AIM-listed Beowulf Mining has announced a 30 per cent increase in unaudited losses for the year to 31 December 2009. The company, which is exploring mineral deposits in northern Sweden, announced losses of £520,096 – up from £398,664 in 2008.
The company also announced that ongoing metallurgical tests at its Ruoutevare Iron Titanium Project have to date produced a final high grade product of sponge iron containing 95% iron and 1.5% titanium.
During the year the company signed a new earn-in joint venture agreement signed with Energy Ventures Limited (EVE) for its Ballek joint-venture, replacing Agricola Resources Plc. EVE have commenced a 1,600m drilling programme at the Ballek joint venture with results anticipated by the end of April of this year.
Beowulf also acquired Agricola's Swedish assets, comprising a package of five highly prospective gold, copper, nickel and uranium exploration licences at Geddaur in northern Sweden as well as securing an exploration licence for Sweden’s largest molybdenum deposit at Munka. The company is said to be looking for other assets to complement and extend its project portfolio.
Commenting on the results Clive Sinclair-Poulton, Executive Chairman of Beowulf said:"Despite a challenging backdrop of global economic uncertainty, Beowulf made significant progress during 2009 and now has an enhanced project portfolio and a new joint venture partner in the form of EVE. Demand for commodities has recovered strongly and we look forward to reporting further progress during 2010."
During the year the company raised £500,000 in working capital via a share placement at a price of 2p per share.
No dividend will be paid.
Showing posts with label uranium. Show all posts
Showing posts with label uranium. Show all posts
Monday, March 1, 2010
Wednesday, February 10, 2010
Talvivaara To Investigate Uranium Recovery
Finnish nickel mining company Talvivaara is to investigate the recovery of uranium as a separate product from its ore body
Talvivaara is to investigate the recovery of uranium as a separate product from its ore body in a project costing approximately EUR 30 million.
Talvivaara Mining Company Plc is planning to initiate the recovery and exploitation of uranium, obtained as a by-product of other metals, in the form of a uranium intermediate, yellow cake.
Natural uranium is a commonly occurring element which is also present in low concentrations in the Talvivaara ore body.
The Company plans to recover the uranium from its main leaching process by using a safe and technically simple solvent extraction process which is widely applied to metals recovery. This process modification will not alter discharge levels or other environmental impacts of the operations,
The bedrock and nickel ore in the Talvivaara area naturally contain uranium although surveys conducted by the Geological Survey of Finland have not revealed any abnormal radiation levels.
Annual production costs are estimated at approximately EUR 2 million and the annual production volume is estimated at approximately 350 tonnes. The extraction plant is expected to employ around 20 people directly and some 50 people indirectly.
The uranium oxide generated in the solvent extraction process will be packaged in airtight steel containers and transported for further processing, subject to appropriate supervision.
Talvivaara is to investigate the recovery of uranium as a separate product from its ore body in a project costing approximately EUR 30 million.
Talvivaara Mining Company Plc is planning to initiate the recovery and exploitation of uranium, obtained as a by-product of other metals, in the form of a uranium intermediate, yellow cake.
Natural uranium is a commonly occurring element which is also present in low concentrations in the Talvivaara ore body.
The Company plans to recover the uranium from its main leaching process by using a safe and technically simple solvent extraction process which is widely applied to metals recovery. This process modification will not alter discharge levels or other environmental impacts of the operations,
The bedrock and nickel ore in the Talvivaara area naturally contain uranium although surveys conducted by the Geological Survey of Finland have not revealed any abnormal radiation levels.
Annual production costs are estimated at approximately EUR 2 million and the annual production volume is estimated at approximately 350 tonnes. The extraction plant is expected to employ around 20 people directly and some 50 people indirectly.
The uranium oxide generated in the solvent extraction process will be packaged in airtight steel containers and transported for further processing, subject to appropriate supervision.
Wednesday, May 13, 2009
Russia Eyes Mongolia's Uranium
Russia's state rail monopoly signed a deal potentially totalling $7 billion on Wednesday to upgrade Mongolia's rail network and improve access to untapped deposits of uranium, coal and other minerals in the Gobi desert.
