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Strateco Resources (TSX:RSC,FWB:RF9) is claiming CA $189,987,663 in damages from the government of Quebec for the loss of its investment in the Matoush project. The company claims that the loss of its project resulted from wrongful actions of the government.
Strateco Resources (TSX:RSC,FWB:RF9) is claiming CA $189,987,663 in damages from the government of Quebec for the loss of its investment in the Matoush project. The company claims that the loss of its project resulted from wrongful actions of the government.
As quoted in the press release:
Strateco invested an average of $20 million per year in the Matoush project from 2006 to 2012 taking for granted that the Government would comply with its own laws. Uranium exploration and mining are allowed in Quebec, both under the old Mining Act and under the new Mining Act that came into effect in December 2013. The Government has granted Strateco some 30 permits under its laws, regulations and guidelines, in the full knowledge that the activities in question were linked to uranium exploration and a planned uranium mining operation.
In addition to constructing a legislative framework that allows uranium exploration and mining, the Government sent Strateco positive signals on the Matoush project, among other things by including it among the 11 mining projects of the Northern Plan proudly announced by the Government. Government officials, including the former premiers Pauline Marois and Jean Charest, repeatedly used the Matoush project to showcase Quebec’s uranium potential.
On November 7, 2013, the Minister refused to grant Strateco the certificate of authorization it needed to start the advanced exploration phase of the Matoush project, alleging a lack of social acceptability of a certain group. Yet, the Government never explained what it meant by “lack of social acceptability”, a concept not defined in any Quebec law or regulation.
Click here to read the Strateco Resources (TSX:RSC,FWB:RF9) press release
