Demand for Uranium Expected to Grow With Nuclear Energy
NEW YORK, May 10, 2018 /PRNewswire/ --
Uranium prices have remained relatively stable at around $21 per pound this year. Prices have significantly dropped since the crash of 2008 and further during the Fukushima Daiichi plant incident in Japan in 2011. John Borshoff, CEO of Deep Yellow Limited, said the stalemate price for Uranium is expected to end soon as reserves of rare metal begins to decrease and nuclear power generators begin to lock long-term contracts. Analysts say that low prices reflect reserves held by uranium producers and long-term contracts taken out by utilities, but Borshoff forecasts that there will be a surplus of demand compared to supply in 2022 to 2023. Anfield Energy Inc. (OTC: ANLDF), Turquoise Hill Resources Ltd. (NYSE: TRQ), Tahoe Resources Inc. (NYSE: TAHO), Lundin Mining Corporation (OTC: LUNMF), Barrick Gold Corporation (NYSE: ABX)
The market is driven by surging demand and dependency on nuclear energy, as many countries transition to become more environmentally efficient. There were a total of 440 nuclear power plants operating around the world in January, delivering about 11% of the world's energy, according to World Nuclear Association. Fifty more reactors are being constructed, notably in China, India, UAE and Russia, as demand for cleaner electricity is projected to grow. "That's when you will see a dramatic change," Borshoff told Reuters in an interview. "The whole issue of fear of lack of supply will start to seep in when they realize they are competing for rare pounds of uranium."
Anfield Energy Inc. (OTCQB: ANLDF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: AEC). On April 25th the company announced that it has, "identified vanadium exploration targets in its recently-acquired exploration database of mining projects in the Western United States. These targets, found in both Colorado and Utah, are considered complementary to Anfield's Utah-based Shootaring Canyon mill as Anfield could include a vanadium processing circuit on this asset. Moreover, these vanadium projects could serve as a potential extended vanadium project pipeline beyond the Velvet-Wood uranium/vanadium project on which Anfield has previously announced a vanadium exploration target. Finally, Anfield's prospective energy partners have shown an increasing interest in the Company's vanadium assets due to the recent upturn in the vanadium price - from US$4.00 to US$15.00 per pound."
Corey Dias, Anfield CEO, states, "The identification of potential vanadium targets in in our recently-acquired database offers a distinct advantage to the Company. Further to our news release on December 13, 2017, Anfield has already identified a vanadium exploration target of between 6.3 million pounds and 9.7 million pounds at its past-producing Velvet-Wood uranium mine - at which vanadium was previously produced as a byproduct - and the potential to create a significant pipeline of vanadium projects is compelling. This is even more attractive to Anfield as it holds one of only three licensed, permitted and constructed uranium mills in the U. S., and the ability to add a vanadium processing circuit to the Shootaring Canyon mill provides a strategic advantage to the Company in relation to its peers as Anfield could accelerate the vanadium production process.
"Vanadium is increasingly being embraced by battery manufacturers as a core material in the production of batteries to be used in both small-scale and large-scale applications; in fact, vanadium redox-flow batteries (VFBs) have started to grow in influence as energy companies look to improve energy storage. This ranges from grid-scale uses, such as Prudent Technology's use of a VFB for its solar installation in Italy, to smaller-scale uses such as Warren Buffett's BYD company using vanadium batteries for its electric vehicles and Subaru using a VFB to power its Subaru G4e vehicle. Vanadium is clearly viewed as an attractive alternative to other battery technology sources. Anfield is fortunate in having the ability to exploit two energy metal resources together, both with highly positive demand projections: uranium and vanadium".
Turquoise Hill Resources Ltd. (NYSE: TRQ) owns 66% of Oyu Tolgoi, one of the world's largest copper-gold-silver mines that went into production in early 2013 and now is shipping concentrate to customers in China. Recently, the company announced its financial results for the quarter ended March 31, 2018. During Q1'18, Oyu Tolgoi produced 38,800 tonnes of copper and 42,000 ounces of gold. Revenue of $245.6 million in Q1'18 increased 3.4% over Q1'17 reflecting higher copper and gold prices partly offset by lower concentrate sales volumes. The Oyu Tolgoi mine was initially developed as an open-pit operation. The copper concentrator plant, with related facilities and necessary infrastructure, was originally designed to process approximately 100,000 tonnes of ore per day from the Oyut open pit.
Tahoe Resources Inc. (NYSE: TAHO) is a publicly traded company led by experienced mining professionals who are dedicated to the responsible production of precious metals in the Americas. On February 20, 2018, the company announced the results of its preliminary economic assessment for La Arena II, a copper-gold porphyry project in Peru. Tahoe expects to continue its evaluation of La Arena II with the intent of advancing it to the prefeasibility or feasibility stage. Total Measured and Indicated Mineral Resources of 5.6 million ounces of gold and 5.8 billion pounds of copper and Inferred Mineral Resources total 683 thousand ounces of gold and 349 million pounds of copper. Average annual production of 149 thousand ounces of gold and 207 million pounds of copper, plus an additional 226 thousand ounces of gold and 115 million pounds of copper recovered over a two year pre-production period. Total gold and copper recovered in dore and concentrate over the mine life is estimated to be 3.4 million ounces of gold and 4.5 billion pounds of copper.
Lundin Mining Corporation (OTC: LUNMF) is a diversified Canadian base metals mining company with operations in Chile, the United States of America, Portugal, and Sweden, primarily producing copper, nickel and zinc. On April 25, 2018, the company reported cash flows of $172.9 million generated from operations in its first quarter of the year. Net earnings from continuing operations attributable to Lundin Mining shareholders were $81.2 million for the quarter. The Candelaria operations produced, on a 100% basis, 31,847 tonnes of copper, and approximately 17,000 ounces of gold and 275,000 ounces of silver in concentrate during the quarter. Copper production largely met expectations but was lower than the prior year comparable period due to planned mining and processing of lower grade materials and routine mill maintenance resulting in lower throughput. Copper cash costs of $1.71/lb for the quarter were in line with full year guidance ($1.70/lb), but higher than the prior year quarter due primarily to lower planned sales volumes, higher mill maintenance costs and foreign exchange in the current quarter.
Barrick Gold Corporation (NYSE: ABX) on April 11, 2018 announced preliminary first quarter production of 1.05 million ounces of gold, and 85 million pounds of copper, and preliminary first quarter sales of 1.07 million ounces of gold, and 85 million pounds of copper. The average market price for gold in the first quarter was $1,329 per ounce, while the average market price for copper was $3.16 per pound. The Company's first quarter realized copper price is expected to be approximately five percent below the average first quarter market price for copper as a result of provisional pricing adjustments1 that reflect the downward trend in copper prices over the period.
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