In a move towards broadening its exploration horizons and aligning with the global energy transition, Australian Rare Earths (AR3) has unveiled plans to incorporate uranium into its portfolio.
The company on Wednesday announced an option to acquire the Overland uranium project, situated in the Murray bBasin of South Australia.
With an eye on expanding exploration ventures, AR3 views the acquisition as a step towards diversification. In a statement, CEO Travis Beinke emphasised the importance of the option acquisition, stating that integrating uranium into its portfolio will complement its rare earth exploration projects, particularly those in north Queensland and the flagship Koppamurra rare earth project in South Australia.
The Overland project, spanning 1 981 km2, holds considerable promise, according to AR3’s assessments. Located about 220 km south-west of Boss Energy’s Honeymoon mine, the project shares geographical similarities with other successful uranium ventures in the region.