fuels and Nuclear Energy

When President Obama designated Ernest Moniz to be energy secretary earlier this month, he hailed the nuclear physicist as a brilliant scientist who, among his many talents, had efficiently brought together prominent thinkers and energy companies in the ongoing effort to figure out a safe and economically sound energy future for the country.

Certainly, Moniz's joint work best captured in the trade backed research program he oversaw at The Massachusetts Institute of Technology is well known. So, too, is his support for Obama's the entire above energy strategy one that embraces, fossil fuels, nuclear, and renewable energy sources.

But beyond his job in academic world, Moniz has also spent the last decade serving on a range of boards and advisory councils for energy business heavyweights, including some that do business with the Department of Energy. That includes a six-year paid stint on BP's Technology Advisory Council as well as similar positions at a uranium enrichment company and a pair of energy investment firms.

Such industry ties aren't uncommon for cabinet nominees, and Obama specifically praised Moniz for understanding both ecological and economic issues.

Ohio Senators Push for $150 Million for Uranium Plant R&D

The federal transportation bill now earlier than Congress includes $150 million earmarked for a proposed uranium enrichment plant in Ohio that backers say will generate 400 permanent jobs and bring temporary work to another 4,000.

The money was inserted keen on the bill by Democratic Sen. Sherrod Brown and Republican Sen. Rob Portman, intelligence the Dayton Daily News. The Ohio senators have as well backed federal loan guarantees for Maryland-based uranium-product firm USEC to make its American Centrifuge Project in Piketon, Ohio.

If the bill passes, the federal dollars would be spent for examine and development at the plant. Brown said the project is not only important for jobs, but “it’s also a dangerous component of our national security. That’s why we see bipartisan support in the Senate for continual research and development.’’USEC has, over the long-ago three years, sought $2 billion in federal loan guarantees to commercialize the project. However, the Department of Energy has refused the money for the plant, where USEC strategy to enrich uranium for nuclear energy.

Uranium One reports record sales and production

The strong consequences came despite challenges that the nuclear industry faced last year, says CEO Chris Sattler.The company reported familiar earnings per share of 12 cents for the year ended December after a loss of 1 cent the previous year.

Revenue rose 62% to a record $530.4 million, based on documentation sales and production of 9.9 and 10.7 million pounds. Net earnings for 2011 were $88 million, or $0.09 per share and familiar net earnings for 2011 were $114 million after a loss of $3.3 million.Total attributable production through 2011 was a record 10.7 million pounds, 43% higher than 2010, while the average total cash cost per pound sold was $14, compared to $13 per pound through 2010.

The company has a internationally diversified portfolio of assets in Kazakhstan, the US, Australia and is operator of the Mkuju River Project in Tanzania.Uranium One's major shareholder is JSC Atomredmetzoloto (ARMZ) which is a completely owned subsidiary of Rosatom, the Russian State Corporation for Nuclear Energy.

Nuclear Industry Sues to Reverse Grand Canyon Uranium Land Withdrawal

The Nuclear Energy Institute and the National Mining Association Monday filed a federal lawsuit looking for to reverse the Obama administration's withdrawal of one million acres of public land in Arizona from uranium mining for 20 years.

Interior Secretary Ken Salazar announced the persistence of the government's moratorium on new hardrock uranium mining claims on land nearby the Grand Canyon on January 9. The public land at issue is not within the Grand Canyon National Park or the buffer zone caring the national park.

Filed in U.S. District Court in Arizona, the industry claim argues that Salazar "lacks legal authority to make withdrawals of public lands exceeding 5,000 acres." The lawsuit contends that the land withdrawal is an "arbitrary agency action" below the Administrative Procedure Act, and that it fails to fulfill with the National Environmental Policy Act by failing to take the "hard look" at the withdrawal's consequences that the U.S. Supreme Court necessary in a unanimous 1989 decision.

2011 Uranium Market Trends

In 2011, the uranium mining industry experienced a number of important events which had an impact on uranium prices and equity market volatility.

Germany, Italy and Switzerland have made policy decisions concerning nuclear energy which are not positive for the industry; however, these three countries joint represent a relatively small proportion of global demand for uranium totaling just about 5.8 percent of annual requirements. Following up with key points on the stipulate and supply arguments Mr. Khaliqi underscored “Germany’s stance to decommission all nuclear plants has also prompted other European nations to evaluation their policies. On the supply side, the biggest news story or catalyst in my view which will have substance impact on medium to long term prices is BHP’s (NYSE:BHP) planned expansion of Olympic dam. The expansion at Olympic Dam will considerably lift the mine’s annual production of uranium from 4ktpa to 19ktpa, adding major amounts of uranium to global supply.

