Antinuclear

Rio Tinto and Paladin Energy try to scuttle Cameco’s uranium mining plans in W.A.

there’s speculation the miners, who own their own uranium deposits, did not want Yeelirrie developed because of the already weak fundamentals in the uranium sector.

Paladin and Rio attempt to block BHP deal
http://www.miningaustralia.com.au/news/paladin-and-rio-attempt-to-block-bhp-deal 23 November, 2012 Andrew Duffy   Rio Tinto and Paladin Energy have attempted to scuttle BHP Billiton’s $430 million sale of the Yeelirrie uranium deposit to Canadian giant Cameco.

Both Rio and Paladin have made submissions to the Foreign Investment Review Board expressing concerns about the sale, The West Australian reports.

While the companies have made no public comment about their
submissions there’s speculation the miners, who own their own uranium deposits, did not want Yeelirrie developed because of the already weak fundamentals in the uranium sector.
Paladin and Rio also used their submissions to highlight that while
Canada stipulates uranium mines must be operated by groups 51 per cent
Canadian owned, no such rules apply in Australia.

According to The West Australian the FIRB has reportedly recommended
that Federal Treasurer Wayne Swan approval the sale.

Rio sold a Pilbara uranium deposit to Cameco three years ago, and if
the company buys up the Yeelirrie deposit it will control around 80
per cent of WA’s uranium reserves.

BHP made the decision to sell Yeelirrie earlier this year, and the
move came less than a week after the miner shelved its massive
expansion plans for the Olympic Dam mine in South Australia

November 23, 2012 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, secrets and lies, uranium