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February 5 - 11, 2010 resources
The uranium business is in the
best shape it s been for decades
according to the head of a new
uranium investment and services
advisory firm established this week
Mark Chalmers, a mining
engineer with more than 34 years
experience in the industry is founder
of Uranium Associates Pty Ltd,
which aims to support the growing
uranium industry in Australia and
"With Olympic Dam being the
largest known uranium resource in
the world and Beverley Four Mile
adding to that, the opportunities
here in SA are at a premium," Mr
"But not every deposit is created
equal," he cautioned.
"The potential is there, but some
deposits will go to the wayside
because there is still a lack of real
knowledge of what is good and what
is not good."
Mr Chalmers said the key for
investors would be what to invest in
and how to invest.
"My clients are looking for judge-
ment on those issues because there is
wide variation between deposits.
"However, there is no doubt that
the uranium business hasn t looked
this good for decades.
"There is worldwide support for a
number of nuclear fuel products and
that will drive the industry for some
time to come."
The prospects for South Australia
were tempered by current concerns
regarding the Woomera Zone,
Northern Flinders Ranges conserva-
tion issues and general access to
"Woomera looks like it is locked
down, Mt Gee and surrounds will
always be under environmental
scrutiny and access to key prospects
is a priority issue for the industry,"
he said. "But let s remember this --
South Australia is a big state.
"There are lots of opportunities
-- investors just need to back the best
Uranium Associates will provide
technical, operational management
and corporate advisory services,
calling upon its Australian and
global pool of uranium expertise
in all areas pertaining to explora-
tion, development, operation and
Mr Chalmer s career includes
executive roles with major
international uranium production
companies such as Cameco,
Heathgate Resources and Energy
Most recently, Mr Chalmers
co-founded Uranium Equity -- which
subsequently became Uranium
Equities Limited -- where he was
Uranium Equities is a prominent
Adelaide-based uranium explorer
and developer of uranium extraction
technologies with several joint
ventures and funding arrangements
with multi-national uranium-
He also co-founded Urtek LLC -- a
company in which Uranium Equities
and Canadian company Cameco
Corporation are shareholders
and active participants -- which
through its innovative PhosEnergy
Process has become a world leader
in the extraction of uranium from
Prior to Uranium Equities, Mr
Chalmers was Senior Vice President
and General Manager of Heathgate
Resources which owns and operates
the Beverley uranium mine in South
Mr Chalmers also chairs the
Uranium Council (UC), a combined
Australian Government and stake-
holder body (represented by industry
players BHP, ERA, Heathgate,
Cameco and Paladin) organised to
review and remove impediments to
Australia s uranium exploration and
Mr Chalmers is also chair of
the annual AusIMM International
"While the company may be new,
the associates working with the
group have long histories of value
creation in this industry in Australia
The company is already working
with a number of domestic and
During the December 2009 quarter,
the uranium spot price increased to
US$49.50/lb U3O8 on the back of
the news of the Olympic Dam (SA)
hoisting shaft failure.
However the soft short-term
demand exacerbated by ongoing
availability of short-term supply
saw price weakness return, with
the spot price ending the quarter at
Kazakhstan has emerged as the
world's largest producer of uranium
during 2009, with full year estimated
U3O8 production of around 15,800t,
which is some 58% higher than its
-- Toro Energy Quarterly Report
Repairs to BHP Billiton's Clark
shaft at Olympic Dam are on track
for a resumption of full production
by the end of March this year.
The company reports that ore
hoisting continues to operate
at approximately 25 per cent of
"Mining of higher grade ore
zones has been prioritised
following the Clark Shaft incident,"
"Repairs to the Clark Shaft
haulage system are progressing
Currently, Clark Shaft production
is expected to resume in the
March 2010 quarter, however, we
will regularly review the repairs
The failure of hoisting equip-
ment in the shaft has resulted in
a reduction of 20,000 tonnes in
Uranium outlook peaks
Workers at the planet s largest known source of uranium, the Olympic Dam.
Dam repairs on track
Founder of Uranium Associates Pty Ltd
HILLS INDUSTRIES LIMITED (HIL)
Hills reported its interim profit result for the six months
to 31 December 2009 this week, with underlying net
profit after tax decreasing 11.6% on the previous
corresponding period to $19.1 million. The result
was ahead of our expectations and was a significant
improvement on the six months to 30 June 2009, when
earnings were only $6.4 million.
Management has delivered a quicker than anticipated
turnaround, following a very challenging F Y2009 year.
The Board increased the profit guidance for FY2010 to
a net profit after tax range of $36 million to $42 million.
We expect the full year result to land in the mid to
upper end of this range.
Based on our revised earnings, Hills offers a 6.3%
fully franked dividend yield. Taylor Collison has a HOLD
recommendation on the stock.
Sharebrokers and Investment Advisers
Telephone (08) 8217 3900
Warning (General advice only): Past performance is not a reliable
indicator of future performance. The recommendation in this
advertisement is made without reference to its appropriateness to
your investment objectives, financial situation and particular needs.
Before acting on this general advice, you should discuss with your
investment adviser the appropriateness of this recommendation to
your own specific circumstances.
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