Lotus Resources achieves funding for uranium project restart
Published by Jane Bentham,
Editorial Assistant
Global Mining Review,
Lotus Resources Limited has provided an update on restarting production at its Kayelekera Uranium Project in Malawi in 3Q25, with works progressing to ensure the Company becomes the next significant global uranium producer.
Highlights
- AUS$130 million Placement with AUS$25 million cash at end of September 2024 and Share Purchase Plan (SPP) to ensure a fully funded mine restart.
- Tranche 1 settled.
- Tranche 2 shareholder approval meeting scheduled for 6 December 2024.
- SPP currently closing on 14 November 2024.
- Onsite team of 150 expat and local personnel recruited and deployed.
- Camp and plant refurbishment underway.
- Critical long lead items ordered:
- Including calciner, scrubber and screw feeder.
- Significant spares and inventory onsite.
- Repaired and recommissioned key equipment including all transformers energised, apron feeder, mineral sizer, all conveyors, pre-leach thickener and fire water system.
- Awarded the EPCM contract for the acid plant refurbishment and relocation.
- Appointed key operations management personnel.
CEO Greg Bittar commented: “The successful placement of AUS$130 million, along with AUS$25 million cash we had at the end of September and SPP, ensures that we are fully funded to restart Kayelekera production in 3Q25. The progress to date is clearly visible with a whole host of site activities and work streams focused on lifting the tailings storage, repairing, refurbishing and recommissioning plant and equipment along with plant structural modifications. With a new team in place on site, safety is of utmost priority and so we have ensured the necessary management and supervision are in place to strive for a culture of and commitment to zero harm.”
Read the article online at: https://www.globalminingreview.com/mining/07112024/lotus-resources-achieves-funding-for-uranium-project-restart/
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