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TSX-listed uranium companies Mega Uranium, Azaraga Uranium and U3O8 were all pushed up last week by uranium’s positive price action. Ivanhoe Mines and Lithium Americas also made the top five.
The uranium price jumped the most in 16 months this past Friday, so it’s no surprise that the bulk of last week’s top gainers on the Toronto Stock Exchange are focused on that commodity.
Specifically, Mega Uranium (TSX:MGA), Azarga Uranium (TSX:AZZ) and U3O8 (TSX:UWE) saw gains, with Robert Friedland’s Ivanhoe Mines (TSX:IVN) and Lithium Americas (TSX:LAC) rounding out the list. Here’s a brief look at what — in addition to uranium’s price jump — buoyed those companies last week.
Mega Uranium
Developer Mega Uranium, which is working in Canada, Cameroon and Australia, rose 50 percent last week to trade at $0.18. The company itself reported no news, but was pushed up by uranium’s positive price activity.
The uranium price itself fared well due a “resurgence in nuclear utility buying interest,” Raymond James analyst David Sadowski said in a note to clients. Also providing market positivity was the news that the governor of Japan’s Kagoshima prefecture has granted approval for the restart of two reactors at Kyushu Electric Power Company’s (TSE:9508) Sendai nuclear power plant.
Ivanhoe Mines
Exploration and development company Ivanhoe Mines has projects prospective for copper, gold and other minerals, and is operating in Gabon, the Democratic Republic of the Congo and South Africa.
On November 5, Ivanhoe announced that it has received final approval for its mining right for development at the Platreef project in South Africa. “The final regulatory approval of the Platreef project’s mining right is significant not only for the development of the project itself but it also signals the South African government’s determination to grow our country’s economy,” South African Minister of Mineral Resources Advocate Ngoako Ramatlhodi said in a release.
The news pushed Ivanhoe Mines’ stock up to $0.97.
Lithium Americas
Lithium Americas, which rose 40 percent last week to trade at $0.35, is developing a lithium operation in Argentina.
On November 4, the company put out an update on the development of its Cauchari-Olaroz project. Lithium Americas has an agreement with POSCO (NYSE:PKX), the largest steel company in Korea, and POSCO’s pilot plant for lithium extraction has just arrived in Chile and is en route to the project. It will be operational by the end of November, according to the release.
Lithium Americas said that is the first step to demonstrating the commercial feasibility of its project.
Azarga Uranium
Azarga Uranium, owner of uranium deposits in Colorado, Wyoming, South Dakota and Kyrgyzstan, also benefited from the uranium price rise last week. The company rose 34.29 percent to trade at $0.47.
The company, formerly known as Powertech Uranium, recently completed a merger with Azarga Resources and changed its name to Azarga Uranium.
U308
U308 is a Canadian uranium development company working in South America. U308 has projects in Colombia, Argentina and Guyana, and also gained on the back of last week’s uranium price jump. Specifically, it jumped 33.33 percent to trade at $0.06.
Related reading:
Uranium Price Jumps Most in 16 Months; Japan Approves Reactors
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