Cameco Sells Its Share in Peruvian Uranium Mines

Peru, which has a wealth of natural resources, is also rich in uranium. Though uranium is often maligned and given a bad name, it is one of the cleanest sources of energy.

Of course, it comes with big risks and those risks are often irreparable, as seen in Fukushima, Japan. Nevertheless, with global warming increasing every day and nothing ever coming out of all the talks and debates, one is inclined to consider nuclear energy and making it as safe as possible. Peru, which is home to one of the largest forests in the world, is also losing forested land at an amazing rate. With that in mind, it is not a bad idea to consider nuclear power filling the gap that Peru has in its energy requirements.

Cameco, which is one of the largest uranium companies in the world, had a large stake in Minergia SAC, along with Vena Resources. The companies held 50-50 partnership until Peru decided to forego its share a few days ago. Between 2007 and 2011, Minergia SAC spent more than $12 million to explore uranium in its mines at Macusani and Munani. An estimated 18 million pounds of uranium are expected to be available in region.

Peru has thus been seen as a low-cost uranium mining country where one could build nuclear reactors for a lesser cost than probably in a country like Canada, Cameco’s home country. Cameco decided to sell its share to another Canadian company, Azincourt Uranium. IT is not clear what will come out of this deal and who is going to gain or lose.

We can only hope that nuclear reactors are built with the strictest possible rules, considering the number of earthquakes that Peru experiences regularly. While a part of me wants Peru to go ahead with nuclear power generation, another part of me is wary. What are your opinions as readers? Do you think it is a good idea for Peru to develop nuclear energy in order to cut down on conventional fuel usage?

Image Source: The Tyee

Jude C

I am a travel enthusiast who has closely worked with different communities in India. My interests range from alternative rock to English literature. I also happen to love cats a lot.

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