Mongolian Prime Minister Sanj Bayar also proposed a separate partnership to extract uranium, offering Russia access to its deposits of the metal as the Kremlin seeks to position itself as a major supplier to the growing nuclear fuel industry.
"We should switch to new technologies, improve management and approach new metal and coking coal deposits," Russian Prime Minister Vladimir Putin said during an official visit to the Mongolian capital.
"And to raise the attractiveness of Mongolia, transport should of course be modernised."
Mongolia, with annual per capita income of about $1,200, hopes its vast reserves of uranium, coal, copper and gold will help pull its 3 million people out of poverty.
But as the value of these metals has dropped, cutting export revenues, it has turned to nearly $1 billion in foreign loans.
Russian Railways agreed to form a joint venture with Mongolia's national rail company, MTZ, and state-owned mining company Erdenes MGL. The Russian company will spend $1 million on an initial feasibility study.
"The whole project is expected to cost around $7 billion, depending on the feasibility study," Russian Railways President Vladimir Yakunin told reporters.
He said the upgrade would improve access to Tavan Tolgoi, where estimated coal reserves of 6.5 billion tonnes rank it as the world's largest untapped deposit of the type of coal used by steel makers in their blast furnaces.
Mongolia has hired JPMorgan and Deutsche Bank to sell up to 49 percent of the project. Russian firms have expressed interest, as well as coal giant China Shenhua, U.S. miner Peabody Energy and BHP Billiton.
Russia has already agreed to extend a $300 million loan to support the agricultural sector in Mongolia, which employs 37 percent of the population.
Mongolia also appears keen to accelerate work on mining its uranium. Prime Minister Bayar told Putin: "We should speed up the work on a joint venture to develop uranium deposits."
Putin said state nuclear corporation Rosatom would represent Russian interest in the project. Asked when a deal might be signed, he said: "It is a matter of weeks."
Neither Putin nor Bayar gave further details of the project.
Moscow has been trying to break into the prosperous nuclear markets of the United States and European Union, and has been eyeing possible alliances in the world market.
Russia holds more than 10 percent of the world's uranium reserves. It is also among the world's biggest providers of enrichment services and has ventured abroad to seek additional raw materials.
Australia, which holds 40 percent of the world's known uranium reserves, signed an agreement in 2007 to expand sales to Russia, but Canberra has since put the deal on hold due to concerns Moscow might not honour non-proliferation obligations.
Source: The Guardian
Mongolian Prime Minister Sanj Bayar also proposed a separate partnership to extract uranium, offering Russia access to its deposits of the metal as the Kremlin seeks to position itself as a major supplier to the growing nuclear fuel industry.
"We should switch to new technologies, improve management and approach new metal and coking coal deposits," Russian Prime Minister Vladimir Putin said during an official visit to the Mongolian capital.
"And to raise the attractiveness of Mongolia, transport should of course be modernised."
Mongolia, with annual per capita income of about $1,200, hopes its vast reserves of uranium, coal, copper and gold will help pull its 3 million people out of poverty.
But as the value of these metals has dropped, cutting export revenues, it has turned to nearly $1 billion in foreign loans.
Russian Railways agreed to form a joint venture with Mongolia's national rail company, MTZ, and state-owned mining company Erdenes MGL. The Russian company will spend $1 million on an initial feasibility study.
"The whole project is expected to cost around $7 billion, depending on the feasibility study," Russian Railways President Vladimir Yakunin told reporters.
He said the upgrade would improve access to Tavan Tolgoi, where estimated coal reserves of 6.5 billion tonnes rank it as the world's largest untapped deposit of the type of coal used by steel makers in their blast furnaces.
Mongolia has hired JPMorgan and Deutsche Bank to sell up to 49 percent of the project. Russian firms have expressed interest, as well as coal giant China Shenhua, U.S. miner Peabody Energy and BHP Billiton.
Russia has already agreed to extend a $300 million loan to support the agricultural sector in Mongolia, which employs 37 percent of the population.
