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Media - Special Coverage

Feb 4, 2021 – TradeTech President Treva Klingbiel Presents “Investing Beyond Today’s Impasse” for Shaw and Partners Uranium Conference

Jul 13, 2019 – White House: Memorandum on the Effect of Uranium Imports on the National Security and Establishment of the United States Nuclear Fuel Working Group

Jun 8, 2018 – TradeTech analyst and geologist Patrick Plummer presented at the recent 13th AusIMM International Uranium Conference 2018 in Adelaide, Australia

Nov 15, 2017 – Australia’s LETM Conference Focuses on “Clean Energy Minerals”

Mar 8, 2017 – TradeTech Energy President Dr. R. Gene Clark Presents at Nuclear Power Asia Conference in Kuala Lumpur, Malaysia

Nov 30, 2016 – Australia Conference Shifts Focus to Include "Low Emission and Technology Minerals"

Jun 9, 2015 – TradeTech President Treva Klingbiel Presents at World Nuclear Fuel Market Conference in Paris—Right-Sizing

Apr 23, 2015 – TradeTech President Treva Klingbiel Presents at World Nuclear Fuel Cycle Conference in Prague--Socioeconomic Impacts of Uranium Mining Around the World

Feb 4, 2021 - TradeTech President Treva Klingbiel Presents “Investing Beyond Today’s Impasse” for Shaw and Partners Uranium Conference
While prevailing uranium price levels might best be characterized as sentiment-driven, the prevailing sentiment for some time in the market has been uncertainty, TradeTech President Treva Klingbiel said during a presentation for the Shaw and Partners Uranium Conference today.

However, there is reason for optimism. Today, the number of nuclear reactors under construction globally is 52. Combined with existing reactors in operation today, this equates to nearly 19,000 reactor-years of operation. The number of new uranium mines under construction today is zero. Consequently, “the world does need new uranium mines, and the necessity for nuclear utilities to maintain a diverse supply portfolio has rarely been more critical than it is today,” Klingbiel noted.

Disruptive times tend to foster greater technological innovation, which will not only contribute to a realignment of costs and prices, but help secure uranium supply well into the future. “Technology and innovation represent a viable conduit for the uranium production sector to develop and implement new approaches and processes to realize mineral resource opportunities while improving environmental performance and meeting social expectations,” she added.

Jul 13, 2019 - White House: Memorandum on the Effect of Uranium Imports on the National Security and Establishment of the United States Nuclear Fuel Working Group
Overnight, the White House Office of the Press Secretary released a statement on the Trump administration's next move related to the Section 232 investigation into US uranium imports. In a written memorandum, US President Donald Trump did not concur with a US Department of Commerce (DOC) investigation that found uranium imports threaten to impair US national security. Trump wrote that while the findings "raise significant concerns" he was ordering an in-depth review. "A fuller analysis of national security considerations with respect to the entire nuclear fuel supply chain is necessary at this time," Trump stated in the memorandum published late on July 12. He added that the newly formed working group would make "recommendations to further enable domestic nuclear fuel production if needed."

While Trump declined to issue quotas for domestic uranium production, he has ordered a new 90-day review by a group of federal agencies. The Nuclear Fuel Working Group will be chaired by US National Security Advisor John Bolton and US National Economic Council Director Larry Kudlow to examine the entire nuclear fuel cycle and "develop recommendations for reviving and expanding domestic nuclear fuel production."

President Trump took the full 90 days to formally address the DOC findings related to the Section 232 investigation, which followed a Section 232 Petition filed with the Department in January last year by US uranium producers Energy Fuels and Ur-Energy. Section 232 of the Trade Expansion Act of 1962 authorizes the President of the United States, through tariffs or other means, to adjust the imports of goods or materials from other countries if it deems the quantity or circumstances surrounding those imports to threaten national security. Upon receipt of the final report, the President may take a range of actions, or no action, based on the Secretary of Commerce's recommendations provided in the report.
Jun 8, 2018 - TradeTech analyst and geologist Patrick Plummer presented at the recent 13th AusIMM International Uranium Conference 2018 in Adelaide, Australia
The conference, which remains the world’s only event exclusively dedicated to uranium, was strongly attended by both existing and emerging producers, in addition to private investors actively looking to capitalize on Australia’s commodities potential.

In a presentation entitled, "A Cointegrated Approach to an Evolving Supply & Demand Dynamic," Plummer explored the sustainability (or unsustainable nature) of future uranium supply as today's low market prices present difficult circumstances for producers and developers. He explained that the economics of a mine underpin its competitiveness. As such, costs, in one form or another, are among the most important dimensions that drive the uranium production industry. He noted that despite that fact, mining costs are one of the least understood aspects of the nuclear fuel industry.

