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Canadian review board knocks back Areva’s planned uranium mine as uneconomic

thumbs-downReview board recommends against Areva Canada uranium mine http://ca.reuters.com/article/businessNews/idCAKBN0NW22H20150511  May 11, 201 By Rod Nickel WINNIPEG, Manitoba – A review board in the northern Canadian territory of Nunavut has recommended that Areva’s AREVA.PA planned uranium mine should not proceed, due to uncertainty about timing of the company’s plans to build the mine.

The Canadian Nuclear Safety Commission released the Nunavut Impact Review Board’s report on
Monday.The review board makes recommendations to Canadian federal ministers who are responsible for the decision.

Uranium prices have been weak since 2011’s Fukushima disaster in Japan, which caused that country to take its reactors off-line. The slump has led uranium producers to put some plans for new mines on hold.

The Nunavut review board considered the project’s social, economic and environmental impacts, but concluded that it could not adequately do this with no clear development schedule. The board said its recommendation, if adopted by Ottawa, does not mean that Areva could not apply again for approval.

Areva spokeswoman Veronique Loewen said the company was disappointed and is reviewing the report.The project involves two separate open-pit mine sites and a milling operation.

 

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May 13, 2015 - Posted by | business and costs, Canada, France

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