Antinuclear

BHP scraps plans for Olympic Dam gigantic new uranium mine

BHP cancels $30 billion Olympic Dam expansion near Roxby Downs in South Australia    Outback  Business Writer Meredith Booth AdelaideNow August 22, 2012   BHP Billiton has shelved its $30 billion Olympic Dam expansion and will go back to the drawing board to find a cheaper alternative….

.. However, BHP chief executive Marius Kloppers today insisted market conditions, subdued commodity prices and higher capital costs led to the decision, which has been the subject of speculation within several months.

“As we finalised the details of the project … it became clear that the right decision for the company and its shareholders was to continue studies to develop a less capital-intensive option to replace the underground mine at Olympic Dam,” Mr Kloppers said…….
The mine would have become the world’s biggest open cut copper and uranium mine at six kilometres long and one kilometre deep.

The news came as BHP Billiton announced a 21 per cent fall in annual profit of $US17.1 billion…… Mineral Resources and Energy Minister Tom Koutsantonis said BHP had made a decision based on international factors.

“South Australia unfortunately, even though we did everything right … forces outside of our control took over,” he said.“These resources aren’t going anywhere .

August 22, 2012 - Posted by Christina Macpherson | business, South Australia, uranium