MEGA TAKES LEAD IN URANIUM RACEAs the race to build the WA’s...

MEGA TAKES LEAD IN URANIUM RACE
As the race to build the WA’s first uranium mine heats up, Canadian miner, Mega Uranium, has been granted the first uranium-specific mining lease to be approved by the Barnett government.

Mega executive vice-president project development, Peter McNally, has told The Australian newspaper the company received the approval several days ago and hoped to start construction at its Lake Maitland prospect in the eastern goldfields by mid-2011.

While numerous approvals are still needed, Mr McNally said Mega was well-advanced in the design phase to build a small uranium processing plant to export about 750 tonnes a year from early 2012.

The project, which is a joint venture with Japan's JAURD and Itochu Corporation, is worth up to $3 billion in exports over its 10 to 12-year life.

Four other companies with uranium deposits have also had uranium exclusion clauses removed from agreements as the WA government powers ahead with establishing the industry, but Mega's timetable puts it firmly in the lead.