News Article | September 26, 2016
SNC-Lavalin has signed an agreement with two Chinese nuclear energy firms to develop, market and build an advanced CANDU type nuclear reactor The Montreal, Canada, based engineering and construction giant SNC-Lavalin, which five years ago, bought AECL’s reactor division from the government, has a new joint venture with China National Nuclear Corp. (CNNC) and Shanghai Electric Co. The immediate results of the agreement will be the creation of two nuclear reactor design centers, one in China and the other in Canada. The design centers will collaborate to complete the Advanced Fuel CANDU Reactor (AFCR). It is expected that the first two units will be then built in China and then the reactor will offered via export to global markets. “’The market potential for AFCR technology in China is considerable. Each AFCR can use recycled-fuel from four light-water reactors (LWRs) to generate six million megawatt-hours (MWh) of additional carbon-free electricity without needing any new natural uranium fuel. This would be enough new electricity to power four million Chinese homes, and also displace six million tonnes of carbon emissions per year vs. coal, the equivalent of removing one million cars from the road. China has more than 33 LWR nuclear power reactors in operation and another 23 LWRs under construction.” The agreement occurred during an official four-day visit to Canada by Chinese Premier Li Keqiang. Canadian PM Justin Trudeau promoted the visit as a thaw in relations between the two nations following a decade of chilly diplomacy under the Conservative government of PM Stephen Harper. According to news coverage in the Toronto Globe & Mail for 9/22/16, John Luxat, a professor of nuclear safety analysis at McMaster University, told the newspaper the new reactor technology has “high potential for use in China because of the large number of light water reactors” who spent fuel could be used by CANDU designs. However, AltgaCorp investment analyst Chris Murray told the newspaper he sees the design and marketing effort to be a slow, drawn out effort and does not expect there to be any near-term financial impact. CANDU stands for CANada Deuterium Uranium, because it was invented in Canada, uses deuterium oxide (also known as heavy water) as a moderator, and uranium as a fuel. CANDU reactors are unique in that they use natural, unenriched uranium as a fuel; with some modification, they can also use enriched uranium, mixed fuels, and even thorium. Thus, CANDU reactors are ideally suited for using spent fuel from light water nuclear reactors, or downblended uranium from decommissioned nuclear weapons, as fuel, helping to reduce global arsenals. CANDU technical description and schematic courtesy of AECL and the Canadian Nuclear Association CANDU reactors can be refueled while operating at full power, while other light water designs, including PWRs and BWRs, must be shut down for refueling. Moreover, because natural uranium does not require enrichment, fuel costs for CANDU reactors are very low. Canada is one of the world’s leading sources of uranium with rich deposits in Saskatchewan and other provinces. It has no uranium enrichment capabilities. The safety systems of CANDU reactors are independent from the rest of the plant, and each key safety component has three backups. This redundancy increase the overall safety of the system, and it also makes it possible to test the safety system while the reactor is operating under full power. There are 19 CANDU reactors in Canada and 31 globally including two in China, two in Argentina, and two in Romania. While all three countries are potential markets for the new SNC-Lavalin / CNNC design, only China has committed, in principle to building the new ACFR. It is unclear to what extent the new AFCR benefits from a design heritage with the now suspended work on the ACR-1000 which was proposed in 2007 and 2008 for Canadian and UK power markets. The ACR-1000, a 1200 MW CANDU type reactor design, was proposed to be built in the tar sands region of Alberta for power and process heat customers and at Point Lepreau in New Brunswick for electric power customers. Neither projects ever made it off the drawing boards. Efforts to license the 1200 MW unit with the Canadian Nuclear Safety Commission ended in Spring 2008 when AECL also withdrew the design from consideration in the UK generic design assessment. AECL CEO Hugh MacDiarmid was quoted at the time as saying, “We believe very strongly that our best course of action to ensure the ACR-1000 is successful in the global market place is to focus first and foremost on establishing it here at home.” But there were no sales at home due to Bruce Power declining to consider the 1200 MW reactor. In June 2011 SANC-Lavalin bought the reactor division of AECL for the bargain basement price of $15 million which included all of AECL’s intellectual property related to CANDU reactor designs. The advanced CANDU reactor (ACR), in its current design status, frozen in 2008, is a Generation III+ nuclear reactor design and is a further development of existing CANDU reactors designed by Atomic Energy of Canada Limited (AECL). The ACR is a light-water-cooled reactor that incorporates features of both pressurized heavy water reactors (PHWR) and advanced pressurized water reactors (APWR) technologies. It uses a similar design concept to the steam-generating heavy water reactor (SGHWR). The difference between heritage CANDUs and the ACR is that it uses low enriched uranium (LEU) fuel, (3-5% U235), ordinary (light) water coolant, and a separate heavy water moderator. The ACR also incorporates characteristics of the CANDU design, including on-power refueling with the CANFLEX fuel; two fast, totally independent, safety shutdown systems; and an emergency core cooling system. The relatively small reactor core reduces core size by half for the same power output over the older CANDU design. The ACR fuel bundle is a variant