PERTH (miningweekly.com) – The Minerals Council of Australia (MCA) has welcomed federal Environment Minister Greg Hunt’s decision to approve the development of the Kintyre uranium project, in the Pilbara.
The project, which Cameco and Mitsubishi Development are jointly developing, was approved for development at the end of last week. The project is estimated to host some 55-million pounds of uranium.
A 2012 prefeasibility study estimated that some 40-million pounds of uranium could be delivered from Kintyre over a mine-life of seven years.
Cameco Australia MD Brian Reilly said that Hunt’s decision followed the “highest and most thorough” level of environmental-impact assessment and more than four years of community consultation and environmental and technical studies.
“Cameco is taking prudent steps to prepare its Australian projects for a development decision when market conditions signal new uranium production is required.
“For Kintyre, this means continuing to build strong relationships with stakeholders and identifying additional resources to improve the economics of the project,” Reilly said.
The MCA’s executive director for uranium, Daniel Zavattiero, pointed out on Tuesday that the Kintyre approval was the first major federal environmental approval of a uranium project for the Tony Abbott government.
“This decision shows that Australia’s uranium projects are able to meet the highest environmental standards. The Australian uranium industry operates to world’s best practice and to standards compatible with the country’s environmental and safety values.”
Zavattiero noted that Australia’s uranium industry currently generated around A$62-million a year, based on capturing just 11% of the global uranium market.
However, he added that the potential for further growth was substantial as Australia possessed 32% of the world’s uranium resources, which if realised, could deliver exports valued at closer to A$2-billion a year.