Canadian firm wants to mine uranium on the Arctic shelf

A Canadian firm has expressed interest in a potential uranium mine on the Canadian Arctic shelf, Reuters reported.

Canadian company Terra Nova Exploration (TNE) has proposed to mine a site at the Barents Sea in the north-east corner of the Beaufort Sea, the company said in a submission to the Canadian Environmental Assessment Agency (CEA) on Wednesday.

Terra Nova has previously expressed interest to mine the Kootenay Gold prospect in the region, which is also home to the U.S. Alaska oil and gas fields.

A company representative did not immediately respond to a request for comment.

The proposed mine would be the first in Canada to reach a depth of more than 5,000 metres, the CBC reported.

TNE also proposes to mine in the Bering Sea, an area that has been identified as a potential mine site by environmental groups.

In November, TNE and several other companies proposed drilling a drilling well at the site.

Terra is proposing to drill in the Beaufait-de-France region and would be working on its own plans to drill for uranium, according to Reuters.

“This is an exciting opportunity to develop the Kontum region and the Arctic in the new era of energy independence,” the company stated in its submission to CEA.

“We are committed to supporting our Canadian partners to exploit and mine the resource in the most environmentally friendly and sustainable way.”

Terra Nova’s proposal to mine on an Arctic shelf is one of several major projects in the works that could result in the loss of the world’s most important oil and natural gas resource.

The company plans to sell the Kotum area to an Israeli company, which would lease it back to Canada.

The area’s uranium reserves are believed to be worth between $2 billion and $5 billion.