of the 43-element CANFLEX design (CANFLEX-ACR). The use of LEU fuel would result in higher burn-up operation than traditional CANDU designs. None of these features were found to be compelling by potential customers and AECL shelved the entire effort to develop the ACR. About the New AFCR According to SNC_Lavalin the Advanced Fuel CANDU reactor (AFCR) (fact sheet) is a 700MW Class Generation III reactor based on the successful CANDU 6 and Enhanced CANDU 6 (EC6) reactors with a number of adaptations to meet the latest Canadian and international standards. This is 300 MW less in power than the ACR and also differs technically from the ACR in that it uses only heavy water as a moderator. Its fuel flexibility allows it to use recycled uranium or thorium as fuel. SNC-Lavalin calls such materials “natural uranium equivalent” fuels, It uses a heavy water moderator and heavy-water coolant in a pressure tube design. CANDU reactors can be refuelled on power. The firm claims it will have “one of the highest lifetime capacity factors among the world’s reactors.” The development of the AFCR was first reported by World Nuclear News in November 2014. That report also provided insights into the place in China’s nuclear fuel cycle that would be the niche for the reactor. WNN noted in its report that the used fuel from four conventional PWR reactors can completely supply one AFCR unit (as well as providing recycled plutonium for MOX). This process significantly reduces the task of managing used fuel and disposing of high-level wastes. The R&D effort also explored the use of thorium as a fuel for the new reactor. In June 1998, construction started on a CANDU 6 reactor in Qinshan China of the Qinshan Nuclear Power Plant, as Phase III (units 4 and 5) of the planned 11 unit facility. Commercial operation began in December 2002 and July 2003, respectively. These are the first heavy water reactors in China. In 2015 China signed agreements in principle with Romania and Argentina to supply CANDU reactors. In a World Nuclear News report in November 2015 report details were revealed that China and Argentina had in 2014 signed a new high-level agreement towards construction of a third CANDU type pressurized heavy water reactor (PHWR) at the Atucha plant in Argentina. Under the agreement, CNNC will be providing goods and services and long-term financing. The utility in Argentina will be designer, architect-engineer, builder and operator of the new PHWR (Atucha 3). Under the agreement, over 70% of the components to be used in the plant will be supplied by Argentine companies. CNNC is now expected to advance the negotiations with Chinese financial institutions to conclude project financing. Atucha 3 will be a part Canadian-developed Candu reactor running on natural uranium fuel, like the 648 MWe Embalse Candu reactor in Córdoba province. Because of the localization strategy for major components, and the history of the supply chain in Argentina with the other CANDU reactors, it is unlikely that Atucha 3 could be based on the new AFCR design. Atucha 3 is expected to cost almost $6 billion and to take eight years to build at the Atucha Nuclear Power Plant Complex in Buenos Aires province, where the 335 MWe Atucha I and 745 MWe Atucha 2 currently operate. Also in November 2015 World Nuclear News reported Romania’s Nuclearelectrica signed a memorandum of understanding (MOU) with China General Nuclear (CGN) for the development, construction, operation and decommissioning of units 3 and 4 of the Cernavoda nuclear power plant. The Romanian national nuclear company said a joint venture project company is to be established, with CGN owning at least 51% of the share capital. That company will oversee construction of the units, which will be 700 MWe Candu 6 reactors. Two Candu units already operate at the Cernavoda site. Romania and China signed a letter of intent in November 2013 during a visit to Bucharest by Chinese premier Li Keqiang. Cernavoda is home to two operating Candu 6 pressurized heavy water reactors (PHWRs) supplied by Candu Energy’s predecessor, Atomic Energy of Canada Ltd (AECL), and built by a Canadian-Italian consortium of AECL and Ansaldo. Unit 1 started up in 1996, but work was suspended on a further four units in 1991. Unit 2 was subsequently completed and has been in operation since 2007. Given Romania’s history with CANDU reactors, and its intent to apply its operating experience with them to Units 3 & 4, it is unlikely that country would be a market for the new AFCR model. Romania will supply the fuel for all four reactors. According to the same World Nuclear News report, the new conventional CANDU units will have an operating life of 30 years with the possibility of extension by an additional 25 years. With Argentina and Romania committed to conventional CANDU, off-the-shelf, technology, it is unclear what the commercial prospects will be for the new AFCR CANDU design. The design intent to use spent nuclear fuel in the reactor would make it attractive to many countries. China will build and operate the first two units to prove to potential customers that the design is safe, affordable, and will have a long and cost-competitive service life. Assuming the units can be built in China for $3,000 to $4,000 per Kw, a 700 MW unit will cost approximately $2.1 billion to $2.8 billion which is far less than the cost in the U.S. for a 1000 MW Westinghouse AP1000. Similar cost comparisons would be expected for new nuclear reactors in the UK. However, China is proposing its new PWR design, the Hualong One, for the UK market. Once China has proven the technical and financial viability of the AFCR CANDU, it will face the uncertain prospects of design safety reviews for first-of-a-kind units by nuclear regulatory agencies in countries where it wants to sell the reactors. By leveraging the well-known CANDU technology, SNC-Lavalin and CNNC are placing a bet that they will find willing buyers of their new nuclear reactor.
