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Mining company denied payout for expected profits

FLAGSTAFF, Ariz. -- A federal court says a company's arguments that it lost out on up to $123 million in uranium mining revenue in northern Arizona are premature.

VANE Minerals LLC filed the complaint after the U.S. Department of Interior instituted a 20-year ban on new mining claims around the Grand Canyon.

The company argued that the ban is an unconstitutional taking of property and that it's entitled to compensation for expected profit loss.

The ban requires anyone with existing claims to prove sufficient quantity and quality of uranium ore before any mining could occur.

The U.S. Court of Federal Claims says VANE hasn't done so for any of its 678 unpatented claims. The court dismissed the complaint last week at the request of the federal government.

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