Australia鈥檚 federal government has to Cameco鈥檚 (TSX:CCO, NYSE:CCJ) vast Yeelirrie uranium project, located 500 kilometres north of Kalgoorlie in Western Australia.
The country鈥檚 Department of Environment and Energy environmental nod follows the state鈥檚 approval of the proposed mine in 2017. That ruling, however, is still being fought in WA鈥檚 Supreme Court by members of the Tjiwarl traditional owners, particularly after the state Environment Protection Authority聽 due to the risks to groundwater species.
Cameco is in no rush to develop Western Australia鈥檚 Yeelirrie uranium deposit. It said a decision to advance it聽would depend on market conditions
鈥淲e welcome this decision,鈥� Simon Williamson, General Manager of Cameco Australia, . 鈥淭his has been a rigorous and extensive environmental assessment process, and we have worked with the Department over the two-year process to demonstrate how we will reduce and manage any environmental risks.鈥�
Cameco, the world鈥檚 largest uranium producer, is seeking to develop what is considered one of Australia鈥檚 biggest undeveloped uranium deposits in the Mid-West region of Western Australia.
The miner, however, is in no rush to develop it. It has said that a decision to advance any of its聽projects聽in聽Western Australia聽would depend on market conditions, which it currently .
Yeelirrie, which in the local native language means 鈥減lace of death鈥�, would cover an area 9 kilometers long and 1.5 kilometers wide and would involve clearing up to 2,422 hectares of native vegetation.
It would also cause groundwater levels to drop by 50cm, and they would not completely recover for 200 years, according to the .
The federal nod has ignited fresh controversy as it came the day before the federal election was called,聽on April 10, as . However, 聽it was publicly announced only 14 days later in both the and .
The Canadian uranium giant acquired the Yeelirrie project from BHP in 2012. More than 10,000 historical and recent drill holes have been completed by prior owners.