- The Canadian government will provide C$970 million in financing to develop a grid-scale small modular reactor (SMR)
- OPG says an SMR will avoid about 740,000 tonnes of greenhouse gas emissions each year
- Four provincial governments (Saskatchewan, Ontario, New Brunswick and Alberta) are pushing ahead to advance nuclear power in Canada
- Saskatchewan’s Athabasca Basin is Canada’s leading producer of uranium
- Trench Metals has the right to acquire a 100-per-cent interest in two uranium projects in Saskatchewan’s Athabasca uranium district
- Trench Metals Corp. is a mineral exploration company with a focus on uranium
- Trench Metals Corp (TMC) opened trading at C$0.60
Trench Metals Corp. (TMC) is applauding the Trudeau government’s announcement to provide C$970 million in financing to develop a grid-scale small modular reactor (SMR).
SMR is a new nuclear technology touted as a key part of the country’s plans to reduce emissions, Natural Resources Minister Jonathan Wilkinson said on Tuesday.
Key highlights in the statement:
- The funding will be offered as low-interest debt from the Canada Infrastructure Bank’s (CIB) pool earmarked for clean power investments
- Ontario Power Generation (OPG) will be investing the funds so the SMR reactor can be built and fully functional at the Darlington Nuclear Generating Station by 2029
- Recognition that nuclear energy is critical to the achievement of Canada’s climate goals
- Once the SMR is built, OPG says it will avoid about 740,000 tonnes of greenhouse gas emissions each year — roughly the equivalent of gas emissions from 160,000 gas-powered cars.
Four provincial governments (Saskatchewan, Ontario, New Brunswick and Alberta) are pushing ahead with a plan to advance nuclear power in Canada.
Saskatchewan’s Athabasca Basin is Canada’s leading producer of uranium, with 90 per cent exported and the remaining 10 per cent fuelling nuclear reactors in Canada. Saskatchewan’s uranium is responsible for powering approximately 1 in 20 homes in the United States. According to the 2021 Fraser Institute Annual Survey of Mining Companies, Saskatchewan has retained its #1 spot as the best place in Canada. It is the second-best jurisdiction globally for mining investment attractiveness.
Trench Metals has the right to acquire a 100-per-cent interest in two uranium projects in Saskatchewan’s Athabasca uranium district and is actively exploring the Higginson Lake and Gorilla Lake properties.
Company President Mr. Simon Cheng commented on the news.
“This recent announcement of almost $1 billion in funding support from the Federal government to develop small modular reactor (SMR) is a meaningful milestone for the continuing renaissance of the nuclear sector and the increasing demands to explore for and develop new uranium deposits. Trench Metals is well positioned in the Athabasca uranium district to participate in this search for new uranium deposits.”
Trench Metals Corp. is a mineral exploration company with a focus on uranium.
Trench Metals Corp (TMC) opened trading at C$0.60.
