It has been a couple decades in the making but Saskatchewan is about to get a new uranium mine.
Denison Mines has secured federal approval to begin construction at its Wheeler River project in the Athabasca Basin. It was the first of two applications – the other is from NexGen – to secure federal clearance.
The mine will employ a unique technology developed here in the province. Construction will take a couple years to complete which will extend the flow of investment capital into the province through the remainder of this decade. The Jansen mine project has been extended for a couple years as well, further underpinning capital inflows and construction activity.
Although uranium mine approvals require years or decades from discovery to production, projects of this magnitude fit into the Nation Building category the prime minister has been pushing as Canada looks to diversify its economy.
The addition of the new mine will strengthen our position as a global leader in uranium production at a time when the world has begun to direct more emphasis towards nuclear power generation to reduce greenhouse gas emissions.
