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Plunge in uranium prices hits General Atomics

Affiliate has lost $60 million in last two years

According to Australian mining media, Heathgate Resources, owned by General Atomics, lost $34.5 million last year on revenue of only $59 million. The previous year, Heathgate lost $25.6 million on $84.6 million in revenue.

Uranium prices plunged 50% after the meltdown at the Fukushima nuclear plant in March of 2011.

Nonetheless, Quasar Resources, another General Atomics affiliate, has received approval from government authorities to go ahead with a new $110 million uranium mine in South Australia.

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According to Australian mining media, Heathgate Resources, owned by General Atomics, lost $34.5 million last year on revenue of only $59 million. The previous year, Heathgate lost $25.6 million on $84.6 million in revenue.

Uranium prices plunged 50% after the meltdown at the Fukushima nuclear plant in March of 2011.

Nonetheless, Quasar Resources, another General Atomics affiliate, has received approval from government authorities to go ahead with a new $110 million uranium mine in South Australia.

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Comments
4

Fukushima proves that even with three core meltouts, and massive dumping into the atmosphere and sea, that "no one died." In fact we need not fear ionizing radiation at all!

We should feel confident that we can build reactors in the most seismically active area in the world.

Spent fuel pools are not a problem. If the thousands of tons of highly radioactove fuel rods in the spent fuel pools on reactor number four crash down and cause mass extinction of the human race maybe slime molds will survive.

SONGS was totally safe, why not gamble with the lives of 8.5 million people? We need to act boldly and take chances, and, pass onto the ratepayers any losses.

The people need to suck up mutations and cancers for corporate profits. Our higher power "the market" looks only to profits and socializes the costs.

More reactors subsidzed by the government are needed to boost uranium prices, if you are 70 or 80, you weren't going to live forever anyway, and you may as well have ever more money to spend before you go.

Price-Anderson forces the government to insure all this since 1957. It's all part of the weapons program. Get with the program!

Aug. 26, 2013

Diogenes: Excellent satire. Aren't you the one who loves Jonathan Swift? You have outdone him. Best, Don Bauder

Aug. 26, 2013

Adding some more Nuclear L☢VE

The nuclear industry denies that they need to do any real safety upgrades and complains about any NRC required safety upgrades, yet they will not insure themselves against risk, having gotten Congress to pass that risk along to the US Govt. and the people of the USA, thanks to the Price-Anderson Act.

Per the NRC: Fact Sheet on Nuclear Insurance and Disaster Relief http://www.nrc.gov/reading-rm/doc-collections/fact-sheets/funds-fs.html

In short, if there is more than $12 Billion in damages, residents are left holding a empty radioactive bag! This is only a tiny fraction of what it will cost in Fukushima, which I estimated to be about a Trillion Dollar Eco-Disaster!

What is the value of all the homes and Commercial property downwind of Southern California or yet another nuclear power plant (NPP)?

Probably at least several TRILLION dollars...

Here is a great graphic that will help everyone visualize what is downwind of any of the US reactors! NRDC Nuclear Fallout Map: http://www.nrdc.org/nuclear/fallout/

Just click on a reactor and zoom in... (BTW: These are conservative fallout estimates).

Where will the US Government get the REST of the money if it happened at to a reactor upwind from where you live, next week, probably from Social Security and or Medicare?

BTW: Your homeowners insurance does not cover anything related to nuclear pollution, so you are going to suffer big loses should anything BAD happen!

Aug. 26, 2013

CaptD: A timely warning. Best, Don Bauder

Aug. 26, 2013

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