Permitting delays impact British Columbia projects valued at C$38 billion, AME says
British Columbia's exploration sector has over 60 critical mineral projects waiting for permits.
NexGen Energy (TSX: NXE; NYSE: NXE; ASX: NXG) has successfully completed the final federal technical review for the Rook I uranium project in Saskatchewan’s Athabasca Basin.
The company announced on Tuesday that the Canadian Nuclear Safety Commission has confirmed that the NexGen successfully addressed all information requests received as part of the Federal technical review.
NexGen is now eligible to schedule a federal commission hearing, the final step before securing federal project approval. If granted, the company will receive the federal environmental assessment, the last major permit required to advance the development of Rook I.
This milestone follows provincial approval received in November 2023 and confirmation from the Canadian Nuclear Safety Commission (CNSC) in September 2023 that the federal license application met all necessary criteria. NexGen initiated the permitting process for Rook I in 2019.
“With over $800 million in cash and liquid assets, we are ready, pending a positive Commission decision, to immediately commence major site works,” NexGen CEO Leigh Curyer said in a news release.
The Rook I project is considered to be the largest development-stage uranium deposit in Canada.
A 2021 feasibility study for Rook I outlined an initial 11-year mine capable of producing 29 million lb. of uranium oxide (U3O8) per annum during the first five years, with capex of C$1.3 billion, which would make it the largest and lowest cost uranium mine in the world.
Shares of NexGen Energy surged 6.3% by 12:10 p.m. EDT. The miner has a market capitalization of C$6.67 billion ($4.77 billion).
Comments