Areva to resume test drilling for uranium in Nunavut

Canada’s Areva Resources will continue test drilling for uranium this summer at its Kiggavik project site near Baker Lake, Nunavut, reports CBC.

The company has opened a winter road and intends to move about 200,000 litres of fuel and other supplies to the site.

The miner is in the process of applying for a permit to open Nunavut's first uranium mine.

Last June, Canada’s largest and newest federal territory, announced it was in favour of allowing uranium extraction only if the radioactive ore is used for peaceful and environmentally responsible purposes.

The uranium industry continues to face an uphill climb since the Fukushima disaster shut down 48 of the 50 reactors in Japan.

Prices for the commodity have fallen roughly 70% since its peak in 2007, while a majority of minerals have experienced price increases.

Across the globe there are approximately 500 nuclear reactors that are either planned or under construction, which is more than double the number of reactors currently in use.