Fission Uranium plans to mine one of the largest known deposits of uranium. The company invested $7 million in winter drilling at the Saskatchewan site and hopes to build a facility. While all Uranium miners face weak demand, a Chinese firm is committed to buying all the uranium Fission pulls from the site.
FISSION URANIUM (symbol FCU on Toronto; www.fissionuranium.com) is focused on its Patterson Lake South uranium discovery just south of Saskatchewan’s Athabasca basin.
Fission aims to build a profitable mine on the property, which it believes holds one of the world’s largest uranium deposits. It is now investing $7 million in a winter drilling program at Patterson to prepare a prefeasibility study on the economics of building the mine.
Last year, Fission rejected a $483-million merger with Denison Mines, symbol DML on Toronto. However, in December 2015, China’s state-owned CGN Mining bought 97 million Fission shares at $0.85 per share, giving it a 19.99% stake. CGN and Fission also plan to finalize an agreement for CGN Mining to buy all uranium production from Patterson if a mine is built.
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Mining stocks: CGN takes 20% stake in Fission Uranium
The arrangement stays within Canadian foreign investment restrictions on strategic resources. Foreign companies are only barred from owning more than a 49% share in any producing uranium mine.
Anti-nuclear sentiment remains high following the March 2011 earthquake and tsunami that released radiation at the nuclear plant in Fukushima, Japan. This sentiment has curtailed plans for some new nuclear plants, especially in the U.S. However, regulators in that country are moving toward loosening regulations on nuclear plants. That could eventually revive nuclear plant construction in the U.S.—and uranium demand. But this nuclear revival, if it comes at all, will be a slow process.
Fission’s shares have some speculative appeal, but only for highly aggressive investors.
TSI Network recommendation: HOLD for highly aggressive investors
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