COAL, URANIUM & OIL SANDS — Cameco plans Australian exploration

The youthful Australian unit of Cameco (CCO-T) will have a $4-million budget to work with this year, the largest since the company opened its Australian office in 1992.

Cameco Australia, which maintains an office in Darwin, Northern Territory, currently has a stable of five properties in the territory and two in Western Australia. Most of the unit’s activities have centred on property examinations and acquisitions.

Uranium occurrences similar to those in Saskatchewan, such as the large deposits at Nabarlek, Jabiluka, Koongarra and Ranger, are well-known in Australia (all are about 200 km east of Darwin). Most of Cameco’s exploration will concentrate on targets such as these.

Australia is reviewing its 1978 environmental codes governing uranium mining, which followed a 5-year moratorium on uranium exploration. Following the Australian High Court’s decisions in the Wik and Mabo land claims cases, which greatly expanded the area that might be subject to Aboriginal land claims, Cameco has also found it important to develop strong relationships with local land holders and aboriginal groups.