A self-governing Inuit territory in northern Canada has lifted a moratorium on uranium mining, opening the door to a likely mining boom, but analyst say low uranium prices could hamper mine development in the remote region.The Nunatsiavut government, a regional assembly in place of the Inuit people of Labrador on Canada's North Atlantic coast, voted to lift the three-year moratorium on uranium mining and milling on Inuit lands.
The region hopes to be a focus for investment and jobs to the small communities around the uranium-rich Central Mineral Belt in the territory of Newfoundland and Labrador.But analysts say the companies owning looking at projects in the region will face numerous challenges, including a lack of infrastructure and difficulty financing large and exclusive uranium projects.
Australian miner Paladin Energy, which owns the Michelin project in the district said Thursday it tactics to restart exploration in mid-2012, with drilling seen in the third quarter.The Michelin project has a deliberate and indicated resource of 83.8 million pounds and cover six part deposits.
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