Twitter

Uranium and Nuclear Power Industry

The World Nuclear Industry Status Report 2013 – by Mycle Schneider and Antony Froggatt (July 2013)

(Above) Pandora’s Promise – Official Clip #1 (HD) Documentary

For the full report, click here: http://www.worldnuclearreport.org/IMG/pdf/20130712msc-worldnuclearreport2013-lr-v2.pdf

Foreword by Peter A. Bradford, Adjunct Professor, Vermont Law School, teaching “Nuclear Power and Public Policy”, former commissioner U.S. Nuclear Regulatory Co.

Nuclear power requires obedience, not transparency. The gap between nuclear rhetoric and nuclear reality has been a fundamental impediment to wise energy policy decisions for half a century now. For various reasons in many nations, the nuclear industry cannot tell the truth about its progress, its promise or its perils. Its backers in government and in academia do no better.

Rhetorical excess from opponents of nuclear power contributes to the fog, but proponents have by far the heavier artillery. During the rise and fall of the bubble formerly known as “the nuclear renaissance” in the U.S. many of their tools have been on full display.

Read more

Quebec Environment Minister to refuse Strateco exploration permit – by Henry Lazenby (MiningWeekly.com – June 26, 2013)

http://www.miningweekly.com/page/americas-home

TORONTO (miningweekly.com) – Explorer Strateco Resources on Tuesday said Quebec Sustainable Development, Environment, Wildlife and Parks Minister Yves-Francois Blanchet had served it with a notice indicating that he planned to “refuse to issue the permit for the Matoush underground exploration project” owing to “a lack of sufficient social acceptability”.

The notice gave Strateco 60 days in which to appeal the Minister’s intended refusal to issue the requested permit. The company in January filed a court order to force the Quebec government to make a decision on its exploration project in the province’s Otish Mountains.

On March 28, two months after Strateco filed the petition for mandamus, the Minister announced that no permits would be issued for uranium exploration and mining projects in Quebec until the Office of Public Hearings on the Environment, known by its French acronym Bape, had submitted its report on Quebec’s uranium industry.

The Minister specified, at the time, that the temporary moratorium, which could last for as long as 18 months or more, was applicable to Strateco. Strateco promptly reacted to what it termed an “illegal, abusive decision” taken by the Minister.

Read more

Green light for Cigar Lake uranium mine – by Jessica Brown (Global News – June 15, 2013)

http://globalnews.ca/toronto/

SASKATOON – Canada’s Nuclear Safety Commission has given Cameco’s Cigar Lake uranium mine the green light. It’s a significant step for the Saskatoon-based mining giant after eight years constructing the $1.1 billion project.

The company says they are pleased to have finally cleared the last hurdle. “This allows us to move from a construction phase to a production phase and that’s a significant step for Cameco, also the fact that it’s a sign of confidence from our regulator is very encouraging,” said Rob Gereghty, a spokesperson for Cameco.

After construction kicked off in 2005 the mine was struck by inflow in 2006 and again in 2008. “The geology is probably the most significant challenge we face at Cigar Lake, being mindful of water and inflows, but we believe we have that well under control,” said Gereghty.

Premier Brad Wall welcomed the announcement. “Cameco is a big part of our economy and this particular mine will be very, very significant. I think the increased production capacity is good for jobs and it’s good overall for Saskatchewan’s position in the world,” said Wall.

Jet boring for ore is due to start up this summer with 300,000 pounds of uranium expected to be produced by the end of 2013. That number will be ramped up to 8.2 million pounds by 2017, while creating 250 new jobs.

Read more

Strateco waits for court ruling on funding for [northern Quebec] Matoush project – by Robert Gibbens (Montreal Gazette – June 5, 2013)

http://www.montrealgazette.com/index.html

Strateco Resources Inc. will probably know by month’s end whether it must shut down its Matoush uranium mining project 275 kilometres North of Chibougamau because of a Quebec government moratorium that freezes underground exploration indefinitely.

The Ministry of Sustainable Development, Environment, Wildlife and Parks has decided not to issue a certificate of authorization for the Matoush project until the province’s Bureau d’audiences publiques sur l’environment has submitted its report on the uranium mining industry’s activities in the province.

