Antinuclear

Few jobs, and no money, in Australia’s newest uranium mine

Australia’s newest uranium mine will lose money, won’t create any jobs Mining.com Cecilia Jamasmie | June 25, 2014 After five years of delays, Australia’s Four Mile uranium mine has began operations, with owner Quasar admitting it will lose money on every pound of uranium oxide it extracts from it and won’t create any jobs. However the company is confident the A$120 million investment, a joint venture project between Melbourne-based Alliance Resources and Quasar, will pay off in time.

The operation, Australia’s fifth and South Australia’s fourth uranium mine, began production in April to feed the processing plant at the site of the neighbouring and now closed Beverley uranium mine, owned by Quasar’s parent company, Heathgate Resources.

The 140 people who used to work at Beverly have moved into the development of Four Mile.

The firm will have to wait to see the first rewards. Uranium prices have crashed since the Fukushima incident in 2011, losing a further 30% in the last year to hit new record lows a few weeks ago. Although there’s no spot price for the metal, UX Consulting’s most recent indicator, published June 16, came to $28.5 a pound, down 31% over the last 14 months…….http://www.mining.com/australias-newest-uranium-mine-will-lose-money-wont-create-any-jobs-89457

June 26, 2014 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL