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And it goes on.


Why would anyone want to give away what will be, at least, the worlds second largest uranium mine?



Nuclear the fuel for energetic Indian growth

22 February 2012


India's commitment to nuclear energy remains strong as the country looks ahead to decades of sustained growth, New Delhi conference delegates have been told by leaders of the country's program.


The opening of the India International Nuclear Symposium heard from the Indian Minister for Power, Sushil Kumar Shinde, as well as the head of the Department of Atomic Energy Srikumar Banerjee and two of his predecessors: Anil Kakodkar and Rajagopala Chidambaram. The line-up was completed by SK Jain, head of Nuclear Power Corporation of India.


Shinde emphasised that India continues to harness all available forms of energy to sustain its development goals and meet steady increase in demand. Among those sources, said Shinde, "Nuclear has several distinct advantages, including that it is compact and highly manageable in terms of transportation and fuel. It is greener than all other forms of power generation."



Long-term goals


Shinde's task is to bring India's power system to the level required for its huge population to enjoy the benefits of electricity. Currently some 40% of the country's 1.2 billion citizens have no access to electricity, and 40% of those who are serviced enjoy it for only a few hours each day. A significant portion of generated power is lost through an inefficient and leaky transmission network.


At present the average Indian's electricity use is just 750 kWh per year, compared to global average of 2752 kWh per year. Banerjee and Kakodkar agreed that in the long term the target for India should be around 5000 kWh per year, drawing strong correlations between female literacy and the human development index with that level of energy use.


"We're not talking only about the next 20, 30 or 40 years, but what about beyond? Imported coal costs much more than nuclear energy. Without nuclear energy, the economic growth of the country will be slowed down."


Srikumar Banerjee

Chair, Department of Atomic Energy


Banerjee presented a scenario where a stablised population of 1.6-1.7 billion had individual power consumption of 5000 kWh per year in 2050. That amounts to 8000 billion kWh per year - equivalent to 40% of today's current electricity production. Maximum use of renewables including hydro would support about 1050 billion kWh of that, he said, leaving the rest to be met by nuclear or fossil sources. Banerjee's calculations showed that, in the worst-case, use of coal to fill the gap would result in about 7.7 billion tonnes of carbon dioxide emissions per year, compared to the current global total of 30 billion tonnes.


"We're not talking only about the next 20, 30 or 40 years, but what about beyond?" asked Banerjee, "Imported coal costs much more than nuclear energy. Without nuclear energy, the economic growth of the country will be slowed down."


These huge figures for energy and population give an insight into the task of governing a country such as India with one of the largest populations and one of the longest journeys ahead of it to energy prosperity. The government's goal is to have some 63,000 MWe of installed nuclear generation capacity by 2032 with imported light-water reactors complimenting an indigenous three-stage fuel cycle that will eventually bring in thorium to compliment current uranium-fuelled units.


The conference was organised by the World Nuclear Association (WNA), which also supports World Nuclear News. Director General of the WNA, John Ritch, said "WNA's engagement here has a dual purpose: to foster greater involvement of the global industry in India's nuclear growth and to promote greater involvement by Indian enterprises in the world's nuclear growth."


Shinde then lauded joint venture deals made so far between Indian power equipment manufacturers and their American, European, and Japanese peers. He appealed to the assembled executives: "If anyone is interested in joint-venture for manufacturing of nuclear power machinery, we will welcome and we will assist you in any way you need."


Researched and written

by World Nuclear News



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Couldn't agree with you more LE, not only are you outlaying that kind of cash but you have to actually be able to purchase those large parcels which in itself is a time consuming and hence costly task given how tightly held the stock is. Not to mention the risk vs reward for a return like that!Have a feeling large funds would find it easier elsewhere to make a buck!
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Rosco, so we are agreed the idea that big funds are buying for a 0.5% profit (less now that we are trading at 8.61) does not stack up.


If that is so, then whoever is buying, why are they buying? Why is Leslie holding back drill results, it is all upside for his company to release the results, there is no downside, so why not make your shareholders happy and respond positively to their requests?


My guts tell me he is buying time for someone and that someone is only buying because they know they are going to get more than 8.65.


Like I said, I am going to hold. Not much longer now given I have held since 2005.

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Spot on LE, been holding since 2005 as well and i intend riding this to the end!!


we could both be wrong, and probably are, however i'd never be able to live with myself if I sold into this offer only for it then to be trumped with something bigger and better!!


crossed fingers that Leslie & Co have got a surprise or two in store!!

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Lordy, how you buddy, I hope things are travelling good and all the family is healthy.



Mate if we go back to what transpired with Kalahari, while the bid was in, shares were continually trading under bid price a tad


also at and above, there were a lot of shares traded in this range, and look what happened, they all handed them to the




So what I think is happening here with EXT is exactly the same as what happened above, the other thing I have noticed is


that JP Morgan are continually selling and buying from one account to the other which I have pointed out previously in


posts, they do pick up the occassional extra share, if this was not the case, we would have a major shareholder notices being


lodged, reason the amount of shares traded since we known about the offer.


