Economic crisis impacts North American mines

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The partners in the Midwest joint venture in Saskatchewan, Canada, have announced their decision to postpone the uranium mine project due to current economic conditions. Denison has also suspended operations at the Tony M mine in Utah, USA.

The partners in the Midwest project – Areva Resources Canada (69.16%), Denison Mines Corp (25.17%) and OURD Canada Co (5.67%) – announced in December 2007 the formal decision to proceed with development of the project.
However, Denison announced that the partners have now decided the postponement the project due to the “current economic climate, delays and uncertainties associated with the regulatory approval process, the increasing capital and operating costs and the current market for uranium.” The company said that, based on current estimates, capital costs have increased by some 50% from the previous estimate of C$435 million ($355 million).

http://www.world-nuclear-news.org/ENF-Economic_crisis_impacts_North_American_mines-2611084.html