Paladin Energy Ltd., the Australian mining company producing uranium in Africa, expects prices to keep rising as China drives demand for nuclear fuel.
China has “piled up” contracts to import uranium, Paladin Chief Executive Officer
John Borshoff told analysts on a call today. “Although they have sucked a chunk out of new production, they are nowhere near their target of acquiring in the vicinity of 45 to 50 million pounds per annum by 2020.”
Paladin, which operates the Langer Heinrich mine in Namibia and the Kayelekera project in Malawi, forecasts increasing uranium demand as countries such as China expand the use of nuclear power to curb emissions from burning coal. The Perth- based company aims to double uranium oxide output to almost 14 million pounds by 2016 from a projected 7 million pounds in the year ending June 30, 2011.More at:
http://www.bloomberg.com/news/2010-11-16/paladin-energy-chief-executive-borshoff-says-demand-for-uranium-escalating.html
