Uranium Miner Shares Fall on Japan Nuclear Crisis

Asia was lower, with the nuclear crisis in Japan continuing to weigh on Tokyo shares.

European shares tumbled under the weight of Japan's nuclear power plant crisis in Tuesday, sliding to their lowest point in 14 weeks.

By Zvi Bar:Uranium miners and the radioactive commodity itself depreciated significantly during 2011. Much of the weakness followed the Japanese nuclear catastrophe, which hit the industry's immediate and future demand projections.

Canadian miner Uranium One Inc. has struck a deal to sell itself to its controlling Russian shareholder for $1.3-billion. State-controlled JSC Atomredmetzoloto (better known as ARMZ) is paying $2.86 in cash for each share of Uranium One that it does not own, which works out to a 32% premium over Uranium One’s 20-day volume weighted average price. ARMZ already owns 51.4% of Uranium One shares, having acquired a majority stake in 2010.

Global miner Rio Tinto has completed its acquisition of Canadian uranium junior Hathor Exploration as the company bets on the sector recovering from the Fukushima nuclear disaster.Rio on Thursday said it had compulsorily acquired the remaining 7.9 million shares not voluntarily offered after it made a Aus$623 million (US$642 million) takeover bid in October.The miner offered Can$4.70 (Aus$4.48) a share to secure Hathor, trumping North American-focused uranium company Cameco's Can$4.50 a share bid.

Kazakhstan’s international energy image is now that of one of the world’s rising oil exporters, an extraordinary feat given that, two decades ago its hydrocarbon output was beyond insignificant when the USSR collapsed. The vast Central Asian nation, larger than Western Europe,  has now quietly passed another energy milestone.

WINNIPEG, Manitoba — Two of the world’s biggest uranium miners, Rio Tinto PLC and Areva SA , are pressing Canada to change a Cold War era policy that curbs foreign ownership of uranium mines. The campaign, backed by the Australian government, two Canadian provinces and Western Australia-based uranium producer Paladin Energy Ltd, could unlock some of the world’s highest-grade ore for development just as demand for the radioactive element looks to surge.

Reuters - The yen surged to a record high against the dollar and shares in Japan and elsewhere in Asia fell on Thursday after U.S.