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Uranium and Nuclear Power Industry

Local mining magnates drawn into American political arena – by Nelson Bennett (Business Vancouver – April 24, 2015)

http://www.biv.com/

Vancouver mining magnates Frank Giustra and Goldcorp Inc. (TSX:G) chairman Ian Telfer made generous donations to former U.S. president Bill Clinton’s charitable organization at a time when the company they built was acquiring assets in Russia and the U.S., according to the New York Times.

The story suggests the donations may have helped Giustra and Telfer conclude deals that eventually resulted in the Canadian mining company, Uranium One, being acquired by the Russia’s Rosatom State Atomic Energy Corp. It suggests former Secretary of State Hillary Clinton might have had a hand in approving the deal.

Several major U.S. media outlets have weighed in, saying there appears to be little, if any, evidence that Hillary Clinton would even have had knowledge of the deal.

Neither Telfer nor Giustra deny making donations to the Clinton Foundation, but insist there was no lobbying on their behalf from either Bill or Hillary Clinton as a result of the donations.

Telfer told Business in Vancouver that the timelines don’t line up to support the suggestion that Hillary Clinton – former U.S. Secretary of State – would have even been in a position to help his company. Telfer is the former chairman of Uranium One.

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NEWS RELEASE: Cree Nation congratulates the International Uranium Film Festival for a successful inaugural event in Quebec

QUEBEC CITY, April 24, 2015 /CNW/ – As the 2015 International Uranium Film Festival draws to a close today, the Cree Nation extends its congratulations and appreciation for a successful inaugural event in Quebec. Over 50 films from around the world were screened in Quebec City and Montreal over the 10 days of the festival, each telling a different story about the impact of uranium mining and the risks of the nuclear age. The Grand Council of the Crees (Eeyou Istchee) was the major partner for this year’s festival, which drew some serious star power, with Quebec superstar Karine Vanasse and Hollywood actor/environmentalist Ed Begley, Jr. in attendance for the opening gala on April 15, 2015.

“From the very beginning of the Cree Nation’s fight against uranium development on our land, we have maintained that once Quebecers learned the true facts about uranium, they would stand with us,” said Grand Chief Matthew Coon Come. “We have seen that the more people learn about uranium and the nuclear chain, and the more we listen to the stories of those who have been affected by this industry, the more we are convinced that the risks brought by uranium are simply unacceptable, both today and for future generations. We have been honoured to host the International Uranium Film Festival in Quebec.”

The Cree Nation’s stand against uranium development began in 2008 when junior mining company Strateco Resources applied to the Quebec Government to pursue the Matoush advanced uranium exploration project, located on the family hunting grounds of the Cree Nation of Mistissini. The Government of Quebec has since denied the required permit for the Matoush project, due largely to its lack of social acceptability amongst the Cree Nation.

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Clinton, Giustra push back against New York Times’ Uranium One story – by Michael Allan McCrae (Mining.com – April 23, 2015)

http://www.mining.com/

Hillary Clinton and Frank Giustra both released statements claiming that the New York Times failed to prove any connections between the Clinton Foundation and the purchase of Russian assets.

Today the New York Times profiled Uranium One and gifts to the Clinton Foundation. Spokesman for Hillary Clinton, Brian Fallon, called the story wrong.

“Relying largely on research from the conservative author of Clinton Cash, today’s New York Times alleges that donations to the Clinton Foundation coincided with the U.S. government’s 2010 approval of the sale of a company known as Uranium One to the Russian government. Without presenting any direct evidence in support of the claim, the Times story — like the book on which it is based — wrongly suggests that Hillary Clinton’s State Department pushed for the sale’s approval to reward donors who had a financial interest in the deal. Ironically, buried within the story is original reporting that debunks the allegation that then-Secretary Clinton played any role in the review of the sale.

The Times’ own public editor has taken issue with the paper’s arrangement with the author of Clinton Cash, saying, “The Times should have been much more clear with readers about the nature of this arrangement” and “I still don’t like the way it looked.” It certainly doesn’t look any better that the lead Times reporter appeared in a taped interview for a Fox News documentary attacking the Clintons on this matter prior to receiving our responses to her questions.”

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Why coal looms large in India’s future – by Peter Foster (National Post – April 17, 2015)

The National Post is Canada’s second largest national paper.

Narendra Modi is the first Indian Prime Minister to visit Canada since Indira Ghandi. For much of the intervening period, relations were sticky because of that unfortunate business of India using Canadian technology to manufacture nuclear weapons. At the same time, India’s growth was held back by poor economic policies and widespread corruption, much of it soaked in socialist cant.

Those lousy policies also go back to Mrs. Ghandi. Mr. Modi is rightly seen as a breath of fresh air, even if he inevitably has to play the hypocritical game of global realpolitik.

