Comment: Why is Virginia pushing for uranium mining when it will ruin our water, our lives, and our water! Price of uranium determines if the mine stays open! When uranium price is down, workers are laid off for months at a time, and the mine is closed! Southside Virginia deserves clean and healthy jobs, not dirty, cancer causing jobs! Demand our leaders to ban uranium mining!
Posted: August 14, 2009, 11:15 AM by Peter Koven
Uranium company Denison Mines Corp. has cleaned up its balance sheet after securing a strategic investor and completing an equity offering. But RBC Capital Markets analyst Adam Schatzker wrote that the operations remain very risky going forward.
His big concern is that the company could have trouble fulfilling its contract obligations. On a conference call to discuss its second-quarter results, Denison reiterated that the Caribou and Midwest projects are on hold, and that Midwest is being reviewed for possible cost reductions.
The lead times for these Canadian projects are very long, and Mr. Schatzker thinks there is a "very high chance" that Denison will have little-to-no Canadian-sourced production in 2011.
That could be a problem, because it would mean that contracted sales in 2011 would have to be sourced solely from Denison's U.S. operations, Mr. Schatzker wrote. He estimated that those contracted sales are for between 1.5 million and 2 million pounds of uranium.
"Given the operating costs and operational volatility at these [U.S.] mines, we think Denison's risk profile is quite high," he wrote in a note.
Denison also noted its Mutanga project in Zambia is progressing well, but Mr. Schatzker believes that the project is "marginal or uneconomic" at today's uranium prices.
He maintained an "underperform" rating on the stock and a target price of $1.80 a share.
http://network.nationalpost.com/np/blogs/tradingdesk/archive/2009/08/14/denison-s-risk-profile-remains-high.aspx
Denison Q2 loss widens
By: Liezel Hill
13th August 2009
TORONTO (miningweekly.com) – Canadian uranium miner Denison Mines on Wednesday reported a second-quarter net loss of $18,2-million, compared with a $13,8-million loss for the same period last year.
Revenue for the quarter slid to $13,4-million, from $31,7-million in the second quarter of 2008.
The company sold 128 000 lb of uranium, at an average price of $52,44/lb.
The firm also ended the quarter with uranium inventory of 554 000 lb, worth about $26-million at current spot prices, plus 1,18-million pounds of vanadium, worth around $7-million.
Denison has uranium mining assets in the US and Canada, as well as exploration properties in Zambia and Mongolia.
However, the firm has curtailed some operations because of lower uranium spot prices.
Denison also appointed a new CEO, Ron Hochstein, during the second quarter.
Edited by: Liezel Hill
http://www.miningweekly.com/article/denison-q2-loss-widens-2009-08-13
Posted: August 14, 2009, 11:15 AM by Peter Koven
Uranium company Denison Mines Corp. has cleaned up its balance sheet after securing a strategic investor and completing an equity offering. But RBC Capital Markets analyst Adam Schatzker wrote that the operations remain very risky going forward.
His big concern is that the company could have trouble fulfilling its contract obligations. On a conference call to discuss its second-quarter results, Denison reiterated that the Caribou and Midwest projects are on hold, and that Midwest is being reviewed for possible cost reductions.
The lead times for these Canadian projects are very long, and Mr. Schatzker thinks there is a "very high chance" that Denison will have little-to-no Canadian-sourced production in 2011.
That could be a problem, because it would mean that contracted sales in 2011 would have to be sourced solely from Denison's U.S. operations, Mr. Schatzker wrote. He estimated that those contracted sales are for between 1.5 million and 2 million pounds of uranium.
"Given the operating costs and operational volatility at these [U.S.] mines, we think Denison's risk profile is quite high," he wrote in a note.
Denison also noted its Mutanga project in Zambia is progressing well, but Mr. Schatzker believes that the project is "marginal or uneconomic" at today's uranium prices.
He maintained an "underperform" rating on the stock and a target price of $1.80 a share.
http://network.nationalpost.com/np/blogs/tradingdesk/archive/2009/08/14/denison-s-risk-profile-remains-high.aspx
Denison Q2 loss widens
By: Liezel Hill
13th August 2009
TORONTO (miningweekly.com) – Canadian uranium miner Denison Mines on Wednesday reported a second-quarter net loss of $18,2-million, compared with a $13,8-million loss for the same period last year.
Revenue for the quarter slid to $13,4-million, from $31,7-million in the second quarter of 2008.
The company sold 128 000 lb of uranium, at an average price of $52,44/lb.
The firm also ended the quarter with uranium inventory of 554 000 lb, worth about $26-million at current spot prices, plus 1,18-million pounds of vanadium, worth around $7-million.
Denison has uranium mining assets in the US and Canada, as well as exploration properties in Zambia and Mongolia.
However, the firm has curtailed some operations because of lower uranium spot prices.
Denison also appointed a new CEO, Ron Hochstein, during the second quarter.
Edited by: Liezel Hill
http://www.miningweekly.com/article/denison-q2-loss-widens-2009-08-13
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