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Uranium

1. -PR- 28 februari 2007 11:57

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   De consolidatie in de sector is aan het beginnen.
   Welk fonds zou nu nog een mooie takeover candidate zijn? In ieder geval een fonds dat bewezen reserves en een korte tijd tot productie heeft...
   
   PRESS RELEASE: Paladin Announces Takeover Offer for Summit Resources Limited
   
   PERTH, WESTERN AUSTRALIA -- (MARKET WIRE.NQ) -- 02/27/07 --
   
   Paladin Resources Ltd (TSX: PDN)(ASX: PDN) ("Paladin") is pleased to announce an off-market scrip ("share") takeover bid ("Offer") for Australian and New Zealand Stock Exchange-listed exploration company Summit Resources Limited (ASX: SMM.BS)(NZSE: SMM.BS) ("Summit").
   
   This announcement follows confirmation last week that Paladin has signed a Development Agreement with the Government of The Republic of Malawi, received Board approval for construction of the Kayelekera Uranium Project and is targeting an annual production profile of 7Mlbs U3O8 per annum by 2009 (including the Langer Heinrich post Stage II expansion).
   
   The consideration under the Offer will comprise 1 fully paid ordinary Paladin share for every 2.04 fully paid ordinary Summit shares, implying a price of A$5.12 per Summit share based on the volume weighted average price ("VWAP") of Paladin shares on the ASX over the 5 trading days prior to the date of this announcement of $10.44 per share.
   
   The Offer values Summit at approximately A$1,011 million and provides an attractive premium of approximately 34% to the VWAP for Summit shares on the ASX over the 10 trading days prior to the date of this announcement (see "Offer Terms" below).
   
   The Offer is conditional only on Toronto Stock Exchange consent to quotation of Paladin shares to be issued under the Offer on that exchange, consent from Paladin's lenders (both of which are expected to be obtained promptly) and on the absence of 'prescribed occurrences'. There is no minimum acceptance condition to the Offer.
   
   Summit is a Western Australian based exploration company with interests in uranium, copper, gold, phosphate and iron ore exploration projects in northwest Queensland. The most advanced project in Summits portfolio is the Valhalla uranium deposit situated near Mount Isa. The Valhalla deposit, together with Skal is part of the Isa Uranium Joint Venture Agreement ("IUJV"), of which Summit is manager and holder of a 50% interest. Paladin holds the other 50% interest in the IUJV.
   
   Summit also holds interests in uranium projects in the Mount Isa and Georgina Basin areas, iron ore deposits in the Constance Range formation and various base metal and gold exploration assets in Queensland.
   
   The proposed takeover represents a significant step forward in Paladin's growth strategy. Paladin believes that a 100% interest in the Valhalla/Skal deposits will further strengthen the post-2012 development opportunity at Mt Isa. Paladin notes the recent public comments by Summit suggesting that it will commence uranium production by early to mid 2010 (assuming the Queensland State Government reverses its policy stance so as to permit uranium mining in that State). Paladin's view, based on its own development experience and understanding of the likely development process in Queensland should uranium mining be allowed, is that a target of production commencing in or after 2012 is a more realistic expectation.
   
   By accepting the Offer, Summit shareholders will become shareholders in a uranium producing company which enjoys excellent exposure to current strong uranium pricing and has no legacy pre-2006 sales contracts.
   
   Summit shareholders who accept the Offer will also retain significant exploration upside, retain upside exposure to potential changes in Australian uranium mining policy, inherit a management team and board with the requisite skills and demonstrated ability to bring a uranium mine into production and obtain increased liquidity of their investment through Paladin shares.
   
   Paladin Managing Director, John Borshoff, said the proposed acquisition allows an opportunity to further enhance Summit's assets, with a proven and experienced Board and management team. Apart from Paladin, worldwide very few companies have demonstrated the ability to deal with the unique facets involved in the development of a uranium mine. "Summit has an attractive portfolio of Australian uranium deposits that will complement Paladin's extensive asset base. The Valhalla/Skal deposits are ore bodies with sizeable resources and acceptable grades. While ultimate development of the resource depends on a change of policy in Queensland, Paladin looks forward to progressing the exploration and appraisal of Valhalla/Skal and the other deposits to ensure readiness if and when this policy change occurs." Concurrently, Paladin can develop its next uranium mine at Kayelekera in Malawi to continue progressive enhancement in the Company's shareholder value.
   