The alleged landmark deal of Mr. Modi’s visit is India’s $350 million purchase of Saskatchewan uranium. This both symbolically buries the bomb issue, and enables Mr. Modi to trumpet his country’s commitment to “sustainable development,” even as SD is increasingly exposed for the unworkable non-concept that it is.

The notion first emerged at the 1972 UN conference on the environment in Stockholm. Conceived by British intellectual Barbara Ward, who thought the Industrial Revolution had been a mistake, SD’s conceit was that poor nations had to grow while avoiding free markets and fossil fuels.

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NEWS RELEASE: The Cree Nation keeps Uranium in the spotlight

QUEBEC CITY, April 16, 2015 /CNW/ – The Cree Nation has kept uranium in the spotlight this week, hosting the International Uranium Film Festival and participating in the World Uranium Symposium in Quebec City. The Cree Nation’s position against uranium development in Eeyou Istchee, its territory in Northern Quebec, has garnered support not only from the people of Quebec, but also from the national and international experts and celebrities gathered this week for both events.

“We have always maintained that once Quebecers learned what the Cree Nation has come to know about uranium mining and radioactive waste, they would stand with us. This past year has proved this to be true,” said Grand Chief Dr. Matthew Coon Come. “We have proudly partnered with the International Uranium Film Festival to show Quebecers that the world stands with us as well. We have been very pleased by the turnout and interest this event has generated both in Quebec and around the world.”

The Cree Nation’s stand against uranium development began in 2008 when junior mining company Strateco Resources applied to the Quebec Government to pursue the Matoush advanced uranium exploration project. Located on the family hunting grounds of the Cree Nation of Mistissini, at the crest of two major watersheds that bring water throughout Eeyou Istchee, the Matoush project was the most advanced uranium project to date in Quebec. The Government of Quebec has since denied the required permit for the Matoush project, due largely to its lack of social acceptability amongst the Cree Nation.

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Uranium deal with India signals new era, Modi tells Harper – by Les Whittington (Toronto Star – April 16, 2015)

The Toronto Star has the largest circulation in Canada. The paper has an enormous impact on federal and Ontario politics as well as shaping public opinion.

Trade, energy, the environment, security, and culture are expected to be among the issues Harper and Modi will discuss during the visit.

OTTAWA—Indian Prime Minister Narendra Modi kicked off his visit to Canada by signing a uranium supply deal with Ottawa he says signals a new era in cooperation between the two nations.

At a joint press conference on Parliament Hill with Prime Minister Stephen Harper, Modi said the agreement that will see hundreds of millions of dollars worth of uranium exported to India from Saskatchewan annually “is a mark (of Canada’s) trust and confidence” in his country.

“And this is going to take forward our relations,” Modi told the media, adding that uranium for India’s civilian nuclear program will help his country address global warming through “clean energy” and thus allows India “to give something to the world.”

Harper, who will accompany Modi to Toronto and Vancouver during the Indian leader’s three-day visit, agreed the uranium sales deal will end the lingering tension arising from India’s use of Canadian equipment to develop a nuclear bomb in the 1970s — which Harper said created “an unnecessarily frosty relationship for far too long.”

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NEWS RELEASE: Sale of Canadian Uranium to India Denounced by International Experts at the World Uranium Symposium

QUEBEC CITY, QUEBEC–(Marketwired – April 15, 2015) – About 200 international experts and delegates of the World Uranium Symposium this morning denounced the sale of Canadian uranium to India, a country that maintains an arsenal of nuclear weapons and has never signed the United Nations’ Nuclear Non-Proliferation Treaty (NPT). By signing such a deal on the eve of the NPT review conference to be held in New York City in two weeks’ time, Canada is undermining and discrediting the key international treaty prohibiting the proliferation of nuclear weapons.

“Canada’s attitude sends a terrible message to the international community regarding the necessity for all countries to respect and to reinforce the Nuclear Non-Proliferation Treaty,” said Arielle Denis, Director of the International Campaign for the Abolition of Nuclear Weapons (ICAN) for Europe, the Middle East and Africa.

“India’s nuclear weapons program is very active, as demonstrated by a series of nuclear test explosions. Moreover tensions between India and Pakistan, a country with its own nuclear arsenal, are running very high. The attitude of Canada is irresponsible and alarming,” according to Shri Prakash, one of several participants from India at the World Uranium Symposium.

“Despite rules specifying no military use of Canadian materials, some uranium from Canada could well end up in Indian bombs,” said Dr. Gordon Edwards of the Canadian Coalition for Nuclear Responsibility. “At the very least, Canadian uranium will free up more Indian uranium for weapons production purposes.”

