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French nuclear energy giant Areva (FRA:A9RB) is closing shop in Canada’s Nunavut after failing to secure the necessary permits for its $2.1 billion Kiggavik uranium project.
The company, which last year received a resounding no from the minister of Indigenous and Northern Affairs, is now selling its office building in Baker Lake, Nunavut’s only inland community.
Areva’s Kiggavik uranium project called for one underground and four open-pit mines just west of Baker Lake, and would have provided at least 400 jobs.
“After over 10 years exploring in the territory, studying the possibility of developing the Kiggavik Project and making numerous friends in the Kivalliq region, it’s time to say good bye,” the company said in an ad published Friday in the print edition of Nunatsiaq News.
“We thank all the Nunavummiut who have welcomed us, guided us and supported us over the years. It was a pleasure getting to know you and working with you.”
Areva’s Kiggavik uranium project called for one underground and four open-pit mines just west of Baker Lake, and would have provided at least 400 jobs, many reserved for local Inuit.
The Nunavut Impact Review Board first rejected the proposed mine in 2015 and its decision was backed by Nunavut’s government last year on the grounds that the mine plan lacked a definite start date and a development schedule. The board concluded that without that information it was impossible to assess the environmental and social impacts of Kiggavik.
The company is, however, keeping the project and it hasn’t ruled out revisiting it once uranium prices are more favourable.
Currently, the commodity is trading at around $22 per pound, down almost 50% since 2013 way far from the $136 a pound it hit in 2007.
8 Comments
george
I suppose that this government will now provide enough jobs………….
Wiesław Jura
no commend
Kenneth Viney
Miami town houses @ fire sale prices now the project has been shuttered.
patentbs
Nunavut is struggling to find its way in the regulation process. Many projects are undressed review world wide without those kinds of commitments. Some places want to work collaboratively on development and some do not.
Keenereader
Don’t worry folks. Justin Trudeau will be there, justin time. What has happened to Canada? This project is just one of many that has been scrapped by ne’er do wells.
No story here. Move on to something else.
Wiesław Jura
I’m very, very sorry, Borehole mining technology is only one to help for you.
Sergei Panasiuk
Actually not, the only option for high grade uranium ores is ISL. It is amazing how big uranium companies are so stubborn with old technologies that cannot compete with Kazakhstan ISL.
maddog23
Canada needs these jobs! Will the slow recovery of U bring these two back to the table? Is it unfeasable to project a start date?