Although lower U3O8 prices have forced producers to suppress their cash costs, rising indirect costs and net interest charges are beginning to affect the full-cost of production for some companies. As a result, the growing gap between C1, C2, and C3 costs can erode a miner's revenue stream.

Despite the successful lowering of cash mining costs, the ability to reduce indirect and overhead charges is largely beyond the control of the mining companies themselves. Dimensions that were once perceived to be less important than costs are now innately linked to the strength of an operation. Socio-economic, geopolitical, regulatory, environmental, and macro-economic parameters, known as Modifying Factors in TradeTech's model, demand equal attention when evaluating the strength of a uranium project. (TradeTech uses geological constraints and modifying factors in conjunction with its Asset Viability Rating system to quantify how sensitive each pound of uranium is to cost pressures in the future. [top]

Nov 15, 2017 - Australia’s LETM Conference Focuses on “Clean Energy Minerals”
The 2017 Low Emission and Technology Minerals Conference held in Perth, Australia, on November 14 and 15, featured many of the upcoming and developed resources companies dealing involved in uranium, as well as other minerals associated with clean energy. The annual event, formerly known as the Australian Uranium Conference prior to 2016, now includes minerals associated with low-emission power sources and technology and which play key roles in lowering the carbon footprint from current energy resources.

In a presentation entitled, “An Evolving Uranium Market: Measuring Risks, Challenges & Opportunities,” TradeTech analyst and geologist Patrick Plummer explored today’s uranium market and how a prolonged low-price environment has resulted in challenges and opportunities for uranium exploration and production sector of the nuclear fuel cycle industry. The prevailing low uranium price has taken its toll on some major exploration budgets and TradeTech believes this will ultimately lead to a delay in achieving a future production inventory that is ready-to-produce and diverse in source and nature.
Plummer introduced TradeTech’s multidimensional evaluation methodology called the Asset Viability Rating system, which identifies viable projects to create a forward-looking vision of the supply side in the uranium market. He noted that one of the more influential “modifying factors” is exchange rates, as the relationship between various domestic currencies and the US dollar can have a profound impact on the financial results of uranium producers.
TradeTech’s new indicator–the Yellowcake Index (YCI)– addresses the exchange rate relationship by blending monthly inflation rates with the overall performance of each currency relative to the US dollar. Plummer explained that the output value is expressed as indices that fluctuate from the nominated base case (100), rather than the US$40 cost scenario. As such, a value above 100 means that exchange rates and inflation have increased the cost of production in the domestic currency relative to the 2010 US dollar cost equivalent. In contrast, an index below 100 means exchange rates and inflation have improved the country's cost competitiveness. He noted that the upward trajectory of the index through 2011, reflects the recovery of global commodity markets following the financial crisis in 2008; it also captures upward cost pressures on non-US miners. [top]

Mar 8, 2017 - TradeTech Energy President Dr. R. Gene Clark Presents at Nuclear Power Asia Conference in Kuala Lumpur, Malaysia
There is enough known uranium to fuel expected expansion of nuclear power, it’s only a matter of cost, TradeTech Energy President Dr. R. Gene Clark told participants attending the Nuclear Power Asia conference in Kuala Lumpur, Malaysia on March 8. Clark’s presentation, entitled “Nuclear Energy and Fuel Supply Outlook,” provided a look at today’s nuclear power industry and expected regional growth, as well as an overview of nuclear fuel markets, uranium supply contracts and prices.

Clark explained that the nuclear fuel market, which has always been a “boutique” market is not an open exchange like the London Metals Exchange and deals are done one-to-one between a small number of buyer and sellers. There are no “standard contracts” and market reporters such as TradeTech publish price indicators. Notably, about one-half of long-term uranium contract deliveries are settled on spot market prices at delivery.

While there is enough uranium to supply expected growth in nuclear power worldwide, countries with large nuclear power programs will face the problem of dealing with too few suppliers. Moreover, uranium enrichment capacity will tend to dampen uranium price volatility, as enrichment process economic efficiencies impact the demand for uranium. Clark concluded that the most significant historical problems in nuclear fuel supply have been from supply disruptions, which have always been temporary. No nuclear power plant has ever been shut due to lack of fuel supply.  [top]

Nov 30, 2016 - Australia Conference Shifts Focus to Include "Low Emission and Technology Minerals"
The "2016 Low Emission and Technology Minerals Conference" was held November 15-16 in Perth, Australia, hosting a wide range of minerals industry experts and government officials. Formerly named the Australian Uranium Conference, the event now includes minerals associated with low-emission power sources, technology, and energy storage. The event was expanded to address growing interest in a mix of minerals, including uranium, which will play key roles in lowering the carbon footprint from current energy resources. The conference focused on the increased demand for battery-related minerals, such as lithium, graphite, vanadium, cobalt, and various rare earths, while maintaining a focus on uranium’s role in a lower carbon future.

