Nick Fletcher
Thursday December 21, 2006
The Guardian
High energy
UrAsia Energy, a Canadian mining company that has three uranium projects in the Republic of Kazakhstan, has done well since it joined Aim in August at 129p a share. Yesterday its shares added another 12.5p to 221.5p, giving it a market capitalisation of more than £1bn. This makes it one of Aim's top five companies by value. The impetus for the latest rise in the shares was a uranium auction held in the US this week, where the price reached $72 (£37) a pound. UrAsia has proven reserves of 4.5m pounds and probable reserves of 15m pounds, and has seen the price jump from around $47 a pound since it floated. Demand is partly being driven by an increased interest in nuclear power, with a number of new plants expected to be built. China has plans for 30 by 2020.
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