   Paladin's strong balance sheet and upcoming operating cash flow will support the development of Summit's uranium assets and the eventual unlocking of the upside potential at the Valhalla/Skal, Andersons and other Mount Isa deposits.
   
   Paladin's financial advisers in respect of the Offer are Azure Capital and its legal advisers are Freehills.
   
   Offer Terms
   
   The Offer to Summit shareholders is 1 Paladin share for every 2.04 Summit shares.
   
   The Offer is to acquire all of each Summit shareholder's holding.
   
   Based on the VWAP for Paladin shares on the ASX over the 5 trading days prior to the date of this announcement of A$10.44 per share, the implied value of the Offer is A$5.12 per Summit share. This represents:
   
   - a 28.0% premium to the closing price for Summit shares of A$4.00 on the last trading day prior to the date of this announcement;
   
   - a 30.3% premium to the VWAP for Summit shares of A$3.93 in the 5 trading days prior to the date of this announcement; and
   
   - a 36.9% premium to the VWAP for Summit shares of $3.74 in the 15 trading days prior to the date of this announcement.
   
   The Offer is subject to the following conditions(i) (in addition to the statutory condition relating to quotation of Paladin Shares):
   
   - TSX consenting to the quotation of Paladin Shares issued under the Offer on that exchange;
   
   - Paladin's lender's consent; and
   
   - The absence of 'prescribed occurrences'.
   
   The Offer has already received approval from the Foreign Investment Review Board.
   
   (i) The above is a summary only. Full terms of the conditions are set out in the Bidder's Statement.
   
   einde deel 1
2. -PR- 28 februari 2007 11:58

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   deel 2 van het bericht;
   
   Indicative Timetable
   
   Paladin will today lodge a Bidder's Statement in connection with the Offer with the Australian Securities and Investments Commission. Following is an indicative timetable for the Offer(ii):
   ---------------------------------------------------------------------------
   Expected date of lodgement of Bidder's Tuesday 27th February 2007
   Statement
   
   ---------------------------------------------------------------------------
   Expected Date of Offer Tuesday 13th March 2007
   ---------------------------------------------------------------------------
   Expected Offer close 5.00pm (Perth, Western Australia
   (unless extended or withdrawn) time) on Monday 16th April 2007
   ---------------------------------------------------------------------------
   (ii) The specified dates are indicative only and, subject to the
   Corporations Act, may be varied.
   
   
   Background Information - Paladin Resources Ltd
   
   Paladin Resources Ltd is listed on both the Australian Stock Exchange and the Toronto Stock Exchange under the symbol "PDN" with subsidiary listings on the Munich Stock Exchange, Berlin-Bremen Stock Exchange, Stuttgart Stock Exchange and Frankfurt Stock Exchange under the symbol "PUR".
   
   Paladin operates in the mineral resource sector with its focus solely on uranium exploration and development. Paladin has projects in Australia and Africa. The African projects are Langer Heinrich in Namibia (100% Paladin) and Kayelekera in Malawi (to be 85% Paladin and 15% Republic of Malawi). The Australian projects are Manyingee and Oobagooma in Western Australia (both 100% Paladin), Valhalla and Skal (50% interest in IUJV with Summit) in Queensland and Bigrlyi (41.7% interest in joint venture with Energy Metals Limited and Southern Cross Exploration NL) in the Northern Territory.
   
   Yellowcake production commenced in December 2006 at the Langer Heinrich Uranium Project which is located in the west of central Namibia. It lies 80km east of the major deepwater seaport at Walvis Bay and the coastal town of Swakopmund, and is 40km south of the Rio Tinto Rossing mine. Worldwide, this is the first complete new conventional uranium mining operation to come into production in a decade. First sales are expected to be made in early 2007.
   
   On completion of the Langer Heinrich drilling programme in 2006, a new resource estimate was determined. The JORC and NI 43-101 compliant Measured and Indicated Resource at a cut off grade of 250ppm is now stated at 37.2Mt grading 0.06% for a total of 22,570t or 49.8Mlbs and Inferred Resources of 43.4 Mt grading 0.06% for a total of 25,360 t or 55.9Mlbs U3O8.
   
