Basin enters First Nations agreement for uranium exploration drive in the Athabasca

BSN signs exploration agreement with Ya’thi Néné Lands and Resources Office for its Athabasca uranium projects
Agreement provides for meaningful employment and training opportunities for First Nations Communities
Deal comes as uranium spot price hits +US$74/Lb

Basin Energy has signed an exploration agreement with the Ya’thi Néné Lands and Resources Office (YNLR) representing Athabasca Denesųłiné First Nations and Athabasca communities, confirming consent for the company’s future exploration activities at the Geikie, North Millennium and Marshall uranium projects.

Basin has three projects in Canada’s Athabasca Basin, home to some of the highest-grade uranium deposits globally.

The region has a long history of uranium production and produces around 15% of the world’s uranium supply.

The First Nations agreement also comes as the uranium spot price hits US$74/lb, well above the US$60/lb commonly touted as the magical price needed for uranium projects to be viable.

Mutually beneficial relationships

The exploration agreement formalises the process for consultation, environmental management and information sharing.

It also provides a framework for the communities and the company to ensure the meaningful participation of the communities in the projects by providing economic, employment and training opportunities and benefits to support community development initiatives.

“Basin is committed to building mutually beneficial and transparent relationships with all rights holders impacted by our operations,’ MD Pete Moorhouse says.

“Sustainable and environmentally responsible operations are at the forefront of all exploration activities conducted by the company.

“We are pleased to have reached this agreement that formalises these commitments.

“We look forward to continuing to work closely with the Athabasca Denesųłiné First Nations and Athabasca Communities involved and are grateful for their involvement as we explore the exciting opportunities that the eastern Athabasca has to offer.”

Meaningful opportunities for First Nations

The YNLR represents the Hatchet Lake Denesułiné First Nation, Black Lake Denesułiné First Nation, Fond du Lac Denesułiné First Nation and the Northern Hamlet of Stony Rapids, the Northern Settlement of Uranium City, the Northern Settlement of Wollaston Lake and the Northern Settlement of Camsell Portage.

With a mission to protect the lands and waters of the Athabasca Basin for the long-term benefit of its Denesułiné First Nations and Athabasca communities, YNLR is guided by their knowledge, traditions, and ambitions while being a respected partner in relations with industries, governments, and organizations who seek to develop the Athabasca Basin’s resources.

“We are pleased to enter into this agreement with Basin Energy, as they are approaching development in our territory in a positive way that respects our communities and includes our knowledge and aspirations,” YNLR Elder and chairperson Mary Denechezhe said.

“This is our expectation of all companies seeking to operate in our territory.

“We look forward to building on this partnership by ensuring the land is respected and that meaningful opportunities come to our people.”

 

This article was developed in collaboration with Basin Energy, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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