“That means there will be lengthy delays and even more uncertainties about the high-grade Matoush project after $123 million of investment and seven years of solid exploration and development,” CEO Guy Hebert said.

The Canadian Nuclear Safety Commission, the federal regulator, earlier approved Strateco’s move to drill underground to 300 metres depth, he said (interview). “The Commission supervises every exploration and development step you take and it has ruled Matoush is safe with today’s technology,” he added.

Read more

Cameco, Areva, sign deal with Saskatchewan First Nation for uranium mine – by John Cotter (Canadian Press/Global News – May 31, 2013)

http://globalnews.ca/toronto/

PATUANAK, Sask. – Uranium giants Cameco and Areva have reached a $600-million deal with a Saskatchewan First Nation that supports their mining operations and drops a lawsuit over land near the proposed Millennium project.

The collaborative agreement is with the English River First Nation, a band of more than 1,000 people who live on seven small reserves in the province’s northwest. Another 400 people live off-reserve.

“This introduces a level of stability and predictability around employment, business training and community investment and environmental stewardship,” Cameco vice-president Gary Merasty said Thursday.

“This is a little more certainty around project development. If there is a lawsuit hanging over, you know that introduces a level of risk to the project.” A formal signing ceremony is to be held Friday in the community of Patuanak, about 600 kilometres north of Saskatoon.

Most of the money is to flow to the First Nation over 10 years through contracts with band-owned businesses and wages to band members, who are expected to work at the mines and on community development projects.

Read more

[Saskatchewan] Uranium mine industry under scrutiny – by Shinoah Young (Regina Leader-Post – May 28, 2013)

http://www.thestarphoenix.com/index.html

Northerners are in dire need for further education and training when it comes to Saskatchewan’s economic “boom.”

A recent report called the Community Vitality Montoring Partnership Process (CVMPP) suggested that “uranium mining companies should target some education efforts and donations to invest in early childhood development” in northern Saskatchewan. The recent CVMPP report was suggested by northern leaders and put together by InterGroup Consultants Ltd., a company based in Winnipeg.

Thursday at the University of Regina, Thomas Sierzycki, mayor of La Ronge, presented the report regarding the socio-economic impacts of uranium mining in Saskatchewan.

Sierzycki said there needs to be more training and education towards the higher, non-entry level positions in order for northerners to fully benefit from the uranium mining industry.

“The number of people who have higher levels of education has increased (and) the number of people who have long-term, full-time employment have increased. Although because the population has grown so quickly, the proportion hasn’t necessarily (matched) with education,” said Erin Jonasson, a research consultant for InterGroup.

Read more

New uranium royalty incentives will encourage development in Saskatchewan – by Tony Playter (Regina Leader Post – May 25, 2013)

http://www.leaderpost.com/index.html

For L-P Specialty Products

In an effort to encourage new investments in uranium mining, the provincial government made changes to its uranium royalty structure earlier this year.

Tim McMillan, Minister Responsible for Energy and Resources, said the new royalty structure now recognizes actual costs incurred in development and mining.

“The old uranium royalty structure, which was put in place in 2001, presented a number of challenges,” said McMillan. “It was based on assumed costs and over the last 13 years we have seen the cost of construction far exceed assumptions that were put in the old model.”

The old royalty system had a very negative effect on mining in Saskatchewan. Over the years, many development and mine projects have been placed on hold because the structure would not recognize certain actual costs.

“We corrected that system, which was no longer reflecting the true costs of building a new mine or bringing new projects forward,” said McMillan.

Read more

Saskatchewan mining companies contribute to their communities – by Carol Rogers And Barb Flynn (Regina Leader-Post – May 25, 2013)

http://www.leaderpost.com/index.html

For L-P Specialty Products

Saskatchewan’s mining corporations are drilling into more than just the earth. Many are becoming involved in and giving back to their communities. They are doing this in a variety of ways including by introducing educational programs, providing employment opportunities, ensuring employee safety both on and after leaving the job, and addressing child hunger as a way of promoting a healthy education and lifestyle. Here is a look at some of the ways that companies are investing in local communities.

AREVA

AREVA Resources Canada is entering an exciting phase of growth in 2013. Not only is AREVA restarting the mill at McClean Lake this summer, they are also upgrading and expanding it so they can process all the ore from the nearby Cigar Lake mine.

