Lobbyists fighting against the Karoo Uranium Project (KUP) in the Karoo region, Western Cape, South Africa,will not need to go the circuitous legal route to push for their cause, as economic factors have hindered the implementation of the project .
According to press reports, Peninsula Energy has decided to divest its interests in the KUP.
The news is music in the ears of the the Southern African Faith Communities’ Environment Institute (Safcei) and its community partners, which, for years, has been fighting to prevent uranium mining activity in the Karoo region .
Activists have argued mining is a direct threat to the complex underground water systems, which serve as the main water source for this arid region.
Market forces have driven Peninsula on the brink of technical insolvency. In the past months the price of uranium oxide has breached $35 per pound of uranium, a figure that does not favour a greenfield mining investment, let alone existing mines.