Ontario Hydro has failed to make two payments worth about $3.2 million each for the delivery of shipments of uranium, Denison Mines (TSE) says.
The mining company says Hydro has instead forwarded the funds to a bank on the basis that Hydro has the right to have the payment applied as a prepayment of a Denison mortgage loan which is guaranteed by Hydro and secured by one of Denison’s Elliot Lake, Ont., housing subdivisions. Denison is closing its mining operations at Elliot Lake.
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