- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Cameco Gets Environmental Approval for Australian Uranium Project
Cameco received an important approval from the Australian Federal Department of Environment and Energy last week to advance the Yeelirrie uranium site.
Uranium miner Cameco (TSX:CCO,NYSE:CCJ) received an important approval from the Australian Federal Department of Environment and Energy last week to advance the Yeelirrie uranium site.
Located in the remote Northern Goldfields region of Western Australia, Yeelirrie is one the country’s largest undeveloped uranium deposits.
Cameco acquired the project in 2012 from BHP (ASX:BHP,NYSE:BBL,LSE:BHP) and was granted approval for the project in 2017 from the government of Western Australia.
“We welcome this decision,” General Manager of Cameco Australia Simon Williamson said in an announcement. “This has been a rigorous and extensive environmental assessment process, and we have worked with the Department over the two-year process to demonstrate how we will reduce and manage any environmental risks.”
Uranium production and its use is a controversial topic on the continent; a nuclear energy ban was enacted in 1998 and the country only has a small contingent of uranium mines and projects despite holding some of the largest high-grade uranium deposits on Earth.
Cameco’s 2017 federal approval is currently being challenged in the Western Australia Supreme Court by the Tjiwarl people, who are concerned about groundwater contamination and effects on biodiversity.
The Tjiwarl people are also upset that the decision to approve the project was made on April 10 by the government, but wasn’t announced until April 24, after a federal election was declared.
“We just wonder when will things change. We’ve done everything in good faith, putting in submissions, going to court, following the law, but the politicians keep changing the rules,” Vicky Abdullah, a Tjiwarl woman and representative, told the press. “We will continue to protect our country any way we can.”
Despite the recent approval, Cameco is in no hurry to develop the project, noting that spot prices need to be higher to make development enticing.
“While we are happy to have this approval in place, current market conditions are challenging and we expect them to remain so in the near term,” said Williamson.
Low U3O8 spot prices were behind the Canada-based company shuttering its McArthur River mine and Key Lake mill last year. McArthur is among the largest and most prolific uranium mines in the world.
Shares of Cameco were flat on Monday (April 29), trading at C$15.05 on the TSX.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
The Beginner’s Guide to Investing in Gold (Australia Edition)
Ready to invest in gold? Our beginner's guide makes it simple to get started.
Download your investing guide today.
Learn About Exciting Investing Opportunities in the Gold Sector
Your Newsletter Preferences
Originally from Calgary, Georgia has been right at home in Toronto for more than two decades. Graduating from the University of Toronto with an honors BA in journalism, she is passionate about writing on diverse topics, including resources, arts, politics and social issues.
At INN Georgia covers a wide range of topics, including energy, battery and critical metals and diamonds. In her spare time, Georgia enjoys watching documentaries and experiencing Toronto's vibrant food, arts and cultural scene.
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
Originally from Calgary, Georgia has been right at home in Toronto for more than two decades. Graduating from the University of Toronto with an honors BA in journalism, she is passionate about writing on diverse topics, including resources, arts, politics and social issues.
At INN Georgia covers a wide range of topics, including energy, battery and critical metals and diamonds. In her spare time, Georgia enjoys watching documentaries and experiencing Toronto's vibrant food, arts and cultural scene.
Learn about our editorial policies.