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Monday
Nov252013

Explorer says uranium project unviable

 

AAP

Minerals exploration company Marathon Resources has turned its back on the uranium industry for good.

The company says its experience suggests the "risks were more likely to exceed rewards" in a sector hit by low ore prices.

"Both the political and regulatory regimes have deterred us permanently from the uranium industry," chairman Peter Williams told the company's annual meeting in Adelaide on Thursday.

Marathon previously has been involved in exploring a section of South Australia's Flinders Ranges with a view to developing a significant uranium deposit.

However, it fell foul of the South Australian government over the disposal of waste while the government eventually moved to ban all mining in the environmentally-sensitive area anyway.


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