Dangers of meltdown as uranium overheats
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[April 02, 2006]

Dangers of meltdown as uranium overheats

(Daily Mail Via Thomson Dialog NewsEdge)THE oil and mining boom continues with few signs of a bust.

But one sector is clearly overheating - uranium explorers, where one Australian stock floated a week ago has already risen sixfold.

Mining experts warn of the classic signs of a speculative frenzy and say it dwarfs the Poseidon nickel boom, which - like most booms - ended in tears.

Most uranium explorers operate in Australia or Canada. Down under, the impending visit of China's prime minister Wen Jiabao has sparked excitement.

A former geologist, he is keen to buy Australian uranium for China, which may also join in exploring for the stuff as nuclear energy comes back on the agenda.

That set off a stampede into mining hopefuls. Toro Energy, floated eight days ago at $A0.25, soared to $A1.49 and then fell back to $A1.04.

It does not have any production and may never have any, but who cares?

Paladin, the only Aussie stock that is close to actually mining uranium, has soared to a value of $A2.3bn.

The industry website Minesite.com warns that it will take years to justify such a value - and that the 'U-boom' is unnervingly reminiscent of the dotcom frenzy.

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