Marenica Energy hits 12 month highs as uranium sentiment turns positive

ASX-listed uranium explorer Marenica Energy is trading at year highs this week amid growing support for uranium as a low-emission energy source.

ASX-listed uranium explorer Marenica Energy is trading at year highs this week amid growing support for uranium as a low-emission energy source.

The company’s share price climbed from $0.14 at close of trade Wednesday 28 April to close at $0.205 (up 46%) on Monday – a level it has since held close to.

By close of business Wednesday 5 April, the company was trading at $0.195

Marenica recently outlined in the March quarterly report an accelerated exploration program on their highly prospective ground in Namibia, which together with increased investor interest in the uranium sector, has resulted in increased level of interest in the stock.

Early in April, Marenica commenced an extensive airborne electro-magnetic (EM) survey of a 1,500 km2 area in the Namib region in Namibia.

The Namib region hosts several of the company’s recent uranium discoveries, including Hirabeb, Koppies, and Namib IV, and CEO Murray Hill said the latest surveys mark an acceleration of the company’s work in the region.

“Airborne EM can cover 120 to 150 km/hour, compared to 0.4km/day by HLEM [horizontal loop electro-magnetic survey],” Mr Hill said.

“This greatly accelerates the company’s exploration program in Namibia.

Mr Hill anticipates airborne EM surveys will “largely replace” HLEM work, but noted this type of survey may still be conducted.

Nuclear power back on the global energy table

Support for the company’s share price also comes at a time when governments including the US, UK and China are showing a renewed interest in the yellow metal’s ability to generate power.

Earlier this month Anthony Milewski, a director of International Consolidated Uranium, told The Northern Miner nuclear power’s popularity is rapidly climbing again after being badly undercut by the Fukushima disaster in 2011.

Mr Milewski noted governments around the world are becoming more willing to consider nuclear power as part of a broader strategy to reduce carbon emissions and fight climate change.

He pointed to a recent World Nuclear Association (WNA) forecast that demand for uranium will rise 26% in the next decade as evidence of this trend.

This, Mr Milewski said, is also supported by separate data from the WNA showing 53 new reactors are currently under construction world-wide, with a further 100 currently in the planning stage and 320 more currently under proposal.


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