News Article | September 6, 2016
This week Theresa May will travel all the way to China to find out. At the G20 meeting China will press her to approve the Hinkley Point nuclear plant. Here’s a roundup of press coverage of the high wire diplomacy expected to take place. (Guardian) As UK PM Theresa May prepares to meet her Chinese counterpart Xi Jinping at the G20 summit, officials there have reportedly raised the issue of delayed Hinkley point nuclear power station. May is expected to come under pressure from China at the G20 summit over her decision to review the proposed Hinkley nuclear plant. May angered Beijing by deciding in July that approval of the French- and Chinese-backed £18bn nuclear plant would be delayed, apparently as a result of security concerns over Chinese involvement. The Chinese government has been unusually forceful and undiplomatic in making its clear it wants the project to go ahead. May and her ministers have stuck to the position that the government is “considering all the component parts of the project before making its decision in the early autumn.” (Times of London) UK Prime Minister Theresa May is reportedly considering a proposal to detach development of the Hinkley Point nuclear power plant from an agreement allowing China to build a nuclear reactor in Essex. One option under consideration is to approve Hinkley, but delay a decision on the Bradwell reactor to allow a discussion about its effect on British security. Critics of the plan point to an American case of alleged economic espionage involving China General Nuclear (CGN) .A US nuclear engineer is facing charges he provided nuclear fuel information and reactor performance data to CGN without the necessary government approval. The split in the agreement over UK reactors could put the entire deal involving three power stations in jeopardy since the Chinese investors see in the Bradwell plant an opportunity to showcase its domestic nuclear technology in Europe. China has started construction of two Hualong One reactors at in Fujian province. While it also has an MOU in place to build one in Argentina, the UK deal offers China its best chance to make the case for its reactor design with western industrialized countries. No UK decision expected on Chinese-backed nuclear plan as PM May heads to China (Reuters) Prime Minister Theresa May will not announce her keenly awaited decision on a partly-Chinese funded nuclear power project in the coming days, a British official said as May flew to China to meet President Xi Jinping at her first G20 summit. But despite scheduling a 30-minute meeting with Xi on Monday to discuss the two countries’ future ties, May will stop short of sanctioning a Chinese-backed $24-billion plan for French firm EDF to build a nuclear power plant in southern England. “We have said we’ll make a decision this month, that remains the plan. I don’t expect one in the next few days,” the official told reporters ahead of the visit Critics of Hinkley Point C missing ‘The Bigger Picture’ says, EDF Energy CEO (NucNet) Critics of the Hinkley Point nuclear station project in southwest England are at risk of “losing sight of the bigger picture” by failing to see the “positive impact and importance “ of the investment for the UK, EDF Energy chief executive officer Vincent de Rivaz said this week in an open letter published on the company’s website. The plan to build the two EPR units for £18bn (€21bn, $24bn) at Hinkley Point was hit with an unexpected delay in July as the new UK government decided to hold another review only hours after EDF – the project’s state-owned French developer – had given it the go-ahead. Separately, members of EDF’s board filed a protest that de Rivaz knew about the delay before the board meeting, but pushed for approval of the plan anyway. China General Nuclear Power Generation (CGN) has a one-third stake in the project while the French side holds the rest. Mr de Rivaz wrote that China’s participation “is much more” than £6bn of investment as it brings the benefits of a partnership between EDF and CGN in nuclear construction in China. EDF is nearing completion of two Areva EPRs in China. He wrote that the cost of Hinkley Point’s electricity should be compared with future energy prices and not those of today. Hinkley Point will be competitive with all future energy options, including fossil fuels, when the cost of carbon is taken into account. Mr de Rivaz dismissed near term prospects for the potential use of small modular reactor (SMR) technology in the UK. He wrote that they are still surrounded by a number of future political and regulatory uncertainties and “we can’t afford to cross our fingers and muddle through in the hope that a new technology will meet all our needs at the right price.” EDF sees Britain taking £6bn Hinkley stake Government under pressure to step in to avoid ‘disaster’ if Chinese pull out of project (Financial Times) EDF executives say the British government could have to take a stake of up to £6bn in the Hinkley Point nuclear power station to avoid a “disaster” if the Chinese decide to withdraw from the project. Liu Xiaoming, China’s ambassador to the UK, has warned that stalling the nuclear project could jeopardise relations between the two countries. The UK government has not set out a fallback option if the Chinese refuse to separate the Bradwell project from the overall deal and abandon their proposed investments in Britain. In public, Beijing remains committed to the deal. However, there has been growing speculation in the nuclear industry that May is prepared to invest billions of pounds into Hinkley Point if it becomes necessary. “If the Chinese pull out, the UK government itself will raise the money,” said one industry source. One senior EDF figure said: “If the Chinese pull out, there is no way that EDF will be able to pay for the rest itself. We would need the British or someone else to step in.” The idea of the UK government taking stakes in new nuclear power stations was raised this week by the new boss of Horizon, the Hitachi-owned consortium that plans to build stations at Wylfa, on Anglesey, and Oldbury-on-Severn, in Gloucestershire. Duncan Hawthorne, chief executive of Horizon, said Hitachi could seek an equity stake from the British and Japanese governments. Hitachi could even end up merely as a contractor to Whitehall, Mr Hawthorne told the Sunday Times. France said to see Hinkley unraveling as U.K. reconsiders (Bloomberg) French President Francois Hollande’s government is concerned that discussions on the sidelines of the Group of 20 talks in China will sound the death knell for the Hinkley Point nuclear power project in the U.K. UK PM May is bracing for tense diplomacy over the issue and is attempting to foster confidence that Britain remains open for business despite its decisions to leave the European Union and delay Hinkley Point. Central to the debate are Hinkley’s growing costs and security issues related to China’s involvement in a strategic industry. In China, authorities see Hinkley as the start of a series of atomic projects in the U.K. that will serve as a showcase for future exports. May “has upset the Chinese and the French,” said Steve Thomas, professor of energy policy at the University of Greenwich, London. “She could have dealt with this in a better way by saying she would review all major public spending, not just Hinkley.” For France, Hinkley Point is “an exceptional opportunity,” Finance and Industry Minister Michel Sapin said at a press conference. The British government needs to “face its responsibilities” on deciding to proceed, he added. It would underpin the country’s nuclear-engineering industry with its many thousands of well-paid, skilled jobs. Even within the French administration, the project received another blow this week when one of its key backers, Emmanuel Macron, resigned as economy and industry minister. Sapin has now taken over Macron’s responsibilities. China has warned pulling the plug on Hinkley would damage its relationship with Britain. “No country can develop by itself behind closed doors,” Liu Xiaoming, China’s ambassador in London, wrote in a column in the China Daily. “I hope that Britain will continue to be pragmatic and stay open to Chinese businesses.” Key French backer of Hinkley Point will run for President (NY Times) France’s pro-business economy minister, Emmanuel Macron, who supports the Hinkley Point project, has resigned from the Socialist government, clearing a path for him to possibly challenge an embattled President François Hollande in elections next year. His resignation has been anticipated for months. For Hollande’s part, he faces record lows in public approval ratings. Unlike Hollande, who has called for a 25% reduction in French dependence on nuclear energy, Marcon has been a strong supporter of the nation’s use of the technology and its expansion via exports for projects like Hinkley Point. Mr. Macron, 38, a former investment banker, was the face of a right leaning, free-market tilt by Mr. Hollande’s government. He infuriated France’s unions with his frank talk of opening up the country’s rigid economy, loosening job protections, and even rolling back the 35-hour workweek. (NucNet) First concrete pouring for the nuclear island for Unit 6 at the Fuqing nuclear station in Fujian province has started, the China National Nuclear Corporation (CNNC) said. The event marks the beginning of the main construction phase for the reactor unit. Fuqing-6 will be of the domestic Generation-III design, also known as “Hualong One.” There are six units at the Fuqing site – two in commercial operation and four under construction. Units 5 and 6 are of the Hualong One design.
