Gulf oil disaster is bad news for uranium industry
One virtually certain outcome of the environmental disaster currently blackening the Gulf of Mexico is that federal regulators will take a harder line on enforcement of environmental regulations. Uranium miners are likely to be particularly hard hit because there isn’t a person in the US who doesn’t fear the consequences of radiation exposure….Playing fast and loose with the environment is no longer a winning strategy.
Uranium Miners Get Some Good News and Some Bad 24/7 Wall St., Paul Ausick, June 1, 2010 “….The first installment of the investment will help USEC to continue its deployment of its American Centrifuge Plant which produces enriched uranium for use in nuclear power generation. The cash will also help support USEC’s $2 billion loan guarantee application with the US Department of Energy.
The not-so-good news for uranium companies was delivered to Uranium Energy Corp. (AMEX:UEC) and Denison Mines Corp. (AMEX:DNN). UEC faced a hearing in south Texas last week where it is fighting a request from county commissioners to overturn the company’s mining permits. According to the county, UEC failed to plug test holes with the required time and, as a result, the drinking water supply has been contaminated by storm-water runoff. The commissioners are also charging that the aquifer cannot be returned to its baseline condition…….
One virtually certain outcome of the environmental disaster currently blackening the Gulf of Mexico is that federal regulators will take a harder line on enforcement of environmental regulations. Uranium miners are likely to be particularly hard hit because there isn’t a person in the US who doesn’t fear the consequences of radiation exposure. The statistical probabilities of environmental damage from radiation don’t matter.
UEC’s response to the county commission is dismissive, and Denison’s is disingenuous. Playing fast and loose with the environment is no longer a winning strategy.
Uranium Miners Get Some Good News and Some Bad – 24/7 Wall St.
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