NexGen Energy (TSX: NXE) is nearing the conclusion of the environmental assessment review process for its flagship Rook 1 Uranium Project in the Athabasca region of Saskatchewan. The company today has submitted responses to the remaining technical review comments received from the federal regulator in February.
NexGen is said to have submitted today the responses to a total of 49 technical review comments, which are the remaining aspects of an original 274 questions the Canadian Nuclear Safety Commission had in relation to the project. The questions follow a technical review of the environmental impact statement that was submitted by the mine developer in June 2022.
A completeness check will now be completed by the Commission in the next 30 days, following which a technical review will be undertaken that is expected to take at most 60 days. Should all comments be resolved in relation to the environmental impact statement and the statement be accepted, a Federal Commission Hearing date will be set to complete the approval process of the uranium project.
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“The Company received Provincial EA approval in November 2023 and then submitted responses to the full Federal technical review comments and received ~80% accepted in round 1. The submission of these remaining 49 responses represents another significant milestone in the final advancement of the Federal EA for the Rook I Project,” commented NexGen CEO Leigh Curyer.
The Rook 1 project is a proposed underground mine and mill development that is expected to cost $1.3 billion to get up and running. Once operational, the mine is expected to be one of the largest uranium mines globally, with expected average annual production of 21.7 million pounds of U3O8. The first five years of production meanwhile anticipate average production of 28.8 million pounds, which would make NexGen one of the top producers globally of the metal.
NexGen Energy last traded at $10.88 on the TSX.
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