[Qubec Mining] “I would be surprised [if] someone [could] … raise capital right now to develop a uranium project until you know how this … will be settled” – by Staff (Mining Journal – December 20, 2016)


Junior Strateco Resources’ (US:SRSIF) looming C$200 million (US$150 million) court case against the Quebec government is expected to set the precedent for other uranium hopefuls.

Strateco is suing the provincial government for investment losses and punitive damages after its Matoush uranium project was blocked following years of preliminary work.

Strateco spent an average $20 million a year on Matoush between 2006-2012, The Globe and Mail reported, on the basis that uranium exploration and mining were allowed in Quebec.

The company was granted 30 permits to start work, then the newly elected government in 2013 imposed a moratorium on uranium exploration and mining pending an environmental review.

Quebec’s environmental minister then refused to grant Strateco the certificate of authorisation it needed to begin the advanced exploration phase, citing a lack of “sufficient social acceptability” by the local Cree community, the paper reported.

For the rest of this article, click here: http://www.mining-journal.com/commodities/uranium/i-would-be-surprised-if-someone-could-raise-capital-right-now-to-develop-a-uranium-project-until-you-know-how-this-will-be-settled/