3rd Jan 2025 12:15
(Alliance News) - Aura Energy Ltd on December 23 noted a recommendation for the Swedish government to lift the national ban on uranium mining, which has been in place in the country since 2018.
The Melbourne, Australia-based mineral exploration company with projects in Mauritania, Sweden and Western Australia said the government inquiry advocated for uranium to be classed as a concession mineral within the Minerals Act, allowing deposits of economic quantities to be exploited.
This would align with Swedish energy policies calling for an expansion of nuclear power, as the country currently relies entirely on imported raw material for nuclear fuel.
Aura Energy said its Berg-based Haggan project "alone could fuel Sweden's existing nuclear reactor fleet for over three centuries". The prospect contains around 800 million pounds of uranium.
Chief Executive Officer Andrew Grove said: "This is an important first step for Sweden to continue its path towards low carbon energy self-sufficiency. Sweden has a rich geological endowment that can be harnessed to provide zero emissions nuclear power for both its own domestic use, as well as for export.
"Sweden has high environmental standards and a robust permitting system, which would of course also cover uranium extraction should this proposal be enacted. Uranium can be mined safely and put to use in support of the transition to carbon free energy in Sweden, Europe and across the globe. It will also reduce Sweden's dependence on imported energy sources and release significant value for Sweden's economy.
"This will be of special importance now given the European Union's critical raw material act legislation. Our polymetallic Haggan resource has the potential to become a valuable contributor to Sweden's economy, and its contribution would be enhanced if uranium mining was to be permitted."
The inquiry recommendation will now be referred for wider consultation, before being converted into a legislative proposal and put in front of the Swedish Parliament. If approved, it would be likely to come into effect on January 1, 2026.
Aura Energy has been selected as one of the inquiry's consultation parties.
Shares in Aura Energy were up 3.9% at 6.76 pence each in London on Friday afternoon.
By Emily Parsons, Alliance News reporter
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