Cameco has put the brakes on uranium developments but believes C-69 “won’t help” when the time comes to build a new mine. Canada’s largest uranium mining company says the federal government’s proposed environmental assessment legislation will add time and uncertainty to the process of getting new projects approved.
While Cameco Corp. recently put the brakes on its uranium developments in Saskatchewan and Australia in the face of persistently weak prices, the company maintains that new supply will eventually be needed.
When that happens, Cameco CEO Tim Gitzel said, Bill C-69 — which will subject uranium miners to what the Canadian Mining Association has called the “additional hurdle” of a full panel review — will add time and uncertainty.
“Time is cost for us (and) there’s some uncertainty as to, if you go through all of that process, what if it doesn’t come out the back end? Then you’ve really wasted a lot of time and effort,” Gitzel said Thursday in an interview.
Introduced last year, C-69 would overhaul the environmental review process for major projects across the country. It passed through the House of Commons in June, and is now being considered by a Senate of Canada committee.
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