Another key increase this year was the feasibility study of the Husab uranium project, a $1.7 billion uranium undertaking on the western coast of Namibia. Earlier in this month, Extract Resources Limited (ASX:EXT) was offered $2.2 billion by China Guangdong Nuclear Power Corp (CGNPC) designed for its Husab uranium project. This is of importance as the Husab project is the largest in-situ, and maximum grade, granite-hosted uranium deposit in Namibia. It is as well the fifth-largest uranium-only deposit in the world.

The Australian uranium exploration and mining companies may have seen enhanced regulatory conditions, as Australian prime minister, Julia Gillard, appeared intent to vary the current policy which did not allow uranium sales to India. India’s new rules to provide liability limitations for uranium producers and equipment suppliers in the case of a grave accident at Indian nuclear power plants saw a positive ending for all uranium producers.Earlier this month, the Nunatsiavut Assembly in Eastern Canada, lifted a suspension on uranium mining on Inuit land in Labrador after three years.

Global Scarcity of Uranium Looms

Challenges in source funds for new mining projects, interruptions in together new and ongoing mine production, as well as the end of the Highly Enriched Uranium agreement are near-perfect ingredients for a lack of uranium in the very near future, a top producer warns.

Tim Gitzel, Chief Executive Officer of Cameco Corp., the world's largest uranium producer, said the problem lies additional on the way investors and producers make their calculations."They take every likely project, think it's going to operate to excellence and add it up and say 'there's lots of supply,'" Gitzel said. "It's easier said than complete.

Gitzel argued that investors, traders, analysts and critics focus too much on a "post-Fukushima attitude.""People don't focus so a large amount on the supply side," he said.Prices of uranium, a radioactive heavy metal used as an plentiful source of nuclear energy, have tumbled 24 per cent since the March 2011 magnitude-9 earthquake and tsunami that hit Japan so as to caused a partial meltdown at Tokyo Electric Power Co.'s Fukushima Dai-Ichi nuclear plant.The crisis at Fukushima led nations to pause and re-evaluate accessible as well as future nuclear programs. Germany, for one, announced it will finish its nuclear reactors by 2022.

Selling uranium to India, responsibly

Prime Minister Gillard's announcement that she will seek a modify in Labor's platform to permit uranium exports to India is problematic for Australia's non-proliferation policy and reputation. I share the concern about the obvious failure to extract anything from India in return for a major policy shift, and the implication that uranium exports to India will soon develop into the law as soon as ALP policy has been changed, without the due process frequently reserved for changes of policy of this magnitude.

But let's not throw our hand up in the air just yet. A change in ALP policy is the backing a Gillard Government will need previous to any negotiations can commence with India, negotiations which might yield net reimbursement to Australia's non-proliferation agenda.First, the proposal to modify decades of Australian policy on which countries we sell uranium to is not entirely capricious. There are some sound policy reason for exporting uranium to India, mainly strategic and environmental: India is a rising power with which we should found a strategic relationship. As thoroughly irksome as this is, India has made it clear that the value of a closer relationship is right to use to Australian uranium.

India's energy needs are insatiable and Nuclear energy will help limit the damage to the global environment from its growing energy use. The world also needs India to be an lively participant in the fight against proliferation and in running emerging nuclear tensions in its region. As it is not and never will be a member of the NPT, other mechanisms for as well as India in these efforts are needed.

Australia's uranium industry poised for growth

Global demand and prices contain fallen in the aftermath of the radioactive leaks at the power plant in Fukushima in March.However, a push by the Australian Prime Minister, Julia Gillard, to sell radioactive fuel to India has boosted hopefulness in the industry. Australia supplies about 13% of the world's uranium, behind Canada and Kazakhstan, but covered in the red dust of the vast outback lies an estimated 40% of the world's known coffers of this valuable yet controversial commodity.

Simon Clarke, from the Australian Uranium Association, told the BBC that the sector had taken stock of the awful events in eastern Japan and was ready to move on. "Fukushima caused the global nuclear industry to pause and to be trained the lessons from that accident," he said.

"I think it is robust sufficient to bounce back. The fundamental reasons why countries opt for nuclear energy as parts of their electricity generate portfolios haven’t changed. Many countries still see nuclear energy as a safe and reliable source of electricity."Prof Tony Owen from the School of Energy and Resources in Adelaide believes that while the global industry still faces uncertainty, the extend of nuclear power is likely to increase.

NRC fines GE-Hitatchi $45K over NC nuke test site

The U.S. Nuclear Regulatory Commission has fined GE-Hitachi Nuclear Energy $45,000 for multiple security violation at a North Carolina facility using confidential technology to test whether lasers can be used to enrich uranium.

