"Nuclear Renaissance" Back on Track NEW YORK, NY, May 03, 2012 (MARKETWIRE via COMTEX) -- Last year the Fukushima disaster in Japan started a downward spiral for companies in the Uranium Industry. Approximately one year later the industry looks to be finally recovering as the Global X Uranium ETF (URA) is up nearly 12 percent year-to-date. "Fukushima put a speed bump on the road to the nuclear renaissance," Ganpat Mani, president of Converdyn, said at a nuclear industry summit. "It's not going to delay the programs around the world." The Paragon Report examines investing opportunities in the Uranium Industry and provides equity research on Cameco Corporation /quotes/zigman/16829/quotes/nls/ccjCCJ-1.71%and Uranium One, Inc. /quotes/zigman/39306CA:UUU-3.63%.
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Approximately 650 million people in China and India currently are living without electricity. With the high costs of fossil fuel the most viable options for these countries would be nuclear power. Indonesia, Egypt, and Chile are among some of the nations that have plans to build their first nuclear power station, the list of countries operating atomic plants currently stands at 30. According to numbers released by the World Nuclear Association there are 61 reactors that are presently under construction, and plans to build another 162.
"In two years, there will be very strong demand on the market, as new reactors start operating, and as new contracts with the existing fleet kick in," Areva SA's Chief Commercial Officer Ruben Lazo said in a previous interview.
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Cameco is one of the world's largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. Shares of the company jumped Tuesday after they reported strong first quarter financial results. "Our uranium business continues to drive our strong financial performance," said Tim Gitzel, president and CEO. "This quarter, our sales volumes were up 33%, and although spot and long-term uranium prices were lower relative to a year ago, our average realized price increased."
Uranium One is one of the world's largest publicly traded uranium producers with a globally diversified portfolio of assets located in Kazakhstan, the United States, Australia and Tanzania. The company recently announced that it will release its first quarter 2012 results after market close in Toronto on Monday, May 7, 2012.
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SOURCE: Paragon Financial Limited