Virginia uranium deposit to be sold to Canadian firm

Temperatures over the next week will be more typical of January. A Canadian mining venture, taking heart from Gov. Glenn Youngkin’s emphasis on nuclear power in his state energy plan , is buying a big uranium ore deposit in Pittsylvania County despite Virginia’s 40-year moratorium on mining the radioactive metal.

Toronto-based Consolidated Uranium Inc. will swap some of its shares for stock in Virginia Energy Resources Inc., in a deal that translates to more than 40% boost over the Virginia company’s recent share price.

The deal, valued at about $32 million, gives Consolidated ownership of the 3,000 acre Coles Hill uranium prospect, where surveys dating back to the 1980s discovered a deposit now believed to amount to nearly 133 million pounds of yellowcake uranium ore.

But since 1982, the General Assembly has blocked mining, concerned about how to mine radioactive ore and dispose of mining wastes safely as well as possible impact […]

About the author: StockMan
Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.
Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet