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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Sweden's coalition government has followed through on promises to scrap its mining ban on uranium with the announcement of a draft law that will allow for uranium extraction from the beginning of next year.
The draft law calls for the removal of a prohibition on uranium mining introduced into the country's Environmental Code and the Minerals Act in 2018. It comes as Sweden, which generates just under a third of its power from nuclear reactors, is looking to supercharge its nuclear fleet with the addition of 10 reactors over the next 20 years. For additional information, see August 21, 2023, article - Sweden to Build 10 Nuclear Power Reactors. Its fleet currently relies completely on imported uranium, and Sweden, which is sitting on a massive untapped uranium resource estimated at 1.4 million tonnes, wants to become self-sufficient and contribute to the European Union's (EU's) efforts to do the same when it comes to critical minerals
Sweden's uranium deposits are estimated to account for 27% of Europe's known reserves, while the Haggan Vanadium-Uranium Project, owned by Australian mining company Aura Energy (Queensland, Australia) is the world's fourth-largest uranium deposit. Sweden first proposed lifting the ban last year. For additional information, see March 06, 2024, article--Sweden Prioritizes Lifting Ban on Uranium Mining.
"It must be legal to take care of the Swedish uranium that is already out of the ground; it is completely incomprehensible that the miners had to treat it as waste," said Minister of Climate and Environment, Romina Pourmokhtari. "The Swedish mining and mineral industry is crucial for Sweden, Europe and for the climate."
"The ban on uranium mining was wrong when it was introduced, the fact that we are now removing it is positive for Sweden as an industrial and mining nation," commented Mats Green, group leader in the Moderate Party's economic affairs committee. "The ban has made it more difficult for us to mine other critical and strategic minerals that are often found together with uranium. With this decision, we can improve Sweden's and Europe's energy dependence and secure our self-sufficiency in critical minerals."
Aura Energy had positive meetings with the coalition government earlier this summer, welcoming the "clear direction of government policy in removing the ban and the strong commitment shown by politicians to attract investment into the country's mining industry." It added: "Sweden currently generates one-third of its electricity from nuclear power but relies entirely on imported uranium. The Swedish Government has planned to double the production of low-cost, reliable nuclear power by at least twice the current capacity. Allowing uranium extraction from Sweden's natural resources will enhance energy security, create jobs, and promote economic growth." The company recently took a minority stake in unlisted Australian mining company Neu Horizon Uranium Ltd. (Sydney, Australia) which holds a portfolio of high potential uranium projects in key mineralised regions of Sweden, including its flagship Vilhelmina shale-hosted uranium project in the heart of Sweden's Alum Shale uranium district. It has the potential to host multiple Tier 1 deposits of uranium and associated critical and battery metals, the company claimed.
Chair of Neu Horizon Uranium, Martin Holland said: "Every now and again, along comes an incredible opportunity in mining. This is happening in Sweden with uranium in 2025. Our collaboration with Aura Energy is a strategic step towards unlocking Sweden's uranium potential. Sweden holds large quantities of Uranium resources, and this collaboration will facilitate progress in regulatory engagement and technical advancements, aligning with Sweden's vision for energy security."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The draft law calls for the removal of a prohibition on uranium mining introduced into the country's Environmental Code and the Minerals Act in 2018. It comes as Sweden, which generates just under a third of its power from nuclear reactors, is looking to supercharge its nuclear fleet with the addition of 10 reactors over the next 20 years. For additional information, see August 21, 2023, article - Sweden to Build 10 Nuclear Power Reactors. Its fleet currently relies completely on imported uranium, and Sweden, which is sitting on a massive untapped uranium resource estimated at 1.4 million tonnes, wants to become self-sufficient and contribute to the European Union's (EU's) efforts to do the same when it comes to critical minerals
Sweden's uranium deposits are estimated to account for 27% of Europe's known reserves, while the Haggan Vanadium-Uranium Project, owned by Australian mining company Aura Energy (Queensland, Australia) is the world's fourth-largest uranium deposit. Sweden first proposed lifting the ban last year. For additional information, see March 06, 2024, article--Sweden Prioritizes Lifting Ban on Uranium Mining.
"It must be legal to take care of the Swedish uranium that is already out of the ground; it is completely incomprehensible that the miners had to treat it as waste," said Minister of Climate and Environment, Romina Pourmokhtari. "The Swedish mining and mineral industry is crucial for Sweden, Europe and for the climate."
"The ban on uranium mining was wrong when it was introduced, the fact that we are now removing it is positive for Sweden as an industrial and mining nation," commented Mats Green, group leader in the Moderate Party's economic affairs committee. "The ban has made it more difficult for us to mine other critical and strategic minerals that are often found together with uranium. With this decision, we can improve Sweden's and Europe's energy dependence and secure our self-sufficiency in critical minerals."
Aura Energy had positive meetings with the coalition government earlier this summer, welcoming the "clear direction of government policy in removing the ban and the strong commitment shown by politicians to attract investment into the country's mining industry." It added: "Sweden currently generates one-third of its electricity from nuclear power but relies entirely on imported uranium. The Swedish Government has planned to double the production of low-cost, reliable nuclear power by at least twice the current capacity. Allowing uranium extraction from Sweden's natural resources will enhance energy security, create jobs, and promote economic growth." The company recently took a minority stake in unlisted Australian mining company Neu Horizon Uranium Ltd. (Sydney, Australia) which holds a portfolio of high potential uranium projects in key mineralised regions of Sweden, including its flagship Vilhelmina shale-hosted uranium project in the heart of Sweden's Alum Shale uranium district. It has the potential to host multiple Tier 1 deposits of uranium and associated critical and battery metals, the company claimed.
Chair of Neu Horizon Uranium, Martin Holland said: "Every now and again, along comes an incredible opportunity in mining. This is happening in Sweden with uranium in 2025. Our collaboration with Aura Energy is a strategic step towards unlocking Sweden's uranium potential. Sweden holds large quantities of Uranium resources, and this collaboration will facilitate progress in regulatory engagement and technical advancements, aligning with Sweden's vision for energy security."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
