Lyntek Inc. has published the "Coles Hill Conceptual Study," an engineering and feasibility study that looks at a proposed uranium mine and mill in Pittsylvania County. The proposed mining operation in Southside Virginia is likely to bring 350 jobs and about $40 million to the local economy according to the study.
The study was commissioned by Virginia Uranium Inc. which announced plans to explore uranium mining at Coles Hill three years ago. Coles Hill is located six miles northeast of Chatham. The uranium deposit located here was discovered in the early 1980s.
It is supposed to be the largest uranium deposit in the Unites States and has an estimated value of $7 billion. The study estimates the initial investment of setting up the uranium mine and mill at $200 to $220 million.
The project is expected to have a lifespan of about 30 to 35 years and is expected to generate annual revenue between $100 to $140 million depending on ore grades and the production rates. Patrick Wales, project manager for Virginia Uranium, said the study conducted by Lakewood, Colorado based Lyntek Inc. is largely consistent with the company's own estimates.