The Swedish government has announced plans to lift its ban on uranium mining, signalling a significant shift in the country’s energy and mineral resource policies.
This move, part of Sweden’s developing strategy to secure domestic critical mineral sources and transition to greener energy, has sparked renewed interest in uranium exploration and mining activities across the nation.
The Swedish Ministry of Climate and Enterprise has launched an investigation to determine the necessary rule changes for enabling uranium extraction.
Climate and Environment Minister Romina Pourmokhtari stated: “If the European Union is to become the first climate-neutral continent, access to sustainable metals and minerals must be ensured.”
This policy shift has been welcomed by several mining and exploration companies.
Basin Energy Limited (ASX:BSN) has reported progress in its Scandinavian exploration activities, particularly in the Arjeplog-Arvidsjaur uranium region of Sweden.
The company has applied for additional exploration ground and conducted field assessments at its Virka, Björkberget, and Rävaberget Projects.
Pete Moorhouse, Managing Director of Basin Energy, commented: “Basin is optimistic about the future of uranium mining in Sweden to sustain a carbon neutral world in a socially and environmentally responsible nature.”
Similarly, Mawson Gold Limited (TSXV:MAW), whose Swedish uranium assets are held via a wholly owned subsidiary, SUA Holdings, has expressed enthusiasm about the announcement.
Michael Hudson, Executive Chairman of Mawson, stated: “The Swedish government’s announcement represents a significant development for both Mawson and SUA.s .
“This aligns with Sweden’s broader energy strategy and commitment to expanding nuclear power capacity.”
Aura Energy, which holds the Häggån polymetallic project in Sweden, has also welcomed the investigation.
The company’s CEO, Andrew Grove, said: “This announcement is a logical step by the Swedish government towards allowing the extraction of uranium domestically to secure its own and others’ needs.”
The proposed legislative changes would restore the pre-2018 regulatory framework for uranium mining in Sweden.
The government aims to have new legislation take effect by January 1, 2026, following a consultation period and parliamentary approval.
Sweden currently operates six nuclear reactors, providing approximately 29 per cent of the country’s electricity.
The nation uses 2.4 million pounds of U3O8 annually and has committed to building two additional nuclear reactors by 2035.
This policy shift is expected to enhance Sweden’s domestic energy security and contribute to the European Union’s objectives of reducing dependency on external mineral supplies.
It also positions Sweden as a key player in critical minerals development, potentially attracting international investments in the mining sector.
As the investigation progresses and companies prepare for potential new opportunities, the uranium mining landscape in Sweden appears poised for significant transformation in the coming years.
