Peru Goes Big with Uranium Mining

May 25 (LPAC)--The uranium-rich nation of Peru is now ready to go big with the mining of its uranium resources to feed the growing hunger for nuclear power across the world, Industrial Info Resources of Texas reports.

A joint venture formed by the Canadian Vena Resources and Comeco Corporation has concessions mainly in the southeast region of the country in the Macusani where uranium reserves are estimated in 66 million pounds. Comeco is to invest $10 million in exploration; if the results are successful, the firm will perform a feasibility study for the construction of a $500 million plant to produce dressed uranium. Other companies such as Cardero Resources, Solex Resources, Frontier Pacific Mining, Strathmore Minerals and Wealth Minerals are currently exploring Peru's center and northern areas.

The price of each pound of uranium has increased four times in a year due to the intensified demand for the construction of new nuclear power plants. At present there exist 442 nuclear reactors in the world; 251 new ones are being planned or under construction. This increase in the demand for nuclear plants coincides with the world need to generate electricity