Issue link: http://resourceworld.uberflip.com/i/99312
be fully felt in 2013. For industrial metals, reinvigorating industries like housing and auto manufacturing will be essential. In this regard, US auto sales in September were their most robust since March 2008. Manufacturing figures improved in October as did non-farm payroll numbers. But President Obama's administration must now start cleaning the 'Augean stables' of US public spending and the deficit; how this is done will either encourage or weigh on the markets. "Sintana is excited to joint venture with ExxonMobil on VMM-37 in Colombia - that includes P50 resource estimates of 700 Million BOE." Doug Manner, CEO Exploring A Better Way sintanaenergy.com Sintana-RW-thirdpg Ad-SE 12-12.indd 1 10 www.resourceworld.com 12/7/12 11:21 AM URANIUM The uncertainties faced by the uranium industry are likely to remain into 2013. "We've seen the word uncertainty a lot over the past months to describe the state of the nuclear industry and that term has proven to be very accurate," said Tim Gitzel on November 1, CEO of uranium producer Cameco Corp. [CCO-TSX; CCJNYSE]. "While we can still clearly see positive growth in the long term, it has been difficult to read the near term." Prices have been middling over the past year, coming under pressure in Q3 2012. Uranium oxide was at US $40.75/lb effective November 5 compared with the 52-week high of $55.25, according to Infomine.com. With the price decline has come short-term output cutbacks and, for many uranium producers, a rethink about future projects and production levels. For example, Cameco has now cut its production target by 2018 to 36 million lbs, down from 40 million lbs. Longer-term, uranium's prospects are more robust; 64 new reactors are currently under construction, primarily in the developing world and China leads the way. By 2021 it will have 67 nuclear reactors on stream compared with just 15 in 2012. India is also building more nuclear plants and aims to produce 14.4 GW of nuclear-generated power by 2020, which compares with 4.8 GW of current installed capacity. Tied to this, it was announced on November 6 that Canada and India had penned a uranium shipment deal. This could prove a significant boon once ratified and in effect. Another factor of note is the expiry of the Russian highly-enriched uranium agreement during 2013. This will DECEMBER 2012/JANUARY 2013