Can you describe how the sentiment towards uranium mining has changed in Western Australia since 2014?

In 2014, Western Australia was in need of greater education and understanding regarding uranium mining. Today, however, the sentiment has significantly changed, and the state has moved forward in its acceptance and understanding of uranium mining. Australia is home to over 30% of economically recoverable global uranium resources, providing a significant competitive advantage. Although Western Australia does not currently have any uranium mines in production, five projects in the state have received state environmental approval and are ready for mine development once the market turns. These projects will generate revenue and jobs for the state in the future.

Is the shadow of the Fukushima disaster still looming over the uranium mining industry, and if so, will it dissipate in the foreseeable future?

The market is still feeling the impacts of the Fukushima disaster, which occurred in March 2011. The industry’s challenge is to prepare projects for a time when the market signals new uranium supply is required. Prior to the Fukushima accident, Japan had over 50 reactors operating and was a major player in the global nuclear power market. However, after the earthquake and tsunami, all the reactors were shut down. It is expected that perhaps 30 of these reactors will return to operation over time, but it has taken longer than anticipated. Factors such as safety concerns, the age of the reactors, their location in terms of seismically active fault-zones, and the support of the local community are impacting the pace of restarts. Nonetheless, it is anticipated that the shadow of the Fukushima disaster will eventually dissipate.

Can you outline Cameco’s Kintyre and Yeelirrie projects and describe how the joint venture with Mitsubishi Development for the Kintyre project came to be?

Cameco’s Kintyre project is an advanced-stage exploration project in the eastern Pilbara region. The project was acquired from Rio Tinto in 2008, and Cameco is the operator while Mitsubishi Development owns a 30% stake in the project. Although Kintyre has about 37.5 million pounds of uranium, which is relatively small, the project has been through a pre-feasibility study, received state and federal environmental approval, and has an Indigenous Land Use Agreement in place with the Martu. The challenge with Kintyre is that additional resources are required for the project to move forward. Nonetheless, the project is effectively ready to go once the market turns.

Cameco’s flagship project is Yeelirrie, which was purchased from BHP Billiton in 2012. The project contains 128 million pounds of uranium, and the company has been progressing it through the environmental impact assessment process. Recently, the project received approval at the state level, and the company anticipates receiving federal level approvals in Q2 2017. Yeelirrie is a world-class project by any standard.

Do you have any advice for companies looking to invest in Western Australia or start operations in the region?

Western Australia is a great place to conduct business, and any company should consider the jurisdiction as a favorable location to invest. However, there is always room for improvement, and issues such as taxation, environmental and business regulation, and native title need to remain on the reform agenda so that the state can continue to attract investment. The resources sector is held to the highest standards in terms of the regulatory framework in Western Australia. Nonetheless, the industry advocates for a more streamlined environmental assessment process to mitigate duplication of state and federal processes. Ultimately, a one-stop-shop approach to environmental assessment is the preferred model.