A redacted copy of an NRC violation letter provide to The Associated Press on Thursday following a Freedom of Information Act request said investigators recognized five violations including "a significant lack of management concentration Details of the violations described by the letter were blacked out by nuclear regulator before it was released to The AP, While some violations were "willful," "no actual consequences resulted," the NRC said.

The violations occupied a contractor's employee working at the GE-Hitachi's Global Nuclear Fuels facility near Wilmington, where the company is by means of top-secret technology to find out whether lasers can effectively enrich uranium as an alternative of costlier centrifuges, company spokesman Christopher White said.

Uranium up on strong nuclear case

Uranium spot prices rose 2.4 percent last week as buyers look beyond the impact of the Fukushima nuclear crisis, Ux Consulting Co said Uranium-oxide focus for immediate delivery sold for $54 a pound (0.45 kg) in the seven days ended Monday, compare with $52.75 the previous week, Ux said in an emailed report Tuesday that is based on the mainly competitive offer tracked by the U.S. company.

"The industry believes that the holder for nuclear energy is still strong, given that lots of countries are still moving forward with their nuclear energy plans," Ux said.

The spot price for the nuclear fuel has dropped 19 percent since the week previous to the March 11 earthquake and tsunami injured Tokyo Electric Power Co's Fukushima No 1 power station, triggering the worst atomic disaster since Chernobyl in 1986 and prompting a few nations to put their nuclear power plans on hold.

Keeping the home fires burning

It was recently reported that massive uranium deposits include been discovered in the Kadapa district of Andhra Pradesh, expected at up to 150,000 tonnes, of which 49,000 tonnes have been currently confirmed. If this estimation holds up, we might have one of the largest uranium reserves in the world.

Despite the scale of this find, we are nowhere near solve our energy needs. The earthquake in Japan earlier this year and the resultant injure to the Fukushima nuclear power plant revealed the inadequate safety measures adopt by the nuclear industry in general. Despite have tapped nuclear power for the past 48 years, insufficient savings have been made to improve the technology, its safety, waste removal and crisis management.

The current plan is to set up 30 nuclear reactors more than the next three decades to supply a quarter of our electricity demand. By 2050, it is probable that 25% of our energy needs will be met by nuclear power.What is sorely wanted for the kind of scale-up India envisions is a safe template for nuclear power plants that is accepted by a strict regulatory process before handing over to the private sector to construct, operate and maintain. The process for getting approval under strict safety and operational standards will contain to be streamlined to get the programme up and running. This will avoid the holdup in the regulatory and approval process that has dogged the US. We include now signed nuclear deals with nine countries, most recently with South Korea, to help develop social nuclear energy in India. A powerful watchdog needs to be in place to monitor security standards as nuclear technology and infrastructure are transfer from these partners to us.

Uranium: This Time It's Different

The global spot uranium price display as derived by industry consultant TradeTech had risen by US$1.50 over the end-April price to US$56.50/lb, having trade down to US$50 after the March tsunami damaged the Fukushima reactors and unexpectedly sparked a rethink on global nuclear energy policy. It appeared that order destruction was not as significant as a panicky market first assumed. But June has brought a dissimilar story.

TradeTech has marked its end-June spot cost indicator at US$51.50/lb, representing a 9% drop from May. The consultant notes there was a big hurry to sell in the last couple of days of June at a time when buyers are still uncertain over what path worldwide nuclear energy might take from here. One “aggressive” seller was looking to place material fast, but the fact remains that in the short expression at least, the supply-side looks overladen.

The US government is also affecting to re-enrich depleted tailings for sale to finance further clean-up projects, and traders assume that provide may come onto the market in coming months. Japan has shut down many of reactors and a few may never be restart, including the six at Fukushima, so stockpiled uranium inventories also add to latent near-term supply. There seems little reason for buyers not to reverse off in price.

Moldova arrests six suspected of trying to sell uranium

Six people have been arrested in Moldova and accused of tiresome to sell weapons-grade uranium, news reports said Thursday. Authorities seized extra than a kilogram of uranium-235, which can be used to build a dirty bomb, establishment in the capital, Chisinau, were quoted as saying in Russian news reports.

A dirty bomb does not produce a nuclear bang but can contaminate a large area with radioactive material; dpa reported. Authorities said they suspected the uranium was planned for a customer from a North African country. The investigation had been help by tips from the German police and establishment in the United States.

The suspects included citizens of Moldova and Russia as well as Arab and African countries, the reports said. The uranium was establish in the apartment of one of those detained.In another incident in August, Moldovan authorities arrested three men allegedly effort to sell 1.8 kilograms of uranium-238, a more stable and commonly establish isotope of uranium that can be processed into uranium-235