The key to their success? Hiring a significant number of employees to ensure they are ready for this growth and development. In 2012, AREVA launched a major recruitment campaign focused on gaining employees from northern Saskatchewan.

Because it is a competitive market with many projects underway in the province, AREVA understands that they need an innovative approach to attract and retain talent.

Read more

Strateco books $87m impairment as Quebec uranium project stalls – by Henry Lazenby (May 15, 2013)

http://www.miningweekly.com/page/americas-home

TORONTO (miningweekly.com) – Quebec-based Strateco Resources has booked a $87-million impairment charge during the first three months of the year, as its flagship Matoush uranium project lays in limbo following the province’s March moratorium on uranium exploration and mining.

This follows the decision by Quebec Environment Minister Yves-François Blanchet not to issue the certificate of authorisation for the Matoush uranium project, located east of James Bay in a First Nation reserve, until the relevant public hearings committee, the Bureau d’audiences publiques sur l’environnement, better known as BAPE, had submitted its report on the province’s uranium industry.

As at December 31, Boucherville-based Strateco had invested more than $123-million in moving the Matoush project up the value curve.

Strateco charged it was obliged to impair its Quebec uranium properties, deferred exploration and evaluation expenditures and fixed assets associated with the project, owing to its inability to proceed with the underground exploration programme, the absence of significant exploration and evaluation expenditures planned for the year and the overall uncertainty surrounding Quebec’s uranium industry.

Read more

Uranium – poised for another boom? – by Lawrence Williams (Mineweb.com – May 1, 2013)

http://www.mineweb.com/

Uranium investment has proved to be a risky business, but the nuclear metal could again be poised for a substantial price rise as a projected supply deficit kicks in over the remainder of the decade.

LONDON (MINEWEB) – Only a short time ago it seems (five or six years actually) the uranium price was riding high, uranium explorers were springing up everywhere and uranium producer and explorer shares were among the strongest in the mining sector. The spot price soared to close on $140/lb in 2007, but then collapsed to the $40 or so level by early 2009 before making something of a recovery up to around $70/lb by early 2011, and seemed to be progressing upwards again with all kinds of predictions of huge growth in nuclear power leading to shortages ahead. Investors were beginning to climb in again – and then came Fukushima!

The earthquake and subsequent tsunami of March 11th 2011 resulted in a series of equipment failures, nuclear meltdowns and releases of radioactive materials. Wikipedia describes it as the largest nuclear disaster since Chernobyl in 1986 and only the second disaster (along with Chernobyl) to measure Level 7 on the International Nuclear Event Scale.

Indeed, much of the area around the plant remains uninhabitable due to high radioactivity levels, even now. However there have so far been no reported deaths due to radiation as a result, although long-term effects may change this. By way of comparison, it is thought that only 68 deaths have occurred to date as a direct result of the nuclear accident at Chernobyl, but again some longer term factors could raise this figure. In both cases population relocation will have been devastating for those who called the area around the respective plants home.

Read more

Potash, uranium to remain leaders of pack, forum hears – by Scott Larson (Saskatoon StarPhoenix – May 1, 2013)

http://www.thestarphoenix.com/index.html

The mining industry in Saskatchewan, led by potash and uranium, will continue to be a strong sector, says Gary Delaney, chief geologist with the province.

“We are very optimistic about potash and uranium,” said Delaney while speaking to an audience at the third annual Saskatchewan Mining Forum.

“Our mineral sector is well positioned for growth. The roots are strong and we are seeing vigorous exploration. There is more opportunities, there is more potential, and we hope going forward that will be realized and our sector will continue to grow.”

There are 10 producing potash mines in the province and at least nine potential greenfield projects have been identified. Pam Schwann, executive director with the Saskatchewan Mining Association, agreed those two sectors will lead the way. “I don’t see any big changes there.”

She said world population growth, increased industrialization, energy and food needs mean potash and uranium will continue to be high in demand.

Read more

Cameco’s $800-million tax battle – by David Milstead (Globe and Mail – May 2, 2013)

Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

Did you know one of the largest sellers of uranium in Switzerland is Saskatoon-based Cameco Corp.? The Canada Revenue Agency has been aware for some time. And now Cameco shareholders are getting more details about the potential problems it may cause the company – as in more than $800-million in back taxes.