In a presentation entitled "Trends, Risks, and Opportunities in the Uranium Market," TradeTech analyst Adam Christopher described the conditions that define the current state of the uranium market, presenting the company's analysis of today’s transitional market environment. While TradeTech views uranium’s positive potential as closely related to the objective competitiveness of nuclear power, Christopher noted that uranium’s perceived value is also tightly correlated to trends in contract cover and inventories. He pointed out specific challenges facing today’s uranium producers, which he said are as adept at risk management as they are at mining uranium.

Christopher then identified several opportunities in the market, which today largely exist in the upside of currently undervalued assets. He also highlighted TradeTech’s analysis of the contracting strategies that producers are using to weather the current price environment. [top]

Jun 9, 2015 - TradeTech President Treva Klingbiel Presents at World Nuclear Fuel Market Conference in Paris—Right-Sizing
During the recent World Nuclear Fuel Market International Conference in Paris, France, TradeTech President Treva Klingbiel participated as a speaker in a session that focused on nuclear fuel cycle industry views on navigating uranium market volatility. Klingbiel’s presentation, entitled “ “right sizing” in today’s uranium market, which unlike downsizing, is about proactive risk management. Klingbiel said that although during the process of right sizing a company may need to take cost-cutting and restructuring steps, true right sizing should be an ongoing process.

“Rightsizing is really about taking a company’s current circumstances and views about future market developments and translating that into a strategic direction,” she explained. Companies actually have a wide range of options or tactical responses to various conditions that they can utilize (Figure 1). The tactics in the lower left areas of Figure 1 are right-sizing tactics, which are performed on an ongoing basis and ideally prevent the need for the tactics in the upper right areas, which are decidedly desperate measures. Klingbiel noted, however, that the uranium market has been forced to take some of the more reactive steps, like cost cutting, restructuring, and consolidation, in order to survive. [top]

Apr 23, 2015 - TradeTech President Treva Klingbiel Presents at World Nuclear Fuel Cycle Conference in Prague--Socioeconomic Impacts of Uranium Mining Around the World
During the recent World Nuclear Fuel Cycle conference in Prague, Czech Republic, TradeTech President Treva Klingbiel provided an overview of the company's analysis of the socioeconomic impact of uranium mining, including the costs and benefits, as well as the role socioeconomic costs play in uranium market prices.

Major uranium producers are focused on sustainability goals in the countries where they develop and operate mines. Steps to sustainability includes sound macro-economic policies, transparency in how revenues are reported and spent, dialogue and relationship building with local governments, and programs for employment, education, and revenue contribution to local communities. And, while socioeconomic investments provide important benefits to the public in many regions, the costs clearly affect a mining company’s bottom line. Furthermore, these costs can also indirectly influence uranium market prices.

Uranium mining companies are involved in “primary uranium supply,” which is typically more expensive than “secondary supply,” in part due to the socioeconomic costs of uranium mining, especially in remote and underdeveloped areas. This also provides some explanation of why the long-term uranium price is higher than spot or mid-term uranium market prices, Klingbiel explained. “Prevailing prices in the long-term market, typically the domain of the uranium producer, are reflective of myriad costs borne uniquely by the uranium miner (including production costs, and costs related to labor, materials, and energy). In the 2007-2015 period, for example, the long-term price has been, on average, 24 percent higher than the spot price,” Klingbiel said. “Of course, there are fundamental reasons why long-term price premiums exist in our market, but socioeconomic factors help to shape why mined production is comparatively expensive,” she added.

From the ground up, the ethics of green energy characterize the nuclear fuel market. The socioeconomic impacts of our industry begin with uranium mining. Knowing this, producers are ensuring their policies are grounded in good stewardship and are forging long-term strategic relationships founded on common principles that reflect class-leading sustainable development. Producers understand the social responsibility they have to the local communities, but honoring these responsibilities adds to the cost of mining uranium. However, their commitment to the betterment of local communities ultimately supports the business, through education, social welfare, and infrastructure building.

“As long as we promote nuclear power as a means to lessen our environmental footprint, uranium mining will be the first stop on the road to green energy. From farm to table, from mine to reactor, positive socioeconomic impacts of uranium mining can align with the nuclear industry’s green energy message,” Klingbiel said. [top]