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Denison Mines Zambia Ltd., a unit of Canada-based Denison Mines Corp. (DML.T), is planning to open a $118 million uranium mine in Zambia's Siavonga District, in Southern Province, according to the state-run Environmental Council of Zambia.
In an environmental impact statement submitted to the ECZ, the company said it plans to open two open pits, and the ore from those pits will be processed into uranium oxide for export.
The proposed project site, located around 175 kilometers south of Lusaka, the Zambian capital, will cover 0.873 square kilometers and is expected to displace around 107 households.
The ECZ will conduct public hearings before approving the project.
An initial scoping study has identified historical mineral resource estimates of up to 13.7 million pounds of uranium. The company is updating the scoping study and a feasibility study is expected to be completed this year.
There has been increased interest in Zambia's uranium sector over the past couple of years and last year, the Zambian government passed a law allowing foreign firms to start mining uranium on a large scale in a bid to diversify its copper-reliant mining sector.
However, dropping global metal prices stalled a number of uranium projects, including the Lumwana uranium project, in Northwestern Province, operated by Equinox Minerals Ltd. (EQN.T).
Industry officials say that with global metal prices recovering and a number of policy changes in Zambia, the country is likely to start uranium production by 2011.
-By Nicholas Bariyo, contributing to Dow Jones Newswires; +256 75 262 4615; bariyonic@yahoo.co.uk
(END) Dow Jones Newswires
09-02-09 0251ET
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