Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
The companies announced the verified discovery of one of the largest palladium mineral systems in Australia.
A uranium deposit in Western Australia under development by Cameco (TSX:CCO, NYSE:CCJ) will not be held up by conservationists who oppose it.
Last week the Conservation Council of WA lost an appeal against the Yeelirrie project’s approval by the WA Supreme Court. In his judgment, Chief Justice Wayne Martin dismissed the CCWA’s contention that environmental approval by the former WA Environment Minister, in the former Liberal government, was wrong at law, The West Australian reported.
According to the publication the minister’s approval went against the Environmental Protection Agency and the WA Appeals Convenor, both of which said the mine shouldn’t be allowed to proceed because it could lead to the extinction of underground fauna. The CCWA vows to continue to fight the project despite the setback.
The decision means that both Cameco’s Yeelirrie and Kintyre development projects can proceed, along with Toro Energy’s Wiluna and Vimy Resources’ Mulga Rock projects.
Canada’s top uranium producer describes Yeelirrie as one of Australia’s largest undeveloped uranium deposits. Located about 650 km northeast of Perth and approximately 750 km south of its Kintyre project, the proposed open-cast mine has an estimated 128.1 million pounds of uranium in measured and indicated resources. The site was originally discovered in 1972 and was sold to Cameco by BHP (NYSE:BHP) in 2012 for $430 million.
Cameco on Friday posted a better-than-expected quarterly profit, on the back of improved prices and its efforts to cut production to ease a current oversupply.
Uranium prices have fallen more than 70% since the Fukushima disaster in 2011, remaining low since then as a result of global glut of the commodity and excess inventory in the industry.
But Cameco’s announcement in November that it’s suspending operations at its flagship McArthur River mine in northern Saskatchewan for 10 months, and surprisingly deep three-year cuts by Kazakhstan’s state-owned Kazatomprom, have helped the market so far this year.
2 Comments
KA Zza
“The decision means that both Cameco’s Yeelirrie and Kintyre development projects can proceed, along with Toro Energy’s Wiluna and Vimy Resources’ Mulga Rock projects” : incorrect! This Supreme Court decision does not mean these mines can proceed! These four proposed uranium mines still need many many State and Federal approvals including surface water management plans, dust management, mine closure plans, environmental management plan, etc etc – still a very very long way off getting these approvals and we will be watching, challenging and contesting. They are far from a done deal and we will challenge and contest at every stage of the approval process.
Gary
If we were talking about pristine forest here I would agree with KA Zza. Look at it, there is nothing there!