News Article | February 15, 2017
PERTH, WESTERN AUSTRALIA--(Marketwired - February 14, 2017) - Paladin Energy Ltd ("Paladin" or "the Company") ( : PDN) (TSX: PDN) announces the release of its condensed consolidated interim financial report for the half-year reporting period ended 31 December 2016. The condensed consolidated financial report is appended to this News Release. References below to 2016 and 2015 are to the equivalent six months ended 31 December 2016 and 2015 respectively. (References below to 2016 and 2015 are to the equivalent six months ended 31 December 2016 and 2015 respectively). The Company's 12 month moving average Lost Time Injury Frequency Rate5 (LTIFR) decreased to 1.9 as compared to 2.5 at the end of the last quarter. The 12 month moving average LTIFR for the previous year was 2.10. The Company achieved 910 Lost Time Injury (LTI) free days at the Kayelekera Mine (KM) for ~1.6 Million man hours. Two LTI's were reported during the six months: a process operator sustained an injury to the right ankle descending a fixed ladder and a maintenance tradesman injured a shoulder while using a drill. LHM produced 2.500Mlb U O for the six months ended 31 December 2016, up 7% from the previous year (2015: 2.342Mlb U O ). The unit C1 cost of production for the six months decreased by 39% from US$26.50/lb in 2015 to US$16.25/lb in 2016 primarily due to strong operating performance and the impact of the US$168.9M write-down of LHM's ore stockpiles that occurred at 30 June 2016. Activities at site focused on water treatment, discharge and monitoring. Sales revenue for 2016 decreased by 46% from US$101.3M in 2015 to US$55.2M in 2016, as a result of a 36% decrease in realised sales price and a 15% decrease in sales volume. The average realised uranium sales price for 2016 was US$25.96/lb U O (2015: US$40.54/lb U O ), compared to the TradeTech weekly spot price average for the period of US$22.63/lb U O . Gross loss for the period decreased by 175% from a gross profit of US$23.7M in 2015 to a gross loss of US$17.7M in 2016 due to a 36% decrease in realised sales price, a 15% decrease in sales volume, and an impairment of inventory of US$22.3M (2015: US$Nil), which was partially offset by a 35% decrease in cost of sales. Impairments of inventory of US$22.3M were recognised in 2016 (2015: US$Nil) Impairments comprise of a US$16.2M impairment of LHM ore stockpiles, US$2.9M impairment of LHM product-in-circuit due to the write-off of the build-up of solubilised uranium present in the interstitial water in TSF3 and a US$3.2M impairment of finished goods due to low uranium prices. The impairment of LHM ore stockpiles resulted from a change in LHM's life of mine plan and lower forecast uranium prices. Net loss after tax attributable to members of the Parent for 2016 of US$46.0M (2015: Net loss US$24.2M). Underlying EBITDA has deteriorated by US$11.3M for the period from an underlying EBITDA of US$17.0M for 2015 to US$5.7M for 2016. The Group's principal source of liquidity as at 31 December 2016, was cash of US$26.7M (30 June 2016: US$59.2M). Any cash available to be invested is held with Australian banks with a minimum AA- Standard & Poor's credit rating over a range of maturities. Of this, US$20.9M is held in US dollars. Cash outflow from operating activities was US$40.9M in 2016 (2015: outflow US$2.9M), primarily due to payments to suppliers and employees of US$76.5M and net interest paid of US$14.0M, which were partially offset by receipts from customers of US$50.0M. Cash outflow from investing activities for 2016 was US$1.3M (2015: US$5.3M): Cash inflow from financing activities was US$9.6M in 2016 (2015: outflow US$38.0M), was attributable to the drawdown of US$20M under the LHM secured Revolving Credit Facility, which was partially offset by a US$10.4M distribution to CNNC by way of repayment of intercompany loans owing by LHM that have been assigned to CNNC. At 31 December 2016, the Group's cash and cash equivalents were US$26.7M, which was within the guidance range previously provided of US$20M to US$30M. The documents comprising the condensed consolidated interim financial report for the half-year reporting period ended 31 December 2016, including Management Discussion and Analysis, Financial Statements and Certifications will be filed with the Company's other documents on Sedar (sedar.com) and on the Company's website (paladinenergy.com.au). The TradeTech weekly spot price average for 2016 was US$22.63/lb, a fall of 38% compared to the weekly spot average for 2015 average of US$36.26. TradeTech's end-November spot price of US$17.75/lb was the lowest level observed since May 2004. Uranium spot prices increased in late-December 2016 and, following KazAtomProm's announcement of a 10% cut in planned 2017 uranium production, improved further in early January 2017. The spot price currently stands around US$26.50/lb. Increased term market activity has been seen since December 2016 and improved demand levels are expected to continue into 2017. Mixed signals continue to be seen in the US market. The election of Donald Trump to the US Presidency is anticipated to be positive for nuclear power and the approval of the Future Energy Jobs Bill in Illinois in December 2016 will allow Exelon's Clinton and Quad Cities nuclear power plants to continue operating. On the other hand, the past 2 months have seen early closure announcements for Entergy's Palisades and Indian Point facilities and speculation that First Energy Corp could try to sell or close the Davis-Besse plant. In the UK, January saw the award of further contracts for the construction of the Hinkley Point C nuclear power plant. French contractor Bouygues SA will work with UK builder Laing O'Rourke on a US$1.8Bn contract to construct the buildings that will house the two reactors. Meanwhile, EdF anticipates French nuclear availability to return to normal levels in early 2017 as 11 out of the 12 reactors offline for safety evaluation are expected to return to service. Kyushu's Sendai 1 was returned to service in December 2016 after completing its first periodic inspection since re-start in August 2015. Sendai 2 was taken out of service for periodic inspection in December and is expected to be back online in late-February 2017. Japan's Nuclear Regulation Authority cleared Kyushu's Genkai 1 & 2 reactors for restart and also approved a life extension for Kansai's Mihama 3 in late-2016. The Genkai reactors are targeted to return to service during 2017. Paladin believes a uranium industry turnaround is imminent. However, given the current low pricing environment, its current strategies are focused on optimising actions to maximise cash flow whilst also prudently enacting capital management actions. Paladin's strategies are aimed at maximising shareholder value through the uranium price downturn whilst remaining positioned for a future normalisation of the uranium market and price. Key elements of the Company's strategy