Published on Wednesday May 04 2011 (AEST)-Australia
Australian Safeguard and Non-Proliferation Office (ASNO) has given Energy Metals permission to possess uranium ore concentrates for export to overseas customers, the ASX-listed junior said on Wednesday.
The company now has all the necessary regulatory approvals for its newly launched uranium exports business, which would focus mainly on purchasing uranium ore from existing Australian mines for export and re-sale into China
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Energy Metals said China represented a significant potential market for Australian uranium, with 13 nuclear reactors in operation and a further 28 under construction.
“To date, sales of Australian uranium to China have been modest with only 3% of Australia’s 2009 uranium exports purchased by China. However, the unique relationship between Energy Metals and China Guangdong Nuclear Power Holding Company (CGNPC) presents a significant opportunity for Australia to capitalise on this rapidly growing and increasingly important market,” the company said.
CGNPC is Energy Metals’ largest shareholder, with 60,6% of the company’s issued share capital.
“The proposed export will provide extensive commercial benefits to both Australia and individual Australian states and territories involved in the form of increased economic activity, government revenues and export earnings,” Energy Metals added.
The company noted that the proposed export business also presented the company with a significant commercial opportunity, with the potential for early cash flows to fund the development of the company’s current projects, as well as future acquisitions in the uranium industry.
The uranium developer has nine projects located in the Northern Territory and in Western Australia, covering just over 4 000 km2.
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