Mongolia also appears keen to accelerate work on mining its uranium. Prime Minister Bayar told Putin: "We should speed up the work on a joint venture to develop uranium deposits."
Putin said state nuclear corporation Rosatom would represent Russian interest in the project. Asked when a deal might be signed, he said: "It is a matter of weeks."
Neither Putin nor Bayar gave further details of the project.
Moscow has been trying to break into the prosperous nuclear markets of the United States and European Union, and has been eyeing possible alliances in the world market.
Russia holds more than 10 percent of the world's uranium reserves. It is also among the world's biggest providers of enrichment services and has ventured abroad to seek additional raw materials.
Australia, which holds 40 percent of the world's known uranium reserves, signed an agreement in 2007 to expand sales to Russia, but Canberra has since put the deal on hold due to concerns Moscow might not honour non-proliferation obligations.
Source: The Guardian
Monday, March 16, 2009
BHP May Delay Olympic Dam Mine
BHP Billiton Ltd's multi-billion-dollar expansion of the Olympic Dam mine in South Australia could be delayed at least two years due to the economic crisis, an analyst says.
BGF Equities director Warwick Grigor said on Monday the downturn in global economic and commodity markets was likely to delay the Olympic Dam expansion.
"Olympic Dam is probably going to slip by at least two years in its timetable, if not longer," Mr Grigor told reporters in Adelaide.
Mr Grigor suggested BHP Billiton may be better off making acquisitions rather than expanding the mine in the current economic climate.
"We really don't know where the end of the tunnel is in terms of this economic crisis and it would be very brave of BHP to be throwing a lot of money at that when they can buy so many other bargain-basement assets around and extend their power that way," Mr Grigor added.
The world's biggest mining company was aiming to have the first stage of its five-phase Olympic Dam expansion in production by 2013, according to a BHP Billiton presentation released in October.
This phase was to optimise the existing underground operation and increase production capacity to 200,000 tonnes of copper, 4,500 tonnes of uranium and 120,000 ounces of gold.
A BHP Billiton spokeswoman said on Monday the "company hadn't updated the timetable" since the October presentation.
But activity at the project had been scaled back, she said.
In January, BHP Billiton said it would scale back the project activity at Olympic Dam because of the downturn and while the company awaited government approvals for the environmental impact statement.
The approvals could take about 12 to 18 months to complete.
BHP Billiton's last capital cost estimate for the expansion was $US6 billion ($A9.16 billion), but some analysts suggest that figure could now be as high as $US20 billion ($A30.53 billion).
Olympic Dam is about 560 kilometres north of Adelaide and houses the world's largest known uranium resource, the fourth largest copper deposit and the fifth largest gold deposit.
The mine has a capacity to produce 180,000 tonnes of copper and 4,000 tonnes of uranium per year, with the staged expansion looking to increase copper and uranium output to 730,000 and 19,000 tonnes, respectively.
BHP Billiton has cut 200 jobs from its Olympic Dam expansion team and last Tuesday flagged a further 85 job losses at the mine.
They are part of a 6,000 total to be slashed across its global operations, with about half of those in Australia.
Source: WA Today
BGF Equities director Warwick Grigor said on Monday the downturn in global economic and commodity markets was likely to delay the Olympic Dam expansion.
"Olympic Dam is probably going to slip by at least two years in its timetable, if not longer," Mr Grigor told reporters in Adelaide.
Mr Grigor suggested BHP Billiton may be better off making acquisitions rather than expanding the mine in the current economic climate.
"We really don't know where the end of the tunnel is in terms of this economic crisis and it would be very brave of BHP to be throwing a lot of money at that when they can buy so many other bargain-basement assets around and extend their power that way," Mr Grigor added.
The world's biggest mining company was aiming to have the first stage of its five-phase Olympic Dam expansion in production by 2013, according to a BHP Billiton presentation released in October.
This phase was to optimise the existing underground operation and increase production capacity to 200,000 tonnes of copper, 4,500 tonnes of uranium and 120,000 ounces of gold.
A BHP Billiton spokeswoman said on Monday the "company hadn't updated the timetable" since the October presentation.
But activity at the project had been scaled back, she said.