include: LHM's adjusted Life of Mine plan (LOM) was implemented in November 2016, which involves reducing mining material movement combined with processing plant feed coming from stockpiled low and medium grade ores. The revised mine plan effectively shifts higher-grade ore processing into later years when uranium prices are expected to be higher. The FY2017 average feed grade will be reduced into the range of 550ppm to 570ppm vs our previous internal Company budget of 700ppm. The impact of the change will reduce finished U O production by up to 1.0Mlb to 1.5Mlb per year for each of the next two years. However, the requirement for less movement of mined material on site during the period reduces cash operating costs by well in excess of any lost revenue. Using Paladin's internal assumptions the initiative will generate approximately US$40M of cumulative incremental operating cash flow for FY2017 and FY2018. Key relevant guidance items for the quarter to 31 March 2017 include: Due to the successful first half to 31 December 2016, Paladin has revised certain items in its guidance for the full-year to 30 June 2017, including: Other full-year guidance items to remain unchanged at this time. However, 'all in' cash expenditure guidance may be subsequently revised downwards depending on the progress of the Proposed Restructure and update to the Company's internal financial forecast subsequently. The news release includes non-GAAP performance measures: C1 cost of production, EBITDA, non-cash costs as well as other income and expenses. The Company believes that, in addition to the conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company's performance and ability to generate cash flow. The additional information provided herein should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The information in this announcement that relates to minerals exploration and mineral resources is based on information compiled by David Princep BSc, P.Geo FAusIMM (CP) who has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). and as a Qualified Person as defined in NI 43-101. Mr Princep is a full-time employee of Paladin Energy Ltd. Mr. Princep consents to the inclusion of the information in this announcement in the form and context in which it appears. Conference Call and Investor Update is scheduled for 07:30 Perth & Hong Kong, Wednesday 15 February 2017; 23:30 London, Tuesday 14 February 2017 and 18:30 Toronto, Tuesday 14 February 2017. Details are included in a separate news release dated 3 February 2017. The documents comprising the Conference Call and Investor Update will be filed with the Company's other documents on Sedar (sedar.com) and on the Company's website (paladinenergy.com.au). 1 LHM production volumes and unit C1 cost of production include an adjustment to in-circuit inventory relating to leached uranium within process circuit. 2 C1 cost of production = cost of production excluding product distribution costs, sales royalties and depreciation and amortisation before adjustment for impairment. C1 cost, which is non-IFRS information, is a widely used 'industry standard' term. 3 EBITDA = The Company's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) represents profit before finance costs, taxation, depreciation and amortisation, impairments, foreign exchange gains/losses, restructure costs and other income. EBITDA, which is non-IFRS information, is a widely used 'industry standard' term. 4 Underlying All-In Cash Expenditure = total cash cost of production plus non-production costs, capital expenditure, KM care & maintenance expenses, corporate costs, exploration costs and debt servicing costs and mandatory repayments, excluding one-off restructuring and non-recurring costs. Underlying All-In Cash Expenditure, which is a non-IFRS measure, is widely used in the mining industry as a benchmark to reflect operating performance. 5 All frequency rates are per million personnel hours.
News Article | February 15, 2017
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 15, 2017) - GoviEx Uranium Inc. (TSX VENTURE:GXU) ("GoviEx" or "Company") is pleased to announce it has engaged Houlihan Lokey EMEA, LLP as financial advisor to assist the Company with the securing of potential long-term off-take agreements in relation to its Madaouela Uranium Project ("the Madaouela Project") in Niger. "We believe there is potential for a substantial wave of new contracting for long-term uranium supply to commence in response to growing demand for carbon-free nuclear energy and the existence of uncovered utility requirements," commented Govind Friedland, Executive Chairman of GoviEx. "In the past two months, the spot price of uranium has risen by more than 40%." "We also expect long-term contract prices to rise to a point where floor-price-based off-take agreements will provide good economics for our Madaouela Project(1). We look forward to working with the Houlihan Lokey team in this regard as we continue to move towards the planned development of the Company's fully-permitted Madaouela Project." The engagement of Houlihan Lokey represents part of an integrated four-part strategy developed by the Company to advance the Madaouela Project, and follows the previously announced appointment of Medea Capital Partners Ltd. as a project debt advisor. The four-part strategy, working towards a production decision, includes: The Houlihan Lokey team has considerable experience in the uranium and nuclear energy sectors, having worked with companies such as Paladin Energy, Électricité de France S.A. (EDF), AREVA, Kazatomprom and China National Nuclear Corporation (CNNC), over the past 10 years. GoviEx is a mineral resource company focused on the exploration and development of uranium properties. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its Mine Permitted Madaouela Project and its other uranium properties in Africa. Houlihan Lokey is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, valuation, and strategic consulting. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, and the Asia-Pacific region. This press release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this press release are forward-looking information. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information. Forward-looking statements include, without limitation, statements regarding the potential for a substantial wave of new contracting for long-term uranium supply to commence in response to growing demand for carbon-free nuclear energy and the existence of uncovered utility requirements, GoviEx's expectations for long-term contract prices to rise to a point where floor-price-based off-take agreements will provide good economics for our Madaouela Project, the potential for GoviEx to enter into off-take agreements, the planned integrated four-part strategy working towards a production decision for the development of the Madaouela Project and other statements that are not facts. