Uranium in China, dumbasses in Canada

Just so you know, here's a chunk from Scotia's Mining Scoop e-mail this morning (IKN puts the fun bit in bold type):

"More on Uranium Sector - These recent events are likely to lead developed nations to take a more cautious view regarding nuclear power, the governments of China , Russia and South Korea have all stated that the events in Japan will not affect those country's long term nuclear programs. However, China has suspended approvals for proposed nuclear power plants and is making a comprehensive safety check of atomic plants following Japan 's nuclear crisis, the State Council said overnight.  ‪The Council meeting chaired by Premier Wen Jiabao declared through a Statement that: “We will temporarily suspend approval of nuclear power projects, including those in the preliminary stages of development, pending the ratification of a new Nuclear Safety Plan and the revision/improvement of the Medium to Long-Term Nuclear Energy Development Plan… We must fully grasp the importance and urgency of nuclear safety, and development of nuclear power must make safety the top priority. We will use the most advanced standards to proceed with a safety assessment of all nuclear plants under construction.  Any hazards must be thoroughly dealt with, and those that do not conform to safety standards must immediately cease construction.” China Strategist to Scotia Capital notes that the drafting and approval of a new Nuclear Safety Plan will likley take close to one year.  Germany plans to shut down 7 nuclear reactors for a period of 3 months, pending a safety review would, in our estimates remove up to 1.0 Mlb of uranium demand in the context of a global market of roughly 195 Mlb. Remember that Asia (specifically China) and Eastern Europe (specifically Russia) represent 95% of the expected growth in reactor units between 2010 and 2015, and 86% of the expected growth between 2010 and 2020."

Nice quote, yeah? But afterwards Scotia goes and messes it all up by laying on the Kool-aid for its worried U longs and saying:

"And although Chinese approvals may be delayed, Scotia Mining Sales does not think this will materially change the long term goal of increasing reliance on nuclear power vs. coal."

Yeah, right. Move along now, nothing to see here, all the world's gonna love having a nuke plant built next door in the future because the designs they use are infallible, aren't they? So here's a link that only those working at Scotia Mining Sales are allowed to click...nobody else (apart from Lobito and Marin, anyway). Oh, and by the way spot U prices are now at $55/lb, from $60 yesterday and $69/lb this time last week. But who's counting, right?

UPDATE: My stars, a lot of people work at Scotia Mining Sales, don't they?. Just 30 minutes after the post went up and 73 clicks registered on that link already. Mind you, two of them must be my resident Casey Research staff member readers, so that explains a bit I suppose......

UPDATE 2: I wonder what sort of ridiculous BS spin the dumbasses trying to sow Hope™ from their comfy desks in Vancouver and Toronto are going to put on this NR?:

VANCOUVER, BRITISH COLUMBIA AND JOHANNESBURG, SOUTH AFRICA, March 16 /CNW/ - Uranium One Inc. ("Uranium One") today announced that JSC Atomredmetzoloto ("ARMZ") has notified Mantra Resources Limited ("Mantra") that ARMZ believes that the recent serious events at the nuclear power plant in Fukushima, Japan are likely to have a material adverse effect on the business, results of operations, assets or liabilities, financial position or prospects of Mantra.  As such, ARMZ considers that the condition precedent in the Scheme Implementation Agreement dated December 15, 2010 between ARMZ and Mantra relating to a material adverse change is not capable of being satisfied.

ARMZ has indicated to Mantra that it intends to continue discussions with Mantra in an effort to explore how the transaction between two companies may proceed by way of an alternative approach.

Uranium One will provide further updates as additional information becomes available.

Is the message about U getting through yet? DYODD and don't believe a word that comes out of the mouths of liars who rely on your money for their salary. And hey dudettes and dudes, I was calling on this theme Friday morning before the word 'meltdown' had even started trending. It's called straight talk, a old fashioned concept that's good for your bank account.