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 […]

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