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which GoviEx operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Assumptions upon which forward looking statements have been made include that there will continue to be growing demand for carbon-free nuclear energy and the existence of uncovered utility requirements that may result in a substantial wave of new contracting for long-term uranium supply to commence, long-term contract prices will rise to a point where floor-price-based off-take agreements will provide good economics for the Madaouela Project, GoviEx will be able to secure one or more long-term off-take agreements for its Madaouela Project with the help of Houlihan Lokey and that the securing of such long-term off-take agreements will meet one part of GoviEx's integrated four-part strategy to advance the Madaouela Project towards a production decision. In addition, the factors described or referred to in the section entitled "Financial Risks and Management Objectives" in the MD&A for the year ended December 31, 2015, of GoviEx, which is available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this news release. Although GoviEx has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, including if there is no increased demand or a reduced demand for carbon-free nuclear energy and less than expected uncovered utility requirements, long-term contract prices do not rise or fall, the parties are unable to secure long-term off-take agreements as anticipated or at all, the failure to meet the targeted timelines of GoviEx's integrated four-part strategy that is anticipated to allow GoviEx to be in a position to make production decision, if any. There can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the appointment of Houlihan Lokey could be modified, restricted or terminated, and the results or events predicted in these forward-looking statements may differ materially from actual results or events. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and GoviEx disclaims any intention or obligation to update or revise such information, except as required by applicable law, and GoviEx assumes no any liability for disclosure relating to the other company herein. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Article | February 21, 2017
New AREVA[i] (Paris:AREVA) et son partenaire chinois China National Nuclear Corporation (CNNC) ont signé aujourd’hui à Pékin, en présence du Premier ministre de la République populaire de Chine, M. Li Keqiang, et du Premier ministre de la République française, M. Bernard Cazeneuve, un accord-cadre de coopération industrielle et commerciale. Aboutissement de la coopération historique entre AREVA et CNNC, ce contrat porte sur les activités du cycle du combustible nucléaire. Il conforte les négociations industrielles en cours entre New AREVA et CNNC (notamment le projet commercial d’une usine de retraitement-recyclage) et ouvre la voie à de nouveaux débouchés industriels et commerciaux entre les deux pays. New AREVA valorise les matières nucléaires afin qu’elles contribuent au développement de la société, en premier lieu dans le domaine de l’énergie. Le groupe propose des produits, technologies et services à forte valeur ajoutée sur l’ensemble du cycle du combustible nucléaire qui couvre les activités mines, chimie de l’uranium, enrichissement, recyclage des combustibles usés, logistique, démantèlement et ingénierie. New AREVA et ses 20 000 collaborateurs mettent leur expertise, leur maîtrise des technologies de pointe, leur recherche permanente d’innovation et leur exigence absolue en matière de sûreté et de sécurité au service de leurs clients en France et à l’international.
News Article | February 21, 2017
New AREVA1 (Paris:AREVA) and its Chinese partner China National Nuclear Corporation (CNNC) signed today in Beijing, in the presence of the Prime Minister of People's Republic of China, Mr. Li Keqiang, and the Prime Minister of the French Republic, Mr. Bernard Cazeneuve, a framework agreement for an industrial & commercial cooperation. Fruit of the long-standing cooperation between AREVA and CNNC this agreement covers the nuclear fuel cycle activities. It supports the on-going industrial negotiations between New AREVA and CNNC (Chinese commercial reprocessing-recycling plant project in particular) and opens up new industrial and commercial opportunities for both sides. This agreement is a key step in the deepening of the civil nuclear energy cooperation between France and China, and aligns with the expectations set by the two governments in their Joint Statement on Civil Nuclear Energy Cooperation of June 30, 2015. Meanwhile the capital of New AREVA remains open for an investment of CNNC within the same framework as the agreements currently being finalized with two investors. MORE ABOUT NEW AREVA New AREVA transforms nuclear materials so that they can be used to support the development of society, first and foremost in the field of energy. The group offers products, technologies and services with high added value throughout the entire nuclear fuel cycle, with activities encompassing mining, uranium chemistry, enrichment, used fuel recycling, logistics, dismantling and engineering. New AREVA and its 20,000 employees bring to bear their expertise and their mastery of cutting-edge technology, as well as their permanent search for innovation and their unwavering dedication to safety, to serve their customers in France and abroad. 1 Entity bringing together all of AREVA's nuclear fuel cycle activities
News Article | November 14, 2016
— The Global Nuclear Reactor Market Research Report 2016 is a professional and in-depth study on the current state of the Nuclear Reactor Market. This report studies Nuclear Reactor in Global market, especially in North America, China, Europe, Southeast Asia, Japan, India focuses on top manufacturers in global market, with production, price, revenue and market share for each manufacturer, covering . Market Segment by Region, this report splits Global into several key Region, with sales, revenue, market share and growth rate of Nuclear Reactor in these regions, from 2011 to 2021 (forecast), like North America, China, Europe, Japan, India, Southeast Asia. Nuclear Reactor Market Split by application, this report focuses on consumption, market share and growth rate of Nuclear Reactor in each application, can be divided into Application 1, Application 2, Application 3. View more details about this report @ http://www.reportsweb.com/global-nuclear-reactor-market-research-report-2016 . Few points from Table of Contents 4 Global Nuclear Reactor Supply (Production), Consumption, Export, Import by Regions (2011-2016) 4.1 Global Nuclear Reactor Consumption by Regions (2011-2016) 4.2 North America Nuclear Reactor Production, Consumption, Export, Import by Regions (2011-2016) 4.3 Europe Nuclear Reactor Production, Consumption, Export, Import by Regions (2011-2016) 4.4 China Nuclear Reactor Production, Consumption, Export, Import