Terra Ventures ends Que. uranium project: report
Last Updated: Friday, August 13, 2010 | 12:12 PM ET
CBC News
A junior exploration company is reportedly shutting down its uranium exploration site near Sept-Îles, Que., after protests from local groups.
Vancouver-based Terra Ventures Inc. has hired a contractor to remove all drilling equipment and oil barrels from its Lac Kachiwiss property, which is about 20 kilometres from the Sept-Îles port, Radio-Canada reported.
The company has not confirmed that it's leaving the 866-hectare site for good.
Terra Ventures, whose uranium exploration permit is valid until February 2011, already drilled dozens of holes at the site to determine how much uranium was underground. The company said in a December 2009 release that it didn't conduct any core drilling on the property in 2009 and that no further drilling would occur until a spinoff transaction to reorganize its mineral property assets was completed.
The possibility of a uranium mine angered many groups in Sept-Îles, a coastal community where more than 30 area doctors threatened to quit their jobs if the project went ahead.
The town also adopted a motion asking for a moratorium on the operation.
Marc Fafard, who heads a citizens' coalition opposed to the mining project, credited the apparent decision by the company to pull out to the swell of protests from residents.
"We basically nagged them with a bunch of complaints and actions, which made the Terra Ventures name a bad name in the industry now," he said.
He and others from Sept-Îles will go to Quebec City next week to attend a legislative hearing scheduled to review proposed amendments to Quebec's mining law.
Canada is the largest producer of uranium, which is used in nuclear power plants. There are currently no active uranium mines in Quebec.
Share Tools
Top News Headlines
- Refugee reforms include fingerprints, no appeals for some
- New, tougher reforms to refugee legislation that hasn't yet come into force are already drawing fire from critics who say they give Canada's immigration minister too much power and risk the lives of claimants. more »
- Montreal telemarketers in fraud case still making calls
- CBC News has learned that no government agency has taken legal action to try to stop a Montreal-based telemarketing company accused of defrauding thousands of small businesses. more »
- Underwear bomber sentenced to life in prison
- A Nigerian man who tried to blow up an international flight near Detroit on behalf of al-Qaida has been sentenced to life in prison without parole. more »
- 7 MPs and their fiery quotes
- The election of a majority government was seen by some as a chance for less acrimonious politics on Parliament Hill. But the past week has seen its fair share of inflammatory rhetoric on both sides of the House. more »
Latest Business Headlines
- Euro rises on report ECB will help Greece
- The euro rose Thursday on a report that the European Central Bank is providing Greece with debt relief. more »
- Oliver calls European oilsands threat grandstanding
- Federal Natural Resources Minister Joe Oliver is calling a European effort to bar oil imports from Alberta's oilsands nothing more than grandstanding more »
- New Canada-China energy deals may be good for U.S. too
- U.S. Ambassador David Jacobson said in Montreal on Thursday that it's good for the United States when Canada, its largest trading partner, increases its trade in new markets like China. more »
- Royal Bank says credit review unwarranted
- The Royal Bank said Thursday that a decision by Moody's Investors Service to place its credit rating under review along with some of the world's largest banks is unwarranted. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 12468.57 | 106.54 |
| DOW | 12900.83 | 119.88 |
| NASDAQ | 2959.19 | 43.36 |
| SP 500 | 1357.71 | 14.48 |
| NYSE COMPOSITE | 8082.41 | 83.76 |
| AMEX | 2447.52 | 27.53 |
| TSX-VENTURE | 1645.99 | 12.41 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Montreal telemarketers in fraud case still making calls
- Refugee reforms include fingerprints, no appeals for some
- Bully victim's mother tells of 'suicide box'
- Dog kills newborn in Alberta community
- Honduras prison fire is world's deadliest
- Nortel collapse linked to Chinese hackers
- Barefoot girl's icy trek not blamed on babysitter
- 2 small earthquakes rattle Vancouver Island
- B.C. house party trial hears from tearful teens

