Simmering Hope

Hope is the expectation that something outside of ourselves, something or someone external, is going to come to our rescue and we will live happily ever after. – Dr. Robert Anthony

Oct 20, 2009

Force majeure at Olympic Dam uranium mine

I have purchased shares on Denison Mine at a very bad moment, namely a day before the dilution, taking postion at $2.12 a share. Since then- that was sometimes in May if I remember correctly- I kept waiting for some good news to push the freaking price per share higher and to make a profit.
Maybe the bad news for BHP- the owner of Olympic Dam mine in Australia- would be the long awaited good news for Denison.
The Australian mine produces about 10% of global uranium and according to Reuter, BHP Billiton (BLT.L) (BHP.AX) plans to advise copper and uranium customers the mine will be down for an extended period because of damage to equipment at the main shaft which handles about 80 percent of Olympic Dam’s production capacity,earlier this month.

I guess it will be interesting to follow the next copper and uranium sessions, especially around Wednesday when BHP is expected to provide an update on damage.


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