R/€ = 16.04 Change: 0.03
R/$ = 14.38 Change: 0.02
Au 1273.50 $/oz Change: -2.00
Pt 804.49 $/oz Change: -8.23
 
 
R/€ = 16.04 Change: 0.03
R/$ = 14.38 Change: 0.02
Au 1273.50 $/oz Change: -2.00
Pt 804.49 $/oz Change: -8.23
 
 
BACK

Niger and GoviEx agree on uranium project development

8th April 2019 BY: Creamer Media Reporter

Canadian junior GoviEx and the government of Niger have agreed on a framework to jointly develop the Madaouela uranium project, in terms of which the government will acquire an additional 10% working interest.

The 10% stake in the uranium project is in addition to the government’s 10% free-carried interest provided for under the 2006 Niger mining code.

Advertisement

GoviEx explained on Monday that the government would purchase the 10% by electing to convert about $14.5-million of the requested payments, comprised of the final €7-million acquisition payment and the settlement previously challenged taxes of $6.6-million.

Following this transaction, GoviEx would be effectively debt-free. It would also retain a right of first refusal to acquire the government’s 10% working interest in Madaouela.

Advertisement

The government further agreed to expand the Madaouela permit to add a further 5.96-million pounds of uranium oxide in the measured and indicated categories, while it would grant the company renewed nine-year permits for its other exploration permits.

The Madaouela project currently has probable reserves of 60.54-million pounds and is expected to operate for 21 years.

“GoviEx the factors influencing the uranium market fundamentals and the uranium price are improving and continues to prioritise completion of a feasibility study, and negotiations with debt providers and off-takers interested in the company’s long-term uranium development project,” the company stated.

It also announced a nonbrokered private placement of up to 15.88-million units at C$0.17 a unit. The proceeds would be used for exploration and development activities. 

EDITED BY: Mariaan Webb Creamer Media Senior Researcher and Deputy Editor Online
EMAIL THIS ARTICLE SAVE THIS ARTICLE ARTICLE ENQUIRY
Advertisement
 
 
Prev Next