It wasn’t supposed to work out this way, of course. In 1999, Cameco set up a subsidiary, Cameco Europe Ltd., in low-tax Zug, Switzerland. Cameco then signed a 17-year deal to take the uranium it produces in Canada, sell it to Cameco Europe, and have Cameco Europe make the final sale to the end customers all across the world.

Why inject a middleman into the transaction? Well, Cameco is selling the uranium to Cameco Europe at the low prices reflective of 1999, when the deal was signed. Cameco is recording little to any profit in Canada; instead, all the profits appear in Zug, where the tax rate is lower.

This has been a boon to Cameco’s bottom line. The uranium producer estimates it has avoided declaring $4.9-billion in Canadian income, saving it $1.4-billion in taxes, over the last 10 years.

Read more

Resource boom fuels Saskatchewan’s soaring economy – by Greg Quinn, Bloomberg News/Regina Leader Post – April 22, 2013)

http://www.leaderpost.com/index.html

Kylan Dales gave up a banking career to work out of a mobile office and plow his pickup truck through snow in Saskatchewan’s oilfields.

The 30-year-old’s starting salary as a field operator for PetroBakken Energy Ltd. matched what he made as a retail marketing consultant at Servus Credit Union. Dales’s career shift reflects a “rotation” of demand that Bank of Canada Governor Mark Carney says the economy needs – toward business investment and exports and away from consumer spending.

While most of the country faces sagging growth and slowing labour markets, Saskatchewan is benefiting from corporate investment aimed at tapping global demand for natural resources.

Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer by market capitalization, has expanded capacity. Cameco Corp., and Canada’s biggest uranium producer, is building its Cigar Lake mine atop the world’s largest undeveloped high-grade uranium deposit.

“There is more going on in this province now than I have ever seen,” said Gavin Semple, 67, chairman of Regina farm-equipment maker Brandt Industries Ltd. “Whether it’s population growth, investment, almost any criteria that you want to use to measure, this is a high point,” said Semple.

Read more

Strateco starts legal action against Quebec uranium moratorium – by Henry Lanzenby (MiningWeekly.com – April 22, 2013)

http://www.miningweekly.com/

TORONTO (miningweekly.com) – Quebec-based Strateco Resources on Monday said it had started a series of legal actions against the province’s environmental agency to assert its uranium exploration rights.

Strateco, which owns and was developing the Matoush uranium project located within a First Nation reserve, said following the moratorium on the issuance of permits for uranium projects announced late in March by the Minister of Sustainable Development, Environment, Wildlife and Parks (MDDEP) Yves-François Blanchet, it had served the MDDEP with a notice for damages and interest set at an initial amount of $16-million.

This sum represented the loss in the company’s market capitalisation since the Minister’s announcement.

Strateco on Monday said it held Blanchet liable for damages caused by his “misconduct” up until this time, and that it had given instructions for legal proceedings to be instituted to obtain compensatory and punitive damages.

Strateco reserved all rights to any future claims in the event of undue delays, which were currently subject to continue and lead to irreparable losses for the Matoush project, and added that an additional amount would be added to the claim.

Read more

Canadian uranium industry a step closer to trading with India – by Henry Lazenby (MiningWeekly.com – April 10, 2013)

http://www.miningweekly.com/page/americas-home

TORONTO (miningweekly.com) – The Mining Association of Canada (MAC) said it supported the Canadian Nuclear Safety Commission and India’s Department of Atomic Energy finalising and signing the Appropriate Arrangement for Nuclear Cooperation agreement on Monday, which placed the Canadian uranium industry one step closer to trading with India.

“This is tremendous news for Canada’s uranium mining industry, which is the second largest in the world. This puts Canada in position to capitalise on growing global demand for nuclear energy and opens up the uranium sector to India, which is a large and strategic emerging market for the commodity as a key source of power,” MAC president and CEO Pierre Gratton said.

Finalising the arrangement followed on the heels of the Agreement between the Government of Canada and the Government of India for Cooperation in the Peaceful Uses of Nuclear Energy.

The arrangement outlined the tracking, monitoring and reporting requirements that would ensure the material is used for peaceful civilian purposes only. It was the next step towards full implementation of the Nuclear Cooperation Agreement (NCA) between Canada and India, which was signed in 2010.

Read more