Canada's NexGen receives environmental assessment approval for uranium project

Nov 9 (Reuters) - Canadian uranium miner NexGen Energy has received Saskatchewan's environmental assessment (EA) approval to proceed with the development of its 100%-owned Rook I Project, the company said on Thursday.

The Rook I Project, which has a total initial capex of C$1.3 billion ($943 million), is the largest development-stage uranium project in the country.

NexGen said it was the first company in more than two decades to receive full provincial EA approval for a greenfield uranium project in Saskatchewan.

The approval will allow the company to progress with securing other provincial and federal approvals to construct the project.

Demand for uranium from nuclear reactors is expected to climb by 28% by 2030 and nearly double by 2040 as governments ramp up nuclear power capacity to meet zero-carbon targets, according to a report by the World Nuclear Association (WNA). ($1 = 1.3783 Canadian dollars) (Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)