Antinuclear

In an act of ?religious faith, Western Australian govt backs uneconomic uranium industry

Yeelirrie uranium mine approval defended by Albert Jacob amid environmental fears, ABC News 18 JAN 17  By Briana Shepherd and Sam Tomlin Western Australia’s Environment Minister has defended his decision to back Canadian mining company Cameco’s Yeelirrie uranium project, despite the environmental watchdog advising against it. The Barnett Government has granted approval for the Yeelirrie mine in the Goldfields subject to 17 “strict conditions”, five months after the Environmental Protection Authority knocked back the proposal.

It is the third WA uranium mine proposal approved in the past month, and WA Labor Leader Mark McGowan said it was a clear sign the Government was in a hurry.

“The Government obviously has an ideological addiction to uranium mining — they’re putting their approvals through now before the state election,” he said.

The EPA advised against the Yeelirrie project based on what it said was a risk to tiny stygofauna — a microscopic underground shrimp-like species……….

Uranium market soft, production unlikely anytime soon

Price remains the largest challenge for the state’s would-be uranium miners, with the global spot sitting at just over $US21 per pound.

The collapse from highs of $US137 per pound came in the wake of the Fukushima Nuclear disaster in 2011.

Minelife.com.au senior analyst Gavin Wendt said the historically low price meant progress would be challenging for any of WA’s four proposed mines.

“I think it’s highly unlikely Cameco will bring this mine on stream anytime soon,” Mr Wendt said.

“There’s a big difference between having environmental approval and the economics of the operation being clear and justified — I don’t think we have a situation like that at the present time.”

Mr Reilly conceded price remained the key concern for Cameco.

“The market is oversupplied, and like any commodity [uranium] goes through its cycles,” he said.

“We’re optimistic that down the track we will see better and stronger prices, but right now the uranium market is soft so we’re working with the objective to get the projects ready.” http://www.abc.net.au/news/2017-01-17/yeelirrie-uranium-mine-approval-defended-by-albert-jacob/8189108

January 20, 2017 - Posted by Christina Macpherson | politics, uranium, Western Australia