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Vimy Resourceshas relied on heroic assumptions about prices, unfounded optimism about a booming nuclear industry, and has ignored regulatory risks and mine closure costs in its Definitive Feasibility Study (DFS) for the proposed Mulga Rock uranium mine to the east of Kalgoorlie, a new report by the Australia Institute has found.

The report, commissioned by the Australian Conservation Foundation (ACF) and the Conservation Council of WA (CCWA), will be released tomorrow as shareholders gather at Vimy Resources AGM in Perth.  

Dr Cameron Murray of The Australia Institute said, “The report clearly shows that, based on plausible assumptions about exchange rates and uranium prices, the proposed Mulga Rock uranium mine is unprofitable.

“The Mulga Rock DFS is ambitious to the point of heroic. The projections for the future role of nuclear power are extremely optimistic, and the economic assessment of the project’s position in the global uranium marketplace fails to accurately reflect the international situation,” Dr Murray said.

CCWA Nuclear Free Campaigner Mia Pepper said, “This report is a reality check for shareholders making investment decisions that would not only adversely affect their back pocket, but also impact a unique part of WA’s backyard.”

“Vimy Resources is putting a brave face on a speculative roll of the dice,” said ACF Nuclear Free Campaigner Dave Sweeney.

“The company lacks finance, full approvals, social licence, and a market. Having a gamble is hardly news in the mining sector, but gambling with the product that fuelled Fukushima and always generates long lived radioactive waste is not acceptable, and will be actively contested.”

The full report can be found here

Reports will also be available outside the company’s AGM: Friday 30 November 11am at the Hyatt Regency Hotel, 99 Adelaide Terrace, Perth, WA.

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