by Regions (2011-2016) 4.5 Japan Nuclear Reactor Production, Consumption, Export, Import by Regions (2011-2016) 4.6 Southeast Asia Nuclear Reactor Production, Consumption, Export, Import by Regions (2011-2016) 4.7 India Nuclear Reactor Production, Consumption, Export, Import by Regions (2011-2016) 5 Global Nuclear Reactor Production, Revenue (Value), Price Trend by Type 5.1 Global Nuclear Reactor Production and Market Share by Type (2011-2016) 5.2 Global Nuclear Reactor Revenue and Market Share by Type (2011-2016) 5.3 Global Nuclear Reactor Price by Type (2011-2016) 5.4 Global Nuclear Reactor Production Growth by Type (2011-2016) 6 Global Nuclear Reactor Market Analysis by Application 6.1 Global Nuclear Reactor Consumption and Market Share by Application (2011-2016) 6.2 Global Nuclear Reactor Consumption Growth Rate by Application (2011-2016) 6.3 Market Drivers and Opportunities 6.3.1 Potential Applications 6.3.2 Emerging Markets/Countries 7 Global Nuclear Reactor Manufacturers Profiles/Analysis 7.1 Areva 7.1.1 Company Basic Information, Manufacturing Base and Its Competitors 7.1.2 Nuclear Reactor Product Type, Application and Specification 184.108.40.206 Type I 220.127.116.11 Type II 7.1.3 Areva Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.1.4 Main Business/Business Overview 7.2 CNNC 7.2.1 Company Basic Information, Manufacturing Base and Its Competitors 7.2.2 Nuclear Reactor Product Type, Application and Specification 18.104.22.168 Type I 22.214.171.124 Type II 7.2.3 CNNC Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.2.4 Main Business/Business Overview 7.3 Rosatom 7.3.1 Company Basic Information, Manufacturing Base and Its Competitors 7.3.2 Nuclear Reactor Product Type, Application and Specification 126.96.36.199 Type I 188.8.131.52 Type II 7.3.3 Rosatom Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.3.4 Main Business/Business Overview 7.4 Westinghouse Electric Company 7.4.1 Company Basic Information, Manufacturing Base and Its Competitors 7.4.2 Nuclear Reactor Product Type, Application and Specification 184.108.40.206 Type I 220.127.116.11 Type II 7.4.3 Westinghouse Electric Company Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.4.4 Main Business/Business Overview For more information, please visit http://www.reportsweb.com/global-nuclear-reactor-market-research-report-2016
News Article | November 4, 2016
This report studies Global Nuclear Reactor Market 2016, especially in North America, Europe, China, Japan, Southeast Asia and India, focuses on top manufacturers in global market, with production, price, revenue and market share for each manufacturer, covering Areva CNNC Rosatom Westinghouse Electric Company CGN Hitachi GE Nuclear Energy Mitsubishi Heavy Industries KHNP Market Segment by Regions, this report splits Global into several key Regions, with production, consumption, revenue, market share and growth rate of Nuclear Reactor in these regions, from 2011 to 2021 (forecast), like North America Europe China Japan Southeast Asia India Split by product type, with production, revenue, price, market share and growth rate of each type, can be divided into Type I Type II Type III Split by application, this report focuses on consumption, market share and growth rate of Nuclear Reactor in each application, can be divided into Application 1 Application 2 Application 3 Table of Contents Global Nuclear Reactor Market Research Report 2016 1 Nuclear Reactor Market Overview 1.1 Product Overview and Scope of Nuclear Reactor 1.2 Nuclear Reactor Segment by Type 1.2.1 Global Production Market Share of Nuclear Reactor by Type in 2015 1.2.2 Type I 1.2.3 Type II 1.2.4 Type III 1.3 Nuclear Reactor Segment by Application 1.3.1 Nuclear Reactor Consumption Market Share by Application in 2015 1.3.2 Application 1 1.3.3 Application 2 1.3.4 Application 3 7 Global Nuclear Reactor Manufacturers Profiles/Analysis 7.1 Areva 7.1.1 Company Basic Information, Manufacturing Base and Its Competitors 7.1.2 Nuclear Reactor Product Type, Application and Specification 18.104.22.168 Type I 22.214.171.124 Type II 7.1.3 Areva Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.1.4 Main Business/Business Overview 7.2 CNNC 7.2.1 Company Basic Information, Manufacturing Base and Its Competitors 7.2.2 Nuclear Reactor Product Type, Application and Specification 126.96.36.199 Type I 188.8.131.52 Type II 7.2.3 CNNC Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.2.4 Main Business/Business Overview 7.3 Rosatom 7.3.1 Company Basic Information, Manufacturing Base and Its Competitors 7.3.2 Nuclear Reactor Product Type, Application and Specification 184.108.40.206 Type I 220.127.116.11 Type II 7.3.3 Rosatom Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.3.4 Main Business/Business Overview 7.4 Westinghouse Electric Company 7.4.1 Company Basic Information, Manufacturing Base and Its Competitors 7.4.2 Nuclear Reactor Product Type, Application and Specification 18.104.22.168 Type I 22.214.171.124 Type II 7.4.3 Westinghouse Electric Company Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.4.4 Main Business/Business Overview 7.5 CGN 7.5.1 Company Basic Information, Manufacturing Base and Its Competitors 7.5.2 Nuclear Reactor Product Type, Application and Specification 126.96.36.199 Type I 188.8.131.52 Type II 7.5.3 CGN Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.5.4 Main Business/Business Overview 7.6 Hitachi GE Nuclear Energy 7.6.1 Company Basic Information, Manufacturing Base and Its Competitors 7.6.2 Nuclear Reactor Product Type, Application and Specification 184.108.40.206 Type I 220.127.116.11 Type II 7.6.3 Hitachi GE Nuclear Energy Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.6.4 Main Business/Business Overview 7.7 Mitsubishi Heavy Industries 7.7.1 Company Basic Information, Manufacturing Base and Its Competitors 7.7.2 Nuclear Reactor Product Type, Application and Specification 18.104.22.168 Type I 22.214.171.124 Type II 7.7.3 Mitsubishi Heavy Industries Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.7.4 Main Business/Business Overview 7.8 KHNP 7.8.1 Company Basic Information, Manufacturing Base and Its Competitors 7.8.2 Nuclear Reactor Product Type, Application and Specification 126.96.36.199 Type I 188.8.131.52 Type II 7.8.3 KHNP Nuclear Reactor Production, Revenue, Price and Gross Margin (2015 and 2016) 7.8.4 Main Business/Business Overview Global QYResearch (http://globalqyresearch.com/ ) is the one spot destination for all your research needs. Global QYResearch holds the repository of quality research reports from numerous publishers across the globe. Our inventory of research reports caters to various industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. With the complete information about the publishers and the industries they cater to for developing market research reports, we help our clients in making purchase decision by understanding their requirements and suggesting best possible collection matching their needs.
