NEW YORK, NY -- (Marketwire) -- 11/01/11 -- Uranium stocks posted strong gains in the month of October, as a combination of takeover speculation and rising uranium prices restored investor confidence in Nuclear Energy. Japan's nuclear crisis caused the Global X Uranium ETF to collapse 61 percent through Oct. 3 before rebounding 30 percent as of last week, data compiled by Bloomberg shows. The Paragon Report examines investing opportunities in the Uranium Industry and provides equity research on Denison Mines Corporation (NYSE Amex: DNN) (TSX: DML) and Hathor Exploration Limited (TSX: HAT) (PINKSHEETS: HTHXF). Access to the full company reports can be found at:
A rethink of nuclear policy worldwide following Japan's tragic earthquake sent the price of the fuel plummeting, bringing the valuations of the companies mining uranium down with it.
Uranium stocks spiked late last month after Rio Tinto entered the battle for Canadian uranium explorer Hathor Exploration with a $578-million friendly takeover offer that topped a hostile bid by Cameco Corporation. Rio Tinto said the Hathor acquisition fits its strategy of investing in the primary uranium producing regions of the world - Canada produces roughly 20 percent of global uranium supply from the Athabasca region.
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While some European markets have expressed their interest in ending nuclear programs, other global leaders are planning to boost nuclear development in the coming years. The vice-president of the China Nuclear Energy Association, Zhao Chengkun, stressed that nuclear is the only energy source that can be used on a mass scale to achieve the nation's goal of developing cleaner, low carbon energy.
China is in the process quadrupling its uranium consumption to 50 million-60 million pounds a year, and says it plans to build 10 nuclear power plants a year for the next decade.
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