Wall joins uranium company board
SASKATOON Former Saskatchewan Premier Brad Wall says he is excited and honoured to join the board of a uranium exploration and development company that aims to build a mine in the Athabasca basin.
Nextgen Energy Ltd., which is headquartered in Vancouver, announced Wall’s appointment to its board on Thursday. In an interview, the former premier said the company ticked all of the right boxes for him.
“I’ve been always interested in the industry. Obviously, there’s a huge economic impact for the north. But this company’s been doing some amazing things on the social side (as well),” he said.
Those initiatives include a breakfast program for students in nearby La Loche, Sask., other community partnerships and local hiring, he said. Nexgen also runs a dog fostering program out of its exploration camp.
Leigh Curyer, the company’s CEO, said Wall is an “outstanding addition” to its board as Nexgen moves toward the feasibility phase for its flagship Arrow uranium deposit in northern Saskatchewan.
“He is highly in demand given his skills and experience and track record in the province and in Canada. He’s a very strong advocate for the province on an economic and environmental and social welfare perspective,” Curyer said.
Wall, who took a position as a consultant with the Calgary law firm Osler, Hoskin & Harcourt LLP after leaving politics, has long been regarded as a champion of the resource sector in Saskatchewan and Western Canada.
“That’s what I think the entire board and executive team is focused on, getting it to that operational stage … because that’s when the benefit gets really big,” he added.
Asked what he expects from his first stint on a corporate board, Wall acknowledged that he has a lot to learn, but said he hopes to put his international trade experience to work opening more markets for Canadian uranium.
According to a pre-feasibility study concluded late last year, Nexgen’s Arrow deposit — which is about 600 kilometres north of Saskatoon — has a net present value of $3.7 billion and would cost $1.25 billion to build.
While the global uranium market has been in the doldrums since the 2011 Fukushima Daiichi nuclear disaster sent prices spiralling downward, Curyer said the company’s project would work in the current price environment.
“It’s a relatively simple mining method and will actually set new environmental standards, and its cost per pound will make it one of the most competitive, lowest-cost uranium mines for an operation producing more than 10-million pounds per annum.”
Nexgen’s corporate filings show that its independent directors earned between $220,058 and $667,140 in the 2017 fiscal year, the bulk of which was made up of stock options. Cash fees ranged from $24,511 to $80,000.