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Mining Uranium: Saskatchewan Cameco Sets the Standard – by Rick Littlechild (First Nations Drum – April 12, 2015)

http://www.firstnationsdrum.com/

The Athabasca Basin hosts the world’s richest high grade uranium deposits. Saskatchewan produces 30% of the world’s uranium, and one main player in this Canadian mining success story is Cameco. The company was formed in 1988, and for over a quarter century, the company has been safely and reliably producing uranium and nuclear fuel products. Cameco currently has three active mines in northern Saskatchewan: Rabbit Lake, McArthur River and Cigar Lake.

Last year, Cameco successfully commenced production at their new Cigar Lake mine in northern Saskatchewan. This year, their main focus is to safely ramp up production at the mine. They expect to produce 6 to 8 million pounds in 2015, which would make Cigar Lake the third largest mine in the world by production. By 2018, Cameco expect’s to produce 18 million pounds(100% basis) of uranium concentrate annually.

The ore mined at Cigar Lake is transported by truck to the Mclean Lake Mill operated by Areva Resource Canada Inc, where it is processed to Unranium concentrate. Mclean Lake Mill is located approximately 70 kilometres northeast of the mine site. Mining at Cigar Lake began in March 2014 and the first Uranium concentrate was packaged at Mclean Lake in October 2014.

The company has developed strong ties with aboriginal people, with an emphasis on partnerships, Metis Sean Wiilly has spent a career in mining and is very sensitive to Aboriginal relations stated that “ Our goal is to develop and maintain long-term relationships between First Nations and Metis communities near where we operate.

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Cameco’s first deal with India gives it access to the world’s second-fastest-growing consumer of uranium – by Jonathan Ratner (National Post – April 16, 2015)

The National Post is Canada’s second largest national paper.

The numbers certainly aren’t mind-blowing on Cameco Corp.’s five-year agreement to provide 7.1 million pounds of uranium to India through 2020.

The deal is only estimated to be worth $350 million and it’s small when you consider that the Saskatchewan-based miner sells about 33 million pounds of uranium annually.

But it’s not the size of the deal that prompted investors to push the stock up 7.56 per cent on Wednesday. What excites them and Tim Gitzel, Cameco’s chief executive, is the opportunity that has now opened up.

“This was more than a uranium buy-sell agreement,” Gitzel said in a telephone interview. “It was really a marking of a new relationship between Canada and India via Cameco. The pounds here aren’t enormous, it’s really the importance of being able now to deal with the Indians and bid into their market.”

Canada banned uranium exports to India in the 1970s after the country used Canadian technology to build nuclear weapons. But the countries put what Prime Minister Stephen Harper called an “unnecessarily frosty relationship” behind them on Wednesday, building on a nuclear cooperation agreement established in 2013.

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Cameco signs major uranium supply deal with India (Business Network News – April 15, 2015)

http://www.bnn.ca/

BNN.ca staff

Canada’s largest uranium producer has signed a sales agreement with India. Cameco will provide the Department of Atomic Energy of India with 7.1 million pounds of uranium concentrate under a long-term contract through 2020.

“This contract opens the door to a dynamic and expanding uranium market,” Cameco president and CEO Tom Gitzel said in a statement. “Much of the long-term growth we see coming in our industry will happen in India and this emerging market is key to our strategy.”

The agreement, worth $350-million to Cameco, was announced by Prime Minister Stephen Harper during Indian Prime Minister Narendra Modi’s visit to Canada Wednesday. Cameco shares (CCO.TO 5.69%) surged almost five percent Wednesday to $19.80 on the TSX after the news was announced.

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Looming India Uranium Deal Huge for Saskatchewan, Premier Says – by Josh Wingrove (Bloomberg News – April 10, 2015)

http://www.bloomberg.com/

Cameco Corp., Canada’s biggest uranium producer, would reap a revenue windfall once a sales agreement is finalized with India, while boosting employment in its home province, Saskatchewan’s premier said.

A deal would be “huge,” yielding hundreds of millions in revenue and supporting jobs in the mining sector, Saskatchewan Premier Brad Wall said in an interview with Bloomberg News on Friday. He was asked to comment on a possible agreement by Saskatchewan-based Cameco to provide uranium for nuclear power.

“It’ll mean tax revenue, it’ll mean job retention, it’ll mean new jobs, if in fact there is an agreement here with India,” Wall said by telephone. “Depending on all the specifics, you’re going to be talking about hundreds of millions of dollars worth of sales over some period of time.”

A long-term deal by Cameco to sell uranium to India could be announced as soon as next week when Indian Prime Minister Narendra Modi visits Canada, said a person familiar with negotiations, who asked not to be identified because the agreement isn’t yet final. The Globe and Mail had reported the possibility of a deal earlier Friday. Modi is scheduled to make a three-day trip to Canada from April 14-16, with stops in Toronto, Ottawa and Vancouver.