News Article | August 7, 2016
A controversial Chinese company has been selected to bid for millions of pounds of public money in a UK government competition to develop mini nuclear power stations. The China National Nuclear Corporation (CNNC) features twice in a government list of 33 projects and companies deemed eligible to compete for a share in up to £250m to develop so-called small modular reactors (SMR). The involvement of a different Chinese company in the high-profile Hinkley Point C project in Somerset was widely believed to have prompted the government’s decision to pause the deal at the 11th hour last month. Nick Timothy, Theresa May’s co-chief of staff, has previously expressed alarm at the prospect of CNNC having such close access to the UK’s energy infrastructure because it would give the state-owned firm the potential ability to build weaknesses into computer systems. The company was formerly China’s Ministry of Nuclear Industry and developed the country’s atomic bomb and nuclear submarines, as well as being a key player in its nuclear power industry. In an article on the ConservativeHome website, Timothy singled out CNNC’s military links as a reason the UK government should be wary of such involvement. “For those who believe that such an eventuality [shutting down UK energy at will] is unlikely, the Chinese National Nuclear Corporation – one of the state-owned companies involved in the plans for the British nuclear plants – says on its website that it is responsible not just for ‘increasing the value of state assets and developing the society’ but the ‘building of national defence’,” he wrote. Tom Burke, chairman of the environment thinktank E3G and a former British government adviser, said there were legitimate concerns over the company. “I don’t fuss very much about the Chinese owning a nuclear power station [China General Nuclear in the case of Hinkley]. But I would be much more concerned about bringing in CNNC because they are known to be much more closely involved with the military and Chinese nuclear weapons programmes,” he said. CNNC was not involved in the original Hinkley deal but it was reported on Sunday that the company has agreed in principle to buy half of China’s 33% stake in the £24bn project if it goes ahead. The list of companies accepted for the competition was published briefly, apparently accidentally, on the website of the new Department for Business, Energy and Industrial Strategy on Friday before being deleted. It reads as a who’s-who of US, British, Japanese and Chinese industry players hoping to develop and build small modular reactors. These are much smaller than conventional nuclear plants with a capacity of less than 300MW – or a 10th of what Hinkley Point C should provide. They are pitched by industry as a cheaper and quicker way to provide low-carbon energy capacity than conventional big nuclear plants because they could be built in a factory and transported to where their power is needed. The US and UK are racing to be the most attractive home for the first of the new designs to be commissioned. Last November, George Osborne promised £250m over five years for a nuclear research and development programme to “revive the UK’s nuclear expertise and position the UK as a global leader in innovative nuclear technologies”. An undisclosed amount of that sum is for a competition to find the best value SMR design for the UK, to “pave the way” towards building one in the UK in the 2020s. CNNC sits alongside US companies such as NuScale; British ones including Rolls-Royce, Sheffield Forgemasters and Tokamak Energy; Japanese-owned Westinghouse; and the US-Japanese partnership GE-Hitachi, as participants the government considers eligible for phase one of its competition. CNNC’s chief designer of small nuclear plants visited a conference in London last year to pitch a plan for cooperating with UK industry, and is already partnering with Rolls-Royce. It hopes to build the first SMR in the UK, with future ones sold around the world. NuScale Power put itself forward for the competition in the spring. Its design, said its managing director, Tom Mundy, “answers the particular needs of the UK’s energy market and the wider UK economy, and we intend to participate fully in the government’s competition”. The 33 participants will be whittled down in several phases, with the announcement of the eventual winners scheduled for late 2017. Announcing the postponement of the Hinkley decision last month, the business secretary, Greg Clark, said: “The UK needs a reliable and secure energy supply and the government believes that nuclear energy is an important part of the mix.” When asked about the list published on Friday, a spokeswoman for the Department of Business, Energy and Industrial Strategy, said: “In March 2016, the government launched the first phase of a competition to identify the best value SMR for the UK. The ambition is to create an opportunity for the UK to become a world leader in SMRs. “Those companies which are eligible to participate in the competition have been aware for over two months.”
News Article | November 10, 2016
PERTH, WESTERN AUSTRALIA--(Marketwired - November 10, 2016) - Paladin Energy Ltd (Paladin or the Company) ( : PDN) (TSX: PDN) wishes to provide an update regarding the previously announced strategic initiatives including: the potential sale of a 24% interest in the Langer Heinrich Mine (LHM) for US$175M to CNNC Overseas Uranium Holdings Ltd (COUH); and the sale of a 75% interest in the Manyingee project to MGT Resources Ltd (MGT). The definitive agreements contemplated in the non-binding term sheet for the potential sale of a 24% interest in LHM have not yet been executed with the result that it is no longer likely that the transaction will close by the end of the fourth quarter of CY2016. Discussions with COUH are ongoing. The sale of an interest in Manyingee is now expected to close late in the first quarter of CY2017 or early in the second quarter of CY2017.