In January, BHP Billiton said it would scale back the project activity at Olympic Dam because of the downturn and while the company awaited government approvals for the environmental impact statement.
The approvals could take about 12 to 18 months to complete.
BHP Billiton's last capital cost estimate for the expansion was $US6 billion ($A9.16 billion), but some analysts suggest that figure could now be as high as $US20 billion ($A30.53 billion).
Olympic Dam is about 560 kilometres north of Adelaide and houses the world's largest known uranium resource, the fourth largest copper deposit and the fifth largest gold deposit.
The mine has a capacity to produce 180,000 tonnes of copper and 4,000 tonnes of uranium per year, with the staged expansion looking to increase copper and uranium output to 730,000 and 19,000 tonnes, respectively.
BHP Billiton has cut 200 jobs from its Olympic Dam expansion team and last Tuesday flagged a further 85 job losses at the mine.
They are part of a 6,000 total to be slashed across its global operations, with about half of those in Australia.
Source: WA Today
Sunday, March 8, 2009
Australia Looking To Quadruple Uranium Production
As recession looms large on it due to the global economic slowdown, Australia plans to quadruple the mining of uranium to step up its export amid speculation that Labour government may modify its policy of not selling the yellow cake to non-signatories of NPT, including India.
BHP Billiton, which owns one of the country's biggest mines 'Olympic Dam' in South Australia, would increase mining of uranium from 4,300 tonnes per annum to 19,000 tonnes, state Premier Mike Rann told visiting Indian journalists here.
Rann, one of the influential leaders of the Labour headed by Prime Minister Kevin Rudd, said that besides uranium, his government decided to step up mining of copper from 180,000 to 730,000 tonnes and gold from 80,000 to 500,000 ounces.
The South Australian Premier, a long standing "admirer and friend" of India, said the province's rich mineral resources should be fully utilised to beat global recession.
Australia, a burgeoning economy posted 0.5 per cent negative growth for the first time in eight years, triggering fears of economic crisis among its affluent 21 million people.
"The Olympic Dam mine would surpass Chile Escondida to become the single largest mine in the world. No. 1 in uranium, No. 4 in copper and No. 5 in gold. Once the expansion takes place, something like a million-and-a-quarter tonnes on rock will be moved every day by 10,000 workers," Rann said.
The increase in mining of uranium, which was hitherto confined to only three mines, would enable Australia to overtake Canada as the world's leading supplier of uranium, Rann said.
"Olympic Dam alone will produce 35 per cent of the world's uranium and its reserves lasting for 100-150 years. It will supply more uranium than all of Canada's mines put together," he said.
Rann, however, sounded non-committal about Australia reversing its decision not to supply uranium to India, but at the same time said the issue would be discussed by Rudd during his visit to New Delhi, expected to take place later this year.
"There could be lot of negotiations," he said, but declined to elaborate.
Rann replied in negative when asked if Australia could benefit by supplying uranium to India, which plans to set up a number of nuclear power plants in the light of Nuclear Suppliers Group (NSG) and IAEA's permission to New Delhi to take part in nuclear commerce for power generation.
"I don't think so. We have China, Britain and even the US shifting to nuclear energy in a big way in the coming years. There will be no dearth of buyers," he said.
Rann, at the same time, outlined the marked change in Australia's policy on uranium mining, emphasising that its nuclear policy was not static.
Source: The Hindu
BHP Billiton, which owns one of the country's biggest mines 'Olympic Dam' in South Australia, would increase mining of uranium from 4,300 tonnes per annum to 19,000 tonnes, state Premier Mike Rann told visiting Indian journalists here.
Rann, one of the influential leaders of the Labour headed by Prime Minister Kevin Rudd, said that besides uranium, his government decided to step up mining of copper from 180,000 to 730,000 tonnes and gold from 80,000 to 500,000 ounces.
The South Australian Premier, a long standing "admirer and friend" of India, said the province's rich mineral resources should be fully utilised to beat global recession.
Australia, a burgeoning economy posted 0.5 per cent negative growth for the first time in eight years, triggering fears of economic crisis among its affluent 21 million people.
