Victoria’s decision to pay a Vancouver miner $30 million for expropriating uranium claims near Kelowna has prompted another local company to advance its claim against the government.
On Friday, International Montoro Resources (TSX-V:IMT) said it was proceeding with its claim against the Liberal government for expropriating its Cup Lake-Donen uranium deposit in April 2008.
The deposit is directly adjacent to Boss Power’s (TSX-V:BPU) former Blizzard uranium claims, which it surrendered to the province this month in exchange for a $30 million settlement. (See “Province pays Vancouver miner $30 million settlement” – BIV Business Today, October 20.)
In 2009, Business in Vancouver revealed both companies were suing Victoria for tens of millions of dollars in compensation for effectively expropriating their mineral claims. (See “Lawsuits launched over B.C.’s uranium mining ban” – issue 1033; August 11-17, 2009.)
That expropriation came in the form of a provincewide ban on uranium exploration and mining, a decision industry proponents have argued was both arbitrary and detrimental to mining in B.C. (See “Uranium miners rushing everywhere but here” – issue 1108; January 18-24.)
Now, International Montoro is seeking compensation for its properties, claiming that is has sunk nearly $2 million in the ground.
A source familiar with the situation told BIV that a number of companies are currently advancing claims against the province regarding uranium properties.
This occurs while the Christy Clark government actively promotes the mining industry as a cornerstone of the BC Jobs Plan, going so far as to “ensure” eight new mines are in operation in B.C. by 2015.
Only one major new metal mine has opened in the province in the last decade.
The province has so far remained steadfast in its commitment to ban uranium mining and not permit the production of nuclear power in B.C.
Joel McKay
@jmckaybiv