August 16, 2012 / 7:08 PM / 6 years ago

Canada approves Midwest uranium mine

(Reuters) - The Canadian government has approved the environmental assessment of the Midwest uranium project in Saskatchewan after a six-year review on the impact of the joint venture owned by Areva SA AREVA.PA and Denison Mines Corp (DML.TO).

Canada’s environment minister, Peter Kent, said on Wednesday that the uranium mining and milling project was “not likely to cause significant adverse environmental effects.”

Areva and Denison confirmed the approval on Thursday.

Areva noted that numerous steps, including an updated feasibility study, will need to be taken before a production decision can be made.

The Midwest project, which has an indicated resource of 42.9 million pounds of uranium, is located near the McLean Lake mill in Canada’s uranium-rich Athabasca basin.

Areva holds a 69 percent stake in uranium deposit, while Canada’s Denison owns 25 percent. The remaining stake is held by a Japanese investment group.

Reporting by Julie Gordon

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