Kristen Moran reports that the uranium price has not yet seen the big rebound market as yet, and as a result some companies are finding it difficult to remain in production. Meanwhile, those that have not reached production status are having a tough time gaining the capital they need to launch projects. That is what makes the announcement by Peninsula Energy intriguing. Not only has the company decided to move forward with its Lance project in Wyoming, despite the current uranium price, but it also has enough money to bring that project into production. Furthermore, it has secured sales contracts already, with more coming down the pipeline.
The company owes its success in part to its backers, which include JP Morgan Chase, BlackRock, Citicorp, Resource Capital Funds, and Pala Investments. Speaking about how these big names got involved with Peninsula, Executive Chairman Gus Simpson said it was because of their shared view on the uranium industry. There are 430 nuclear reactors in the world that are still consuming 190 pounds of uranium every year that is growing at 3 to 4 per cent, Simpson said, adding that post-Fukushima has been a bit of a squaring up of the demand/supply equation, but that looks like it will be back in balance soon, and the future looks pretty bright for uranium producers. I think especially if you are producing uranium from first-world locations like the US, Australia, South Africa or Canada. The Peninsula Lance project that are fully funded and in the final stages of construction are located in Wyoming and are set to begin production in the third quarter of 2015.
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