Canadian Belt
Cameco’s Uranium For New Mexico’s New Enrichment Facility?
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Guess what? Our recent investigation shows the uranium to be enriched within the LES/Urenco proposed enrichment facility in Lea County, New Mexico could come neither from uranium properties in New Mexico nor anyplace else within the United States. Just as New Mexico’s nuclear/uranium mining renaissance was able to get underway, a deal may have already been reduce to enrich uranium mined in a foreign country. Louisiana Vitality Companies (LES), by way of the consortium’s common partner Urenco Ltd., might have struck a take care of Canadian-primarily based Cameco Corp. Will this uranium come from Canada or Kazakhstan?
In keeping with New Mexico State Senator Carroll H. Leavell, the uranium ore to be enriched at the facility close to Eunice, New Mexico facility can be coming from outside the United States. Senator Leavell told StockInterview, “The uranium ore will be popping out of Saskatchewan.” Once we requested if the uranium to be enriched in New Mexico would come from the Athabasca Basin, an space hosting the world’s richest grades of uranium and which can be positioned in northern Saskatchewan, Senator Leavell claimed he wasn’t positive where the Athabasca Basin was. But he told us that Urenco Ltd informed him the uranium was coming from that western Canadian province.
We will solely speculate the uranium producer is perhaps Cameco Corp. On July 22, 2002, Cameco signed a Memorandum of Agreement with LES, together with Urenco Ltd, Westinghouse Electric Company, Fluor Daniel and the affiliates of U.S. utilities: Exelon, Duke and Entergy. In an electronic mail response to our inquiry, earlier this week, Netherlands-based Urenco Ltd Communications Coordinator April Wildegose-Mistry knowledgeable us, “Cameco Corp was a part of the unique LES project. They pulled out round March 2003 as they wanted to concentrate on other business issues.”
We have also asked to interview Urenco’s CEO. Perhaps he might clarify this matter for us. One trade insider informed us Cameco said its continued support for the LES initiative after it withdrew as a partner. Nonetheless, the recent three way partnership firm, Enrichment Expertise Firm, fashioned by Areva and Urenco might open the chance the uranium might additionally come from Areva’s uranium interests in Athabasca. AREVA is a Paris-based company providing technological options for nuclear energy generation, and electrical energy transmission and distribution.
This growth could additional irritate not less than one New Mexico legislator. State representative John A. Heaton from Carlsbad, New Mexico, and who additionally sits on New Mexico’s Vitality and Natural Useful resource Committee, was adamant about U.S. independence from overseas energy sources. He advised StockInterview, “We need to use the assets we now have and never be dependent upon international countries. I fear rather a lot concerning the dependence we’ve got on other countries.”
In this occasion, Heaton is likely to be getting a double-whammy of overseas dependence. Not solely is Urenco Ltd a overseas-owned and managed firm (a Dutch/ British/German consortium), however the uranium its New Mexico facility could be enriching may come from at least one international supply, Canada. Because the uranium ore could be sourced from Cameco, yet one more country’s uranium could be supplying the New Mexico enrichment facility: Kazakhstan.
Cameco plans to boost uranium mining on this former Soviet nation to a stage which could strategy its uranium production within the Athabasca Basin. Kazakhstan just lately joined the “Putin Alliance” of uranium-producing countries. On June 22nd, Kazakhstan signed a contract price $1 billion to provide Russia’s Tekhsnabexport to supply Russians with uranium by way of the yr 2020. The Economist Magazine’s Financial Intelligence Unit not too long ago issued a warning on this country.
We requested our uranium business analyst, David Miller, about this new twist in the LES/Urenco story. Miller is a 3rd-time period Wyoming legislator, who is an authentic member of the Wyoming Energy Fee and a past member of the National Council of State Legislator’s (NCSL) Energy Committee., now serving on a NCSL-related committee. Miller can also be president of Strathmore Minerals, a company which is now advancing its properties by means of the allowing process in New Mexico. Miller instructed us, “The State of New Mexico could miss out on the tons of of hundreds of thousands of {dollars} of tax revenues from potential severance, advert valorem, gross sales and different taxes the home trade would pay the state to mine uranium in New Mexico. Instead, the foreign uranium pays zero taxes to enter the state for enrichment.” In other words, Cameco or one other may be getting a free experience on taxes.
Ominously, Miller asks these questions, “The true query for New Mexico is this: What occurs to the part of the uranium that doesn’t go onto the fabrication plant? Does it stay in New Mexico? Is it shipped back to Russia, Kazakhstan or Saskatchewan?” This gave us pause for thought. After it leaves New Mexico, how do we know it will be used for civilian energy functions? Could it be transported elsewhere and be extra extremely enriched? That’s just speculation.
Miller advisable that New Mexico legislators demand the LES plant be fed uranium mined in New Mexico, not in Canada or Kazakhstan. “If this were to happen,” Miller wrote in an e mail to us, “hundreds of new mining jobs could be created in areas of New Mexico which need probably the most financial development.” As soon as the world’s leading uranium producer, New Mexico’s Grants Uranium Belt is again being explored by more than a dozen companies. Some hope to permit and function new uranium manufacturing facilities in New Mexico. We trust this newest wrinkle will awaken New Mexico’s legislators and assist them defend uranium mining developments in their states. Perhaps their voters, who might be searching for higher paying jobs, would admire that.
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