Now about the pending upgraded Jorc resource not being released which the company has continually stated to the media


and in media releases, and to us shareholders, which I have got in emails from the company and others, they state that it


will have no material affect on the shareprice, so what I am saying is they will not release a upgraded resource.


Now the only way we can achieve a upgrade is by putting pressure on the company, by filling out a complaint form, which


the details on how to do this are on my previous posts, and I hope I am not the only one that has done this, because if I


am the only one, then you all can kiss any upgrade good bye, and that means we are (any of us) only most likely to get


$8.65 without making a proper informed decision with all the resources released.





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I am just trying to tell you that I have seen this before, with other stocks.

This may not be what's happening to EXT; but I won't be surprised that this is simply a work of hedge fund.


Obviously there's another upside with hedge fund doing this; if there're another bid coming in, they can turn the easy 0.5% into 5%, or whatever.


They can't lose, that's all I am saying, and that's how I see it.

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Cameco CEO warns of squeeze in uranium supplies in 'very near future



HOLLYWOOD, Fla. - Cameco Corp.'s top executive is warning of an impending uranium supply squeeze as projects are delayed or cancelled and global demand for electricity continues to grow despite the Fukushima nuclear crisis almost a year ago.


Last year, world consumption for uranium hit 165 million pounds, far outpacing the 143 million pounds produced, CEO Tim Gitzel told an investor conference Tuesday.


And that gap is only going to widen as 96 new reactors come online by 2021, Gitzel said, "which raises the big question: where is this production going to come from?"


Cameco has not wavered from its goal of doubling uranium production to 40 million tonnes by 2018. But because mines are so complicated to build, it's tough for companies like Cameco to respond swiftly to demand swings.


"Uranium mines in general are difficult to bring on at the best of times and now, with the lower uranium prices, we're seeing (that) delays and cancellations of projects are becoming the norm as proponents are unable to meet feasibility tests," said Gitzel.


"As a result, we believe that the industry could face significant supply challenges and widening supply gap issues in the very near future."


Demand for uranium from countries like China, South Korea and India is expected to be "astounding" in the future, despite the pall cast by the Japanese nuclear disaster in March 2011.


An earthquake and tsunami caused the Fukushima Daiichi plant's cooling systems to fail and radioactive material to be released. The incident prompted Germany, which represents five per cent of global nuclear generation capacity, to abandon that source of power and other countries to slow their expansion plans.


Japan itself, which represents 12 per cent of worldwide nuclear generating capacity, only has a few reactors operating, but Gitzel said Cameco expects the remaining ones to be brought online starting later this year.


"Fukushima or no Fukushima, the world energy situation remains unchanged. Huge quantities of huge, reliable and affordable electricity will be needed to meet future demand," he said.


Since the 1980s, global electricity consumption has tripled and is expected to more than double again over the next two decades. Nearly two billion out of the world's seven billion inhabitants don't currently have access to electricity, Gitzel said.


Economic juggernaut China has 26 power plants under construction and "many dozens more planned for the future."


And India has announced plans to grow its nuclear power capacity from 5,000 megawatts to 63,000 megawatts by 2030.


"You can take that for what it's worth," Gitzel said. "But even if it's half that much, it's enormous growth."


All that growth is good news for Cameco and the uranium industry as a whole, he said.


"More reactors means more demand for uranium."


But there are some short-term headwinds. Cameco said during its fourth-quarter conference call earlier this month that it expects consolidated revenue in 2012 could be as much as five per cent lower than it was in 2011 due to lower sales volumes in the fuel services business and lower uranium prices. That should be partially offset by higher volumes in its electricity business.


Its profits in the final three months of 2011 grew by 29 per cent to $265 million and quarterly revenue jumped 45 per cent to $977 million from $673 million.


This raises a question - Is EXT management still willing to sell the second biggest uranium deposit for peanuts? Certainly any justification along the the following line - "In the light of the unexpected circumstances in Japan and their impact on uranium equities, the Extract Directors recognizes the altered market dynamic and subsequently views the Offer from Taurus as attractive" would not only be nonsensical but also highly questionable. I suppose we can only hope that management does have something up their sleeve.


By the way, it seems that Taurus still did not received all Kalahari acceptances by yesterday.

"On 3 February 2012, Taurus declared the Offer unconditional in all respects and on 14 February 2012, Taurus announced that the Offer would close at 1:00pm (London time) on 28 February 2012.


Accordingly, Taurus declares that the Offer has now closed.


Level of Offer acceptances


As at 1:00 p.m. (London time) on 28 February 2012, Taurus had received valid acceptances from Kalahari Shareholders in respect of 261,881,364 Kalahari Shares representing approximately 98 per cent. of the existing issued share capital of Kalahari."



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