The company says extraction of uranium in the permit area is not worthwhile.
Gulliver Energy Ltd. (TASE: GLVR), the first Israeli company to receive a permit to explore for uranium, announced yesterday evening that it was halting its activity after findings in the field indicated that production of uranium from the exploration area was not economically worthwhile.
According to the interpretation of the data from the permit area in the Judean Desert, given the concentrations of uranium measured and the thickness and depth of the strata containing it, and current uranium prices on the world market, it would not be profitable to extract the uranium.
In 2012, the company, chaired by former Mossad chief Meir Dagan, received a permit to explore for uranium and radioactive metals in the Judean Desert. The permit was given for one year; it will expire in April. The permit area is 4,892 dunam (1,223 acres) between Arad and Sedom.
Published by Globes [online], Israel business news - www.globes-online.com - on March 18, 2013
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