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Energy Metals gains extension to uranium export permit

Published: 23:30 07 Apr 2013 BST

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Energy Metals (ASX: EME) has received an extension to its permit to possess nuclear material from the Australian Safeguards and Non-Proliferation Office.

The permit has been extended until 31 March 2018 and was originally granted in April 2011 for the export of uranium ore concentrates to overseas customers.

Energy Metals is one of only five companies that currently hold all the required permits and authorities to export uranium oxide concentrates (UOC) from Australia.

The company recently completed its first shipment of UOC to China which was on sold to major Chinese utility China Guangdong Nuclear Power Holding Company (CGNPC).

CGNPC’s wholly owned subsidiary China Uranium Development Co is Energy Metals’ largest shareholder with a 60.6% stake.

Energy Metals has been negotiating purchase agreements with Australian uranium producers to enable further shipments from Australia for resale, primarily to CGNPC.

CGNPC has six operating nuclear power stations with existing generation capacity of 6,110 MWe and with more than 18,000 MWe of capacity under construction in 16 separate power stations across various locations around China.

Additionally, CGNPC is one of only two companies authorised by the Chinese government to import and export uranium.

Energy Metals is trading at around 63% of cash backing with A$21.8 million, or $0.14 per share, in cash at the end of December 2012 compared to a market cap. of $34.6 million and a share price of $0.225.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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