British company discovers uranium in Chile

April 4th, 2008 - 5:56 pm ICT by admin  

Santiago, April 4 (IANS) A British company has found huge reserves of uranium deposits in southern Chile’s Bio Bio region, Spain’s EFE news agency EFE reported Friday. The Britain-based company U308 Holdings has found uranium deposits in the Cajones area of southern Concepcion city, the news agency quoted the El Mercurio newspaper as saying.

The deposits were discovered in one of the nine blocs where the company is conducting tests, the company officials said.

Officials said it would be too early to determine whether the uranium deposits would be economically viable for mining, the report said.

In addition to Cajones, chances are also good of finding uranium in Peralillo, an exploration bloc located near Los Angeles, another city in Bio Bio.

“We are excited with the initial results of the geochemicals in Cajones,” U308 Holdings Plc president Conrad Winham said.

The analysis of the exploration blocs would be completed in mid-April when the company would be able to say the size of the total deposits, he added.

The uranium discovery coincided with a push by the government to conduct studies on the possibility of building nuclear power plants as part of an effort to diversify the country’s energy sources.

Though President Michelle Bachelet has said a decision on nuclear plants would not be made during her administration, the initiative has started a nation-wide debate, with some supporting it while others opposing it.

The government’s plan provides incentives for investment in alternative energy sources, such as wind power, geothermal energy, biofuels and others, that would allow Chile to reduce its dependence on imported oil and natural gas.

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