"The Olympic Dam mine would surpass Chile Escondida to become the single largest mine in the world. No. 1 in uranium, No. 4 in copper and No. 5 in gold. Once the expansion takes place, something like a million-and-a-quarter tonnes on rock will be moved every day by 10,000 workers," Rann said.
The increase in mining of uranium, which was hitherto confined to only three mines, would enable Australia to overtake Canada as the world's leading supplier of uranium, Rann said.
"Olympic Dam alone will produce 35 per cent of the world's uranium and its reserves lasting for 100-150 years. It will supply more uranium than all of Canada's mines put together," he said.
Rann, however, sounded non-committal about Australia reversing its decision not to supply uranium to India, but at the same time said the issue would be discussed by Rudd during his visit to New Delhi, expected to take place later this year.
"There could be lot of negotiations," he said, but declined to elaborate.
Rann replied in negative when asked if Australia could benefit by supplying uranium to India, which plans to set up a number of nuclear power plants in the light of Nuclear Suppliers Group (NSG) and IAEA's permission to New Delhi to take part in nuclear commerce for power generation.
"I don't think so. We have China, Britain and even the US shifting to nuclear energy in a big way in the coming years. There will be no dearth of buyers," he said.
Rann, at the same time, outlined the marked change in Australia's policy on uranium mining, emphasising that its nuclear policy was not static.
Source: The Hindu
Tuesday, January 27, 2009
Significant Uranium Find At Namibian Prospect
Uranium miner Kalahari Minerals Plc said on Tuesday that the Australia-based uranium explorer Extract Resources, in which Kalahari subsidiary Kalahari Uranium holds a 39.50 percent stake, had discovered significant uranium deposits at its Namibian prospect.
Kalahari Minerals said that the 108 million pounds of uranium oxide, at a grade of 430 parts per million confirms Rossing South as the highest grade uranium deposit in Namibia.
It gives the uranium explorer, Extract, a total resource estimate of 133.1 million pounds, Kalahari Minerals said.
Kalahari chairman Mark Hohnen said the deposit has become the highest grade granite-hosted uranium deposit in Namibia, and that future upgrades to the estimate could propel it into the top 10 global uranium deposits.
Hohnen said that with the location of Rossing South deposit, which is adjacent to Rio Tinto's Rossing Mine, Paladin Resources' Langer Heinrich Mine and Toronto-listed Forsys Metals Corp, the Rossing South deposit could be developed into a highly profitable project.
Kalahari Minerals said that the 108 million pounds of uranium oxide, at a grade of 430 parts per million confirms Rossing South as the highest grade uranium deposit in Namibia.
It gives the uranium explorer, Extract, a total resource estimate of 133.1 million pounds, Kalahari Minerals said.
Kalahari chairman Mark Hohnen said the deposit has become the highest grade granite-hosted uranium deposit in Namibia, and that future upgrades to the estimate could propel it into the top 10 global uranium deposits.
Hohnen said that with the location of Rossing South deposit, which is adjacent to Rio Tinto's Rossing Mine, Paladin Resources' Langer Heinrich Mine and Toronto-listed Forsys Metals Corp, the Rossing South deposit could be developed into a highly profitable project.
Thursday, January 15, 2009
Golden Dory Finds More Uranium At Newfoundland Project
Canadian gold and uranium miner Golden Dory Resources Ltd has announced further uranium discoveries at its 100% Burin Project in southern Newfoundland.
Explorations made in the autumn 2008 exploration programme include at least five new bedrock occurrences returning >100 ppm U thus expanding the prospective footprint of the Little Lawn River area where the company reported deposits in 2007.
The 2008 program was funded in part by Cameco Corporation with whom Golden Dory signed a Letter of Intent in September to jointly explore the property.
Explorations made in the autumn 2008 exploration programme include at least five new bedrock occurrences returning >100 ppm U thus expanding the prospective footprint of the Little Lawn River area where the company reported deposits in 2007.
The 2008 program was funded in part by Cameco Corporation with whom Golden Dory signed a Letter of Intent in September to jointly explore the property.
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