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Indian PM Modi eyes uranium supply deal with Canada – by Steven Chase and Kim MacKrael (Globe and Mail – April 10, 2015)

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

OTTAWA — Canada’s biggest uranium producer is in advanced talks with India on a deal to supply the country of 1.2 billion with fuel for nuclear power plants as Ottawa prepares to welcome Indian Prime Minister Narendra Modi next week, sources say.

Mr. Modi has made it clear that obtaining a commercial supply of uranium from Canada’s Cameco Corp. is a major goal for him as he gets ready to visit Canada on April 14-16.

“We look forward to resuming our civil nuclear energy cooperation with Canada, especially for sourcing uranium fuel for our nuclear power plants,” the Indian leader posted on his Facebook page late last week.

Nuclear power is at the heart of a rapprochement between India and Canada in recent years. Canada banned exports of uranium and nuclear hardware to India in the 1970s after New Delhi used Canadian technology to develop a nuclear bomb.

The two countries turned the page with a deal that took effect in 2013. The highly symbolic Canada-India Nuclear Cooperation Agreement demonstrates that Canada no longer considers India a pariah for what it did in the 1970s.

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Fipke, Ulansky take uranium hunt outside the Basin – by Tommy Humphreys (Ceo.ca – February 24, 2015)


 

http://ceo.ca/

Chad Ulansky cut his teeth on Ekati, Canada’s first diamond discovery, but it’s uranium that he’s hunting for now in Canada’s frozen North.

The Kelowna geologist is president and CEO of Northern Uranium (TSXV:UNO), which is exploring in northwestern Manitoba just beyond the eastern edge of the prolific Athabasca Basin.

Ulansky got his start as a geologist with Chuck Fipke’s Dia Met Minerals, which discovered Ekati, Canada’s first diamond mine, at Lac de Gras in 1991. The discovery by Fipke and Dia Met partner Stu Blusson, which came after years of systematic exploration, rocked the global diamond industry and sparked the biggest staking rush since the discovery of gold in the Klondike.

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NEWS RELEASE: For the first time in Quebec, Canada: World Uranium Symposium

QUEBEC CITY, Feb. 19 2015 /CNW Telbec/ – The World Uranium Symposium will be held for the first time in Quebec City, Canada, from April 14 to 16, at the Centre des congrès de Québec. Organized by medical associations and civil society partners, the symposium will welcome more than 100 national and international specialists who will examine major questions associated with the nuclear fuel chain, including issues related to economic trends in the industry, safety and governance, social and environmental aspects, health, ethics, human rights, and indigenous peoples’ rights (register online: www.uranium2015.com/en).

“We’re very pleased to be able to present the World Uranium Symposium in Quebec this year. This is an important event and a unique opportunity for specialists and the public alike to explore the key issues pertaining to the nuclear fuel chain,” says Dr. Juan Carlos Chirgwin, Faculty lecturer at McGill University and president of Physicians for Global Survival (1985 Nobel Peace Prize).

2015: a key year for debating the future of nuclear energy

The World Uranium Symposium is taking place in a unique international context: rising costs and safety issues related to the Fukushima accidents in 2011 have led many countries to question the future of nuclear energy, which currently generates about 11% of the world’s electricity. This year also marks the 70th anniversary of the bombings of Hiroshima and Nagasaki, as well as the United Nations’ negotiations in New York for the Non-Proliferation Treaty. A new United Nations climate agreement will also be signed in Paris this year. All of these issues form the backdrop for the Symposium, whose primary aim is to make key recommendations to public policy makers to ensure increased protection of health, safety and the environment (see Preliminary Program).

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IRS targets uranium producer Cameco as CRA tax dispute intensifies – by Peter Koven (National Post -February 9, 2015)

The National Post is Canada’s second largest national paper.

The U.S. Internal Revenue Service is demanding back taxes from Cameco Corp., adding to the miner’s ever-growing tax woes ahead of a crucial trial expected next year.

The IRS believes the revenue reported by Cameco’s Swiss subsidiary, Cameco Europe Ltd., is inadequate and that a portion should be taxed back in the U.S. at a much higher level. The claim is similar to the one made by the Canada Revenue Agency (CRA), which is trying to shift Cameco Europe’s revenue to Canada and apply a debilitating collection of back taxes and penalties.

Cameco insists it has done nothing wrong. But the Saskatoon-based miner said that if it loses the CRA dispute, the amount of back taxes and transfer-pricing penalties could amount to as much as $1.5-billion, with other penalties added on top. That would be a devastating blow to the company.

The IRS demand is much smaller, as it seeks to collect US$32-million from Cameco that it feels it was owed in 2009. It is also auditing tax returns from 2010 to 2012, and Cameco expects the U.S. agency to make similar claims for those years.

While the IRS demands are insignificant compared to those of the CRA, some experts think the IRS move against Cameco could bolster the CRA’s case. At the very least, it gives the company another sizable headache to deal with.

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