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Collapse of uranium prices forces mining companies to stockpile uranium

Mining companies stockpile uranium near Grand Canyon Mining.Com Cecilia Jamasmie | April 28, 2014 Faced with dropping uranium prices, US mining companies close to the Grand Canyon have begun storing their output as they wait for prices to recover, which has environmentalists up in arms over potential radioactive contamination…….

 Roger Clark of the Grand Canyon Trust, told Fronteras Desk that despite the regulations, the U.S. Geological Survey has found uranium levels that exceeded EPA standards in nearby springs and wells.

“The cumulative effects of uranium ore on [nearby waterways] were not anticipated by the original federal environmental review, which really needs to be redone,” he was quoted as saying.

Controversy around Energy Fuels’ project sparked in April last year, after the company announced it was going ahead with its Canyon Mine despite a 20-year ban on new uranium mining claims, passed by the Obama administration in 2012, which applies to the a 1 million-acre area around the park.

The company has clarified the ruling doesn’t affect its plans, as it obtained the rights for it almost two decades ago.

What does affect the company’s plans is the current price of uranium, which has dropped about 25% so far this year…..

April 29, 2014 - Posted by | business and costs, Uranium, USA

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