JOHANNESBURG (miningweekly.com) – Australian exploration firms Toro Energy and Deep Yellow on Thursday announced a new joint-venture agreement to explore for uranium in Namibia.

Deep Yellow’s Namibian subsidiary, Reptile Mineral Resource and Exploration will to spend A$3,5-million over the next two-and-a-half years on three prospecting licences owned by Toro subsidiary Nova Energy Nambia.

Reptile will earn a 65% interest in the JV, with Toro holding a 25% stake and black economic-empowerment firm Sixzone  Investments a 10% interest.

The companies said in a joint announcement that the new partnership had evolved from Toro’s review and restructuring of its African assets to advance projects more aggressively and to allow for additional focus on its Australian projects, which have potential for near-term production.

One of Toro’s three exploration licences lies immediately downstream from the operating Langer Heinrich mine and the companies aid that the project had the potential for the discovery of a similar-size mineralisation.

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