Russia takes aim at US nuclear power by throttling uranium
Limits creates potential supply risks to utilities operating American reactors that generate almost a fifth of the country’s electricity.
Australian Paladin Energy (ASX:PDN) sees its ambitions of becoming a major uranium mining house a step closer. After three years of stand-by due to a moratorium on uranium mining on indigenous lands in Labrador, Canada, the Perth-based miner is able to start operations in the area in 2012.
In a statement released today, Paladin’s Managing Director and CEO, John Borshoff, said the company expects to start exploring its assets by mid 2012, with drilling commencing by October next year, thanks to the local authority’s decision to lift the moratorium.
Yesterday, the Nunatsiavut Government, a regional Inuit government formed in 2005, voted in favour of lifting the uranium mining freeze.
“This validates Paladin’s vision to acquire the Aurora uranium assets in February 2011 at the highly discounted pricing of US$1.90/lb which reflected the development risk prevailing at that time,” said Borshoff.
The company, added Borshoff, now controls a highly attractive asset with significant uranium resources in a region available for potential development in what is expected to become the second most important uranium province in Canada and considered to be of worldwide significance.
The uranium producer said the Nunatsiavut Government will lift the moratorium in early March.
Paladin Energy currently has projects in Australia and two operating mines in Africa.
In August, the company signed three new uranium sale agreements with US customers for output from the stage 3 expansion of the Langer Heinrich mine in the Namib desert.
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