Leave no stone unturned. Thats how professionals execute a program to get a project launched. The turnaround of Louisiana Energy Services (LES) is nothing short of spectacular. Resurrected from the dead, the LES enrichment facility is quickly moving forward. After being shunned by two states, in a grueling saga lasting fifteen years, LES finally found a home in New Mexico for its uranium enrichment plant. Our brief encounter with LES President Jim Ferland and his right hand man, Marshall Cohen, Vice President of Communications, demonstrated they are serious players with a no-nonsense approach to making the LES uranium enrichment facility operational. How did we reach that conclusion? It began with a story we wrote. While vacationing in Maine, an alert Marshall Cohen phoned StockInterviews offices, within hours after the publication of our Market Outlook Journal article, entitled, Will Cameco Supply the Uranium for New Mexicos Proposed Enrichment Facility? He believed we got the story wrong and quickly scheduled an afternoon interview with Jim Ferland, President of LES to clarify the matter. It would have been even sooner, but Mr. Ferland was on an airplane at the time. When we finally talked, we didnt mince words that Thursday afternoon. Ferland wanted to make it perfectly clear there was no secret deal between Cameco and LES. Cameco thought, at one time, about investing in the project, Ferland explained. Cameco had a memorandum to basically investigate whether or not it made sense to invest, and chose not to. Still, Ferland agreed Canada would be the likely source of the uranium, The majority of the uranium mined today is coming from either Canada or Australia. He admitted, I dont know exactly where it is going to be coming from, Im just guessing, because obviously no utility is delivering anything to us at this point, that most of it is coming from Canada or the (ConverDyne, Illinois) Metropolis facility. Another eye caught our article. Julian Steyn, head of DC-based Energy Resources International and co-author of U.S. Senator Pete Domenicis book, A Brighter Tomorrow: Fulfilling the Promise of Nuclear Energy, fired us an email. He wrote, The uranium to be enriched in the Lea County LES plant will be provided by that plants utility customers, who are all expected to be U.S. utilities. It will be the U.S. utilities that enter into supply arrangements based strictly on commercial considerations. Steyn pointed out, Yes, Cameco will undoubtedly be one of those producers, but so too will Hydro Resources (a subsidiary of Uranium Resources, Inc.). Steyn also didnt believe there were any unusual deals cut between Cameco and LES. Other potential producers might also include Strathmore Minerals, Energy Metals Corporation and U-R Energy. They are aggressively moving forward with their In Situ Recovery operations in New Mexico, Wyoming, and/or Texas. Hydro Resources (HRI) President Craig Bartels told us, With so much uranium left in northwestern New Mexico, we certainly hope it helps supply LES. HRIs In Situ Recovery (ISR) uranium projects have undergone intense regulatory scrutiny, over many years. As was found with LES, HRIs projects have also been found safe for the environment. Bartels heartily endorsed the LES project, saying, It is not only good for New Mexico, but also for the United States. |
