Wednesday, October 18, 2006

Oct 17 Uranium Stocks Update: sxr Uranium One (TSE:SXR)

sxr Uranium One is considering discussing the sale of future uranium production to China. Their imminent production from the Dominion project that ramps up to 4 million pounds of uranium oxide a year by 2010 would be tempting for China, which needs to add two reactors a year to meet the target of generating 4 percent of its power from nuclear plants by 2020. China has already stated that it was seeking out uranium supply from multiple sources to diminish risk: it lists Canada, South Africa, Namibia and Kazakhstan as potential sources and is in known discussions with BHP Billiton (NYSE:BHP) and Rio Tinto Group (NYSE:RTP) to import uranium.

In addition, sxr announced a few days ago that they were going to issue 18,100,000 Common Shares to sell to the public at a price of C$8.30/Common Share, representing an aggregate amount of C$150,230,000 with closing is expected on or about October 31, 2006. As of today, sxr closed at $8.88.
 

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