Vimy Resources Cheers WA Labor Government Decision

THE BOURSE WHISPERER: Vimy Resources (ASX: VMY) threw virtual confetti in the air as it welcomed the statement by Western Australia Minister for Mines and Petroleum Bill Johnston regarding the State Labor Party’s uranium policy.

Johnston announced that WA uranium mines approved in the final weeks and months of the Barnett government will be allowed to proceed, although the government will maintain its policy of banning any new uranium mines.

Vimy Resources said that the announcement confirms the company’s Mulga Rock project has State Ministerial Approval and will be legally entitled to obtain all secondary approvals.

Vimy added that the statement provided clarity and demonstrated consistency in the approach by Premier McGowan and his Cabinet.

Vimy considers the Government’s statement to have provided absolute assurance the Mulga Rock project will be allowed to proceed as it moves through to development, as it is entirely consistent with the policy that was adopted by Premier Mark McGowan when he first became Leader of the Opposition in 2012, and the position announced by Minister Johnston on ABC Radio on 27 March 2017.

“Cabinet endorsement of Premier McGowan’s long standing policy position on uranium refutes claims by those who sought to misrepresent the Premier’s position and argue that Vimy had not achieved the necessary approvals,” Vimy Resources managing director and CEO Mike Young said in the company’s announcement to the Australian Securities Exchange.

“This announcement puts the issue beyond doubt.

“We look forward to working with Minister Johnston in becoming WA’s first uranium mine and in the process, not only create new jobs in Western Australia but contribute to an industry that represents a real solution to the problem of global carbon emissions.”