This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Virginia's Coles Hill Uranium Deposit Faces Crucial Vote As Russia Takes Uranium One

If the General Assembly votes to lift the ban on permits and create regulations for mining uranium ore, it will then be up to state, federal and county authorities, including the Pittsylvania County Board of Supervisors, to decide whether or not to issue permits for mining the Coles Hill deposit.

However, even the opposition is confident that mining at the project will proceed once the moratorium is lifted. Nathan Lott, executive director of the Virginia Conservation Network, a coalition of environmental groups, conceded, “[y]ou don't create an expansive regulatory regime unless you have the intent to mine," as per a report by Rex Springston of the Richmond Times-Dispatch.

United States' bid for energy independence at risk

Energy independence in the United States relies heavily on the nation's ability to develop its own natural resources for domestic use. In a country that consumes 55 million pounds of uranium fuel a year, but only produces 4 million pounds, the development of significant uranium deposits like Coles Hill is all the more important.

That is especially true in light of Monday's news that Uranium One (TSX:UUU) will now be wholly owned by Russian state-controlled miner ARMZ. Uranium One holds the Willow Creek uranium mine, which is located in the Powder River Basin of Wyoming; it produced 214,800 pounds of U3O8 in 2011 and has significant potential for expansion. On Monday, Uranium One announced that ARMZ will pay C$1.3 billion for the remaining 48.6 percent of the company not already under its control. The Russian company plans to delist Uranium One. Uranium Investing News will continue to follow both these stories as they unfold.

 

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

Related reading:

Uranium Miners Grapple with Environmental Roadblocks in the United States

Uranium Spot Price Slips into New Year, but Higher Prices Coming

3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs