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Tuesday
Nov202012

Strong interest in NSW uranium exploration

New South Wales Energy Minister Chris Hartcher says strong interest in uranium mining is good news for Broken Hill.

The State Government has received 39 expressions of interest from companies wishing to explore for uranium - almost a quarter more than Minister Hartcher was expecting.

An independent panel will now assess those expressions before inviting mining companies to apply formally to explore.

Mr Hartcher says if the government were to lift a ban on mining uranium, Broken Hill would benefit.

"Let's look at Broken Hill. It is a town that lives and has lived always on mining," he said.

"It is a town that has been enormously prosperous in the past but is going through right now some fairly difficult times.

"We would hope that if uranium does get off the ground it would bring quite significant benefits to Broken Hill, to Silverton and to the surrounding areas."

But Mr Hartcher says says it will be at least 2015 before the State Government moves to lift the ban on mining uranium.

"I wouldn't rush down that path, but what I would be saying to the people of Broken Hill is that there will be appropriate exploration licences in place, as I say, by early-to-mid 2013," he said.

"I think that by itself will bring some prosperity to the people of Broken Hill in terms of employment, in terms of investment, in terms of people spending money in the town, in terms of people staying in the town."

The far west of New South Wales is believed to be rich in uranium, along with the north-east of South Australia, where there are already uranium projects under way.

Please click here to read this article in full, courtesy of ABC News

Over at TradeTech the spot price indicator bounced 25 cents to $41 per pound on fresh demand. "This news offered a welcome respite for producers after weeks of discouraging developments in the production sector," said TradeTech. "These low price levels have led many producers to undertake optimization efforts to curtail expenses with several making announcements of planned and potential production cutbacks."

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