Guyana could be a major player in the uranium market

Apr 13, 2010 News

– exploration company projects finding 50 million pounds by 2014

With the demand for uranium expected to increase by 2014, Guyana is poised to be a major player in the supply chain with projections indicating that deposits in the Kurupung could reach 50 million pounds of the precious metal.
The Canada-based U308 Corporation with its local subsidiary, Prometheus Resources (Guyana) Inc. is optimistic that their investment will bear significant dividends in the promising new South American frontier.
Using the data and maps from research done by another company in the 1980s, U308 Inc. launched its Guyana exploration project in 2007 and judging from the results, there is every reason to be optimistic.
Already the company has invested some $20M and since U308 boasts of being a premier uranium explorer with one of the strongest balance sheets and the most advanced uranium portfolios in South America, the Kurupung potential is expected to garner enough financial returns.
Uranium provides clean and safe nuclear power, which is expected to supplement the world’s electricity demand, which is projected to double between 2004 and 2030.
It will also go a far way in global demand to reduce greenhouse gases due to global warming concerns.
Currently, 30 countries representing two-thirds of humanity uses nuclear power-with France leading the way with 75 percent of its electricity needs being fuel by nuclear power.
And with escalating nuclear programmes in China, Russia, India and the United Kingdom there is bound to be a significant increase in the demand for uranium to power to various nuclear reactors.
With the current initial seven million resource almost confirmed in the Kurupung area, the company plans further exploration with the aim of achieving its projected 50 million pounds target.
According to Nancy Chan-Palmeteer, vice president investor relations, the company is discovering new mineralized areas through ongoing scout drilling programme.
Shazadh Khan, Project Management Consultant for the local subsidiary Prometheus Resources Guyana Inc. indicated that the company is presently drilling in areas that were never prospected and there are favourable results which is augurs well for the targeted figure.
When uranium was first discovered in Guyana in the 1980s, the price for the commodity was a meager seven dollars per pound.
However, with the nuclear electricity programme taking off around the world, the price for the commodity reached US$160 pound.
The price currently stands at US$60 per pound and with the demand expected to increase, the upward movement of the price certainly provides optimism for any investor and by extension, Guyana.
Chan-Palmeteer disc losed that her company is very excited about its Guyana uranium programme noting that Prime Minister Samuel Hinds, who has the responsibility for Guyana’s mining industry, is actively supporting the sector.
While many persons have reservations about the environmental impact of nuclear energy, Chan-Palmeteer assured that although uranium produces less of an environmental hazard than that of everyday encounters, the company is cognizant of its responsibilities.
These include protective measures for all employees involved in the mining process.
There is a successful malaria control as well as the provision of worker radiation monitoring devices, protective gear and contamination controls and monitoring.
The company’s Guyana operations see 80 percent of the workforce being Guyanese, with Amerindians making up 65 percent of this figure.
Community contributions to the communities in the exploration area have included school supplies, tools, generators, solar panels, mechanical assistance and computer training.
Already the company has facilitated several scholarships in the field of geological engineering to a number of Guyanese.
The establishment of early communications and relationships with local Amerindian communities is also a priority.
The company said that it aims to minimize its footprint by using and improving existing exploration roads and limiting disturbance around new drill pads.

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Guyana could be a major player in the uranium market

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