Sweden has a significant amount of the known deposits of uranium in all of Europe. There’s only one problem: uranium mining is currently not allowed in the country. But now, that might be changing.
What’s happening:
- The Swedish government has announced they will open up an official investigation into lifting their moratorium on uranium mining
- The Swedish Ministry of Climate and Enterprise will begin moving forward immediately on presenting the regulatory changes required to allow uranium extraction to be allowed in Sweden
- A rapid investigation into lifting the uranium moratorium has been initiated and shall be reported no later than May 15, 2024
Why it matters:
- This is a pivotal moment for nuclear energy in Sweden, as the country previously put a ban on all new uranium mining with their country wide moratorium
- Because sources of carbon free energy are so important to the energy transition in Europe and getting closer to net zero emissions, Sweden’s potential new regulatory decision is highly anticipated
Who is making moves:
- District Metals (TSXV: DMX) is the sole owner of one of the most important uranium deposits in all of Sweden known as the Viken Deposit
By the numbers:
- Sweden holds approximately 25% of all known uranium deposits in Europe
- District Metal's Viken Deposit spans over 9,000 hectares of land and previously had historical resource estimates showing it contains 1 billion pounds of uranium
Going deeper:
- Europe has recently been making a big push towards nuclear energy, with recent government investment from the United Kingdom and multiple other countries
