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Denison Mines may seek to further develop uranium sites

Thursday, 20 March 2008

Canadian-based Denison Mines said on Wednesday that increasing uranium prices may result in the company further developing its Mongolian holdings.

Though uranium is currently selling at $74 per pound, it closed last year at $90 per pound. Industry officials believe higher international demand for nuclear fuel will force uranium prices higher during the upcoming years.

In Mongolia, Denison Mines is managing partner with a 70 percent stake in the Gurvan Saihan uranium site. The Mongolian and Russian governments are the other stockholders in the site.

“We believe that it's at or near the bottom of the (uranium) price cycle,” CEO Peter Farmer said on Tuesday.

“The supply-demand cycle for uranium is under pressure...over the past five years, supply has increased by just under 2% a year. Demand continues to outstrip supply,” Farmer said.

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The goal of the Mongolian River Resources website is to provide information on a wide spectrum of topics related to natural resource use and the environment in Mongolia. This includes issues within Mongolia, and relevant international information and experiences. The need for information pertinent to the environment, ecology, and resource use, available to a broad audience with diverse interests and needs, was identified during the initial year of The Asia Foundation’s Securing Our Future program.