The French nuclear group Areva said Tuesday it was delaying developing a uranium mine in Canada, where operations were scheduled to begin in 2010, in light of recent falls in the price of uranium.
It said the decision affected the Midwest mine, located in the Canadian province of Saskatchewan.
Explaining what it called a "strategic" decision," Areva cited a recent decline in the price of uranium and a significant increase in exploitation costs in the region.
"If it were launched today, the profitability of the project would be uncertain," the company said.
Areva in December 2007 announced the creation of joint venture with the Japanese group Ourd Canada and the Australian-Canadian company Denison-Mines to develop the Midwest mine, which has an estimated capacity of 14,000 tonnes of uranium.
Initial work on the project was to have begun in mid-2009. Areva has a 69.16 percent stake in the joint venture.
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