Sweden depends upon fossil fuels for less than ten percent of its electricity generation. You do the math. For future electricity generation, Swedes must face a choice between increasing their nuclear power capacity and escalating their meager dependence upon fossil fuels. A March 2005 poll revealed an astounding 83 percent of those surveyed would support the country’s plans to maintain, or even increase, its nuclear power program.

The choice may already exist in Swedish laws. A spokesman for the German Atomic Forum, Christian Woessner, pointed out in a recent media interview, “Under Swedish law the (nuclear) plants can not be closed until there is a viable alternative.” Because Sweden is about 47-percent dependent on nuclear power, Swedish parliament has repeatedly delayed plans to shut down it stations. What once were target dates of 2010 have been reportedly moved back as far away as the year 2050. A recent Swedish article discussed a summary of investments in the country’s energy sector through the end of the decade. More than 25 percent will be invested in modernizing and upgrading Swedish nuclear plants.

Increased Uranium Exploration Activity

At this time, uranium mining is banned in Sweden. Will that soon change? In November 2005, Platts carried a news item that the world’s second largest uranium producer Cogema, a subsidiary of Areva, was spending about 1.7 million euros on prospecting in Sweden. The industry giant announced plans to narrow down mining sites, after its initial prospecting. Krister Soederholm, chief inspector of mining at the Ministry of Trade & Industry, told Platts that Sweden would respond positively if Cogema’s activity “would be of significant benefit to the country.” Conscientious Sweden is still reeling from a recent media expose showing that the country now imports a large portion of its uranium from Kazakhstan, where mining conditions are reportedly abysmal.

On July 11th, one Canadian-traded uranium development company announced its NI 43-101 resource for three of its uranium properties in Sweden. We spoke with Michael Hudson, Chief Executive of Mawson Resources (TSX: MAW; Frankfurt: MRY), about the company’s prospects. First, he explained that Sweden hasn’t had any uranium drilling since about 1984 or 1985. “It’s the only part of the nuclear cycle the Swedes are missing out on,” Hudson told us. He hopes to bring uranium mining back to Sweden.

Mawson has focused its exploration/development efforts in the northerly provinces. “Those are mining districts,” said Hudson. “People are comfortable with mining in that part of the world.” In the past three years, three new mines have been opened. Despite the latitude, Hudson explained, “Mines up there are running all year around.” On that basis, Hudson began negotiating for uranium properties in late 2003, before the uranium bull market had gained traction. He began acquiring properties, previously drilled by the Swedish government at a cost of $46 million in 1970s dollars.

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