District Metals (DMX.V) has announced the Swedish parliament voted to repeal the moratorium on uranium mining and exploration in Sweden. New legislation will come into effect on January 1st next year which will see the lift on the moratorium while uranium will be classified as a concession mineral, bringing it into the same regulatory regime as other minerals.
This will allow District to investigate the economic potential of its flagship Viken project in Sweden, which hosts 176 million pounds of uranium in the indicated resource category and an additional 1.54 billion pounds in the inferred resource. This makes the Viken deposit the largest uranium deposit in the world, and could potentially help reduce the European Union’s reliance on imported uranium. This of course remains subject to a positive economic study and an actual decision to develop the asset), but lifting the ban on uranium mining and exploration is an important step in the right direction.
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