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That would seem to be the motivation behind current negotiations. Under discussion is a possible 51% earn-in, in which Cameco would spend AU$2 million over two years while acting as project operator. On Cameco’s attaining 51%, the two companies would form a joint venture. Negotiations would also consider letting Cameco earn an additional 19% by spending another AU$2 million over another two years.
Cameco is already involved in 15 Australian exploration projects totalling over 1.8 million hectares, although the company has no mines operating in the country. Mega has three Australian projects with resource estimates, as well as earlier-stage properties in Australia, Cameroon, Yukon and Labrador. The company holds approximately 25% of Athabasca Basin explorer NexGen Energy TSXV:NXE.
CNSC sets hearings for Cameco licence renewals
On July 10 the Canadian Nuclear Safety Commission announced public hearings to be held October 2 and 3 into Cameco’s applications to renew mine and mill operating licences for Key Lake, McArthur River and Rabbit Lake.
I think it’s the lowest-risk way, on a per-company basis, to carry out this kind of large, aggressive exploration program.—Jordan Trimble, president/CEO of Skyharbour Resources, on the Western Athabasca Syndicate
Key Lake, the world’s largest high-grade uranium mill, handles feed from McArthur River, 80 kilometres away. The world’s largest high-grade uranium mine, McArthur River has grades 100 times the world average. Last year it produced 19.4 million pounds of U3O8. Rabbit Lake’s total for the year came to 3.8 million pounds. AREVA Resources holds a 17% interest in Key Lake and 30% of McArthur River. Cameco has requested 10-year licence renewals.
Ur-Energy updates Pathfinder acquisition
Ur-Energy TSX:URE announced July 12 the U.S. Nuclear Regulatory Commission approved the transfer of the licence for the former Shirley Basin mine from Pathfinder Mines, one of the conditions of an agreement in which Ur-Energy would acquire Pathfinder. Ur-Energy hopes to complete the deal in Q3.
In June the company announced it had closed a $20-million loan to help finance construction of its Lost Creek in-situ recovery mine in Wyoming, scheduled to begin production this year.
Crosshair, Wealth drop Argentinian LOI
Crosshair Energy TSX:CXX announced on July 9 it terminated an LOI to acquire Wealth Minerals’ TSXV:WML uranium properties in Argentina, a cash/share proposal first announced in October 2012. Crosshair has uranium projects in Wyoming and Labrador. Wealth’s flagship is its Valsequillo silver property in Mexico.
CanAlaska faces TSX de-listing review
The TSX has given CanAlaska Uranium TSX:CVV 120 days to regain its listing requirements, the company reported on July 8. In June CanAlaska stated it was in “reduced activity mode to preserve a modest treasury,” then $1.47 million. The company has 18 projects in the Athabasca region, including Cree East, a 50/50 JV with a Korean consortium, and West McArthur, a 50/50 JV with Mitsubishi Canada.
Formation announces appointment
Formation Metals TSX:FCO announced July 9 it had separated the roles of chairman and CEO. Robert Quinn has been appointed chairman while Mari-Ann Green continues as director and CEO. Along with its flagship Idaho Cobalt Project, the company’s holdings include interests in two Saskatchewan uranium properties.
Nuclear vs. renewable energy: Environmentalists clash
Not all greens are convinced by Pandora’s Promise, the Robert Stone documentary expressing an environmentalist’s case for nuclear energy. On July 11 a group of researchers published this year’s World Nuclear Industry Status Report, partly to counter “the astonishing persistence of the global appetite for false nuclear promises.” By challenging optimistic forecasts of nuclear’s economic and environmental benefits, the authors say their 140-page report “provides a reality check of the current situation and trends of an industry that in the past has rarely been able to fulfil its own promises.”
They relate some interesting facts. In 2012, for example, “China and India generated more power from wind than from nuclear plants, while in China solar electricity generation grew by 400% in one year.”
But the case for renewables often comes under fire from other sources, usually on economic but also on practical grounds. Now a July 12 feature in the German weekly Spiegel cites an “eco-blowback” as “Germany plans to build 60,000 new wind turbines—in forests, in the foothills of the Alps and even in protected environmental areas. But local residents are up in arms, costs are skyrocketing and Germany’s determination to phase out nuclear power is in danger.”
See previous uranium news updates:
- to July 5
- to June 28
- to June 21
- to June 14
- to June 7
- to May 31
- to May 24
- to May 17
- to May 10
- to April 26
- to March 22
Disclaimer: Skyharbour Resources is a client of OnPage Media Corp, the publisher of ResourceClips.com. Neither OnPage Media nor its owner hold a stock position or options in Skyharbour Resources.
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