Loading...
See More

Areva puts brake on Namibia mine

Oct 11 2012 20:11 Sapa-AFP

Related Articles

Areva suspends investment in sites

Zuma loyal to French G20 goals

Aveng inks 10-yr Namibia deal

 
Windhoek - Energy giant Areva said Thursday it is suspending work at a new Namibian uranium mine currently under construction due to low uranium prices.

"Areva will postpone the launch of the Trekkopje mine until the project's economy improves," the Namibian office of Areva said in a statement.

The French company cited a decrease in uranium prices coupled with the scale of investments yet to be made on site as reasons for the move.

"In October 2011, the decline in uranium prices resulting from the nuclear accident at Fukushima in Japan forced a slowdown," a statement said.

The mine is situated in the Namib Desert, some 300 kilometres (190 miles) west of the capital Windhoek.

Construction work already underway will be completed by the end of December 2012, while existing installations will be put under a $10 million a year structured care and maintenance programme.

The objective is to "restart the project in the best possible conditions as soon as the overall market environment allows it," Areva said.

The decision could mean job losses, but the firm said it would offer accompanying measures" to affected workers.

"Areva is committed to stay in Namibia over the long term," it said.
areva  |  namibia
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...