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Moab Minerals acquires uranium projects in Tanzania

Published by , Editorial Assistant
Global Mining Review,

Moab Minerals Limited has announced that it has completed the acquisition of Linx Resources, which holds a diverse portfolio of advanced, large-scale uranium projects in Tanzania.

Moab has acquired 81.85% of the shares in Linx, plus an additional 7.75% following the conversion of loans owing to Moab by Linx, bringing Moab’s ownership of Linx to 89.6%. Linx is the 80% owner of certain prospecting licences comprising the Manyoni Uranium Project and the Octavo Uranium Project, both located in Tanzania.

Moab Managing Director, Malcolm Day commented, “The completion of the acquisition of such high potential uranium projects is transformational for the company. The fact that Uranex Ltd previously explored, and extensively drilled, the Manyoni Uranium Project from the early 2000’s to 2013, assists the company greatly. There is a large volume of historic exploration data, including drilling data, that the company has access to that will effectively save the company a lot of time and money. The Fukushima disaster in 2011 had a dramatic impact on the uranium price, and thus most pre-production uranium projects worldwide were shelved. Given the current uranium price of circa US$85/lb, Moab is in the right place at the right time to re-evaluate the Manyoni Uranium Project and to commence exploration on the Octavo Uranium Project.”

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African mining news