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UPDATE: Strateco Shares Slump in Heavy Trading as Quebec Halts Uranium Mining

Strateco Resources Inc. (RSC.TO) fell nearly 60% in afternoon trading in the first trading session since last week's decision by the Quebec government to effectively impose a moratorium on uranium mining in the province.

Strateco, which has invested more than $120 million in its Matoush uranium project in northern Quebec, has said it intends to investigate the legality of the province's move, Canadian Press reported.

In a statement issued shortly after the announcement, Strateco president and CEO Guy Hebert said that "in addition to overlooking the recommendations of his own review committee, the minister has also completely ignored the Canadian Nuclear Safety Commission's expert opinion. These internationally recognized experts have all concluded, without exception, that our project is safe."

RSC shares fell 58% to $0.05 on volume of 6.28 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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