Wednesday, November 26th0.3°C
23286

Cameco withdraws application for new uranium mine in Saskatchewan

SASKATOON - Cameco Corporation (TSX:CCO) has withdrawn its application to build and operate a new underground uranium mine in northern Saskatchewan.

The mining company says in a statement on its website that it has also asked the Canadian Nuclear Safety Commission to postpone a hearing scheduled next month into a licence application for the Millennium Mine project.

Cameco cites poor economic conditions in world uranium markets.

The mine would have been located about 600 kilometres north of Saskatoon and was estimated to contain more than 50 million pounds of uranium.

Saskatchewan's environment minister granted approval for the development back in December.

The mine faced opposition from the English River First Nation, but the band dropped a lawsuit last year after accepting a $600-million deal to support wages, contracts and other payments for the band, whose members were expected to work in the mine.

At the time, English River vice-chief Marie Black said the deal would help the Dene band become more self-sufficient and less reliant on the federal Department of Aboriginal Affairs and Northern Development.

Some English River members, however, were worried about the environmental consequences of more uranium mining in the area and said a decision on the deal was made by band council without a community vote.

The lawsuit was filed in 2008 against the Saskatchewan government over land the band claimed under the 1992 Treaty Land Entitlement Framework — lands which the deal said included those on which Cameco hopes to develop Millennium project.

The Canadian Nuclear Safety Commission says Cameco can still ask for the commission to consider its licence application at a later date, and that the public would be invited to take part.

The Canadian Press


Read more Business News

23872


Recent Trending




Today's Market
S&P TSX15073.65+58.24
S&P CDNX780.64-6.86
DJIA17814.94-2.96
Nasdaq4758.252+3.36
S&P 5002067.03-2.38
CDN Dollar0.8867-0.0017
Gold1195.40-1.70
Oil73.98-0.11
Lumber328.80-0.70
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.32+0.04
Cantex0.040.00
Anavex Life Sciences0.175-0.005
Metalex Ventures0.030.00
Russel Metals32.14+0.65
Copper Mountain Mining2.15-0.02
Colorado Resources0.130.00
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.325-0.04

 
23744


23872

FEATURED Property
2086497590 HOLLYDELL Road
4 bedrooms 2 baths
$379,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...

_



24185

24158


Member of BC Press Council


22632