| Guess what? Our recent investigation
| |
| | Not only is Urenco Ltd a foreign-owned
|
| shows the uranium to be enriched in the
| |
| | and controlled company (a Dutch/ British
|
| LES/Urenco proposed enrichment facility
| |
| | German consortium), but the uranium its
|
| in Lea County, New Mexico may come
| |
| | New Mexico facility would be enriching
|
| neither from uranium properties in New
| |
| | could come from at least one foreign
|
| Mexico nor anywhere else in the United
| |
| | source, Canada. Because the uranium ore
|
| States. Just as New Mexico's nuclear
| |
| | might be sourced from Cameco, yet another
|
| uranium mining renaissance was ready to
| |
| | country's uranium could be supplying the
|
| get underway, a deal may have already
| |
| | New Mexico enrichment facility:
|
| been cut to enrich uranium mined in a
| |
| | Kazakhstan.
|
| foreign country. Louisiana Energy
| |
| | Cameco plans to boost uranium mining in
|
| Services (LES), through the consortium's
| |
| | this former Soviet country to a level
|
| general partner Urenco Ltd., may have
| |
| | which might approach its uranium
|
| struck a deal with Canadian-based Cameco
| |
| | production in the Athabasca Basin.
|
| Corp. Will this uranium come from Canada
| |
| | Kazakhstan recently joined the "Putin
|
| or Kazakhstan?
| |
| | Alliance" of uranium-producing countries.
|
| According to New Mexico State Senator
| |
| | On June 22nd, Kazakhstan signed a
|
| Carroll H. Leavell, the uranium ore to be
| |
| | contract worth $1 billion to supply
|
| enriched at the facility near Eunice, New
| |
| | Russia's Tekhsnabexport to supply
|
| Mexico facility would be coming from
| |
| | Russians with uranium through the year
|
| outside the United States. Senator
| |
| | 2020. The Economist Magazine's Economic
|
| Leavell told StockInterview, "The uranium
| |
| | Intelligence Unit recently issued a
|
| ore will be coming out of Saskatchewan."
| |
| | caution on this country.
|
| When we asked if the uranium to be
| |
| | We asked our uranium industry analyst,
|
| enriched in New Mexico would come from
| |
| | David Miller, about this new twist in the
|
| the Athabasca Basin, an area hosting the
| |
| | LES/Urenco story. Miller is a third-term
|
| world's richest grades of uranium and
| |
| | Wyoming legislator, who is an original
|
| which is also located in northern
| |
| | member of the Wyoming Energy Commission
|
| Saskatchewan, Senator Leavell claimed he
| |
| | and a past member of the National Council
|
| wasn't sure where the Athabasca Basin
| |
| | of State Legislator's (NCSL) Energy
|
| was. But he told us that Urenco Ltd
| |
| | Committee., now serving on a NCSL-related
|
| informed him the uranium was coming from
| |
| | committee. Miller is also president of
|
| that western Canadian province.
| |
| | Strathmore Minerals, a company which is
|
| We can only speculate the uranium
| |
| | now advancing its properties through the
|
| producer might be Cameco Corp. On July
| |
| | permitting process in New Mexico. Miller
|
| 22, 2002, Cameco signed a Memorandum of
| |
| | told us, "The State of New Mexico may
|
| Agreement with LES, along with Urenco
| |
| | miss out on the hundreds of millions of
|
| Ltd, Westinghouse Electric Company, Fluor
| |
| | dollars of tax revenues from potential
|
| Daniel and the affiliates of U.S.
| |
| | severance, ad valorem, sales and other
|
| utilities: Exelon, Duke and Entergy. In
| |
| | taxes the domestic industry would pay the
|
| an email response to our inquiry, earlier
| |
| | state to mine uranium in New Mexico.
|
| this week, Netherlands-based Urenco Ltd
| |
| | Instead, the foreign uranium pays zero
|
| Communications Coordinator April
| |
| | taxes to enter the state for enrichment."
|
| Wildegose-Mistry informed us, "Cameco
| |
| | In other words, Cameco or another may be
|
| Corp was part of the original LES
| |
| | getting a free ride on taxes.
|
| project. They pulled out around March
| |
| | Ominously, Miller asks these questions,
|
| 2003 as they needed to focus on other
| |
| | "The real question for New Mexico is
|
| business issues."
| |
| | this: What happens to the part of the
|
| We have also asked to interview Urenco's
| |
| | uranium that does not go onto the
|
| CEO. Perhaps he may clarify this matter
| |
| | fabrication plant? Does it stay in New
|
| for us. One industry insider told us
| |
| | Mexico? Is it shipped back to Russia,
|
| Cameco stated its continued support for
| |
| | Kazakhstan or Saskatchewan?" This gave us
|
| the LES initiative after it withdrew as a
| |
| | pause for thought. After it leaves New
|
| partner. However, the recent joint
| |
| | Mexico, how do we know it would be used
|
| venture company, Enrichment Technology
| |
| | for civilian energy purposes? Could it be
|
| Company, formed by Areva and Urenco may
| |
| | transported elsewhere and be more highly
|
| open the possibility the uranium could
| |
| | enriched? That's just speculation.
|
| also come from Areva's uranium interests
| |
| | Miller recommended that New Mexico
|
| in Athabasca. AREVA is a Paris-based
| |
| | legislators demand the LES plant be fed
|
| company offering technological solutions
| |
| | uranium mined in New Mexico, not in
|
| for nuclear power generation, and
| |
| | Canada or Kazakhstan. "If this were to
|
| electricity transmission and
| |
| | happen," Miller wrote in an email to us,
|
| distribution.
| |
| | "thousands of new mining jobs would be
|
| This development could further irritate
| |
| | created in areas of New Mexico which need
|
| at least one New Mexico legislator. State
| |
| | the most economic development." Once the
|
| representative John A. Heaton from
| |
| | world's leading uranium producer, New
|
| Carlsbad, New Mexico, and who also sits
| |
| | Mexico's Grants Uranium Belt is again
|
| on New Mexico's Energy and Natural
| |
| | being explored by more than a dozen
|
| Resource Committee, was adamant about
| |
| | companies. Some hope to permit and
|
| U.S. independence from foreign energy
| |
| | operate new uranium production centers in
|
| sources. He told StockInterview, "We need
| |
| | New Mexico. We trust this latest wrinkle
|
| to use the assets we have and not be
| |
| | will awaken New Mexico's legislators and
|
| dependent upon foreign countries. I worry
| |
| | help them protect uranium mining
|
| a lot about the dependence we have on
| |
| | developments in their states. Perhaps
|
| other countries."
| |
| | their voters, who might be looking for
|
| In this instance, Heaton might be getting
| |
| | higher paying jobs, would appreciate
|
| a double-whammy of foreign dependence.
| |
| | that.
|
