Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Energia Minerals Limited (ASX: EMX) notes that a referendum was held in Italy on the 12th and 13th of June 2011 to decide whether to remove laws passed last year to restart a domestic nuclear energy program in the country.
The result of the referendum was that Italian citizens have voted to remove the laws and, accordingly, remove the framework to potentially develop nuclear energy production facilities in Italian territory.
It continues to be the Company’s understanding that the nuclear energy laws do not directly affect the authorisation process for the granting of the uranium Exploration Licence Applications held by Energia in northern Italy; the Company will therefore continue to pursue the grant of these Licences.
While the outcome of the referendum removes the likelihood of Italian domestic demand for uranium a domestic nuclear energy program is not necessary for the successful exploration for, and development, of uranium projects as demonstrated in Australia.
The Licences in northern Italy are located near to other potential markets for uranium within Europe as well as export facilities for the global market.
Energia will continue to work with the Italian authorities to secure the grant of these Licences alongside its core uranium exploration programs at the flagship Nyang Project in Western Australia.
