McClean Lake safe for now

The Federal Court of Appeal has granted a stay of an earlier decision by the Trial Division of the Federal Court of Canada that quashed Denison Energy‘s (DEN-TY) original operating licence for its 22.5%-owned McClean Lake uranium facility in Saskatchewan.

The stay allows McClean to continue operating until the Court comes to a decision on Denison’s appeal. A date has yet to been set for the appeal hearing, but Denison expects it to come before the end of next April.

On Sept. 24, the Court ruled that the Canadian Nuclear Safety Commission (CNSC) did not have the jurisdiction to issue the licence and that the project requires a new assessment under the Canadian Environmental Assessment Act.

The court decision followed a judicial review of the project requested by the Saskatoon-based Inter-Church Uranium Committee Educational Co-operative comprising Mennonites and members of First Nations. The group asked that a new environmental-impact assessment be completed, citing a recent study that showed contaminants from uranium mining move faster in groundwater than was believed at the time the original assessments were done.

The McClean Lake operations that began in July 1999 continue to meet or better all regulatory standards for health, safety and the environment.

Denison recently reported third-quarter earnings of $1.6 million (or 9 a share) on revenue of just under $9 million, compared with year-ago earnings of $608,000 (4 a share) on $4.5 million.

For the first nine months of the year, earnings came to $2.5 million (15 per share) on revenue of $24.5 million, compared with earnings of $525,000 (3 per share) on $15.5 million the previous year.

Denison’s shares were off 4 at $2.26 in early trade in Toronto on Friday.

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