   The Kayelekera Deposit is located in northern Malawi in southern Africa. In 2006 Paladin contracted mineral resource specialists Hellman and Schofield Pty Ltd to complete a new resource estimate on the Kayelekera Uranium Project under the JORC and NI 43-101 Codes. This work indicates the JORC and NI 43-101 compliant Resources in the 300ppm cut off ranges:
   
   - 15.3Mt of ore at 0.09% U3O8 containing 13,615t or 30Mlbs U3O8 (Measured and Indicated)
   
   - 3.4Mt of ore at 0.06% U3O8 containing 2,040t or 4.5Mlbs U3O8 (Inferred)
   
   (MORE TO.US FOLLOW) Dow Jones Newswires
3. [verwijderd] 28 februari 2007 12:22

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   Dat idee van consolidatie klopt volgens mij ook ja. Onlangs werd ook al bekend dat Uranium One (SXR.TO) de uranium activiteiten van U.S. Energy (CBAG) en Crested Corp (USEG) over gaat nemen.
   
   Van zowel PDN als SXR heb ik het idee dat ze flink aan het groeien zijn en in ieder geval om op zoek zijn naar over te nemen ondernemingen.
   
   Wellicht dat Formation Capital (FCO.TO) een potentiele overnamekandidaat is?
4. [verwijderd] 26 maart 2007 20:11

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   Aardig artikel:
   
   Uranium Performance Review
   
   www.resourceinvestor.com/pebble.asp?r...
   
   postzak
5. [verwijderd] 26 maart 2007 20:25

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   Dank.
   
   Mooi dat de uranium en overige grondstof exploratiebedrijven zich goed stand weten houden tijdens dalende markten.
6. [verwijderd] 27 maart 2007 07:50

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   Terwijl er toch wel wat nieuws geweest is afgelopen periode. Gaat erop lijken erop dat rond 2010 er in de sector veel extra capaciteit bijkomt.
   
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   ''That's good that they finally put something out there, just stating exactly what their target is,'' Mok said in an interview. ''Whether they make that is an entirely different debate, but at least they've got a milestone out there.''
   
   In addition to the capital costs, Cameco said its share of flood remediation is estimated at C$46 million and will be expensed in the year they occur. The company spent and expensed C$5 million of that amount in 2006.
   
   Cameco said it will file a technical report on the mine's progress to the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) by the end of the month.
   
   Mok said he will be looking in that report for any hint about how the flooding might affect the operating cost of the mine as well as the details of the cost escalations in building the mine.
   
   ''My hope is that they will give some indication as to how or what their previously budgeted operating costs are,'' he said.
   
   The flooding at Cigar Lake sent uranium prices soaring in 2006.
   
   Last April, water flooded a shaft at Cigar Lake used mainly for underground ventilation. Then in October, two massive bulkheads failed to hold back water from a flood after a rock slide in a shaft about a half-kilometre underground, flooding the entire mine.
   
   Last month, Cameco said two rigs on site had drilled eight of the 14 holes planned for reinforcing and sealing off the flooded area.
   
   Cameco CEO Jerry Grandey told a conference call with analysts that 13 of the 14 drill holes planned for reinforcing and sealing off the water inflow area are complete, while concrete is required in two locations underground - one near the rockfall to seal off where the water entered the mine and another in a nearby tunnel to provide reinforcement.
   
   ''The economics of the mine remain robust under a wide range of scenarios,'' Grandey said.
   
   The mine is forecast to produce 18 million pounds of uranium per year at full production, equivalent to more than 10% of global uranium demand and more than 16% of 2005 global uranium production. By 2011, 40% to 50% of new production is slated to come from Cigar Lake.
   
   In 2006, Cameco saw its earnings fall by more than half that of the previous year.
   
   It earned C$83 million, or 23 cents a share, in 2005, but only brought in C$40 million, or 11 cents a share, for the three months ended Dec. 31, 2006.
   
   But its 2007 outlook remains rosy. It says its revenue from its uranium business is forecast to grow by 45 per cent and its fuel services business will be 20 per cent higher than that of 2006.
   
   The uranium price is currently at US$91/lb, up from US$72/lb at the start of the year, according to UX Consulting Company. Uranium has risen almost 10-fold since early 2001.
   
   © The Canadian Press 2007