https://www.miningweekly.com

Australia's Aura Energy to float shares in London by end September

15th August 2016

By: Reuters

  

Font size: - +

LONDON – Australian uranium miner Aura Energy plans to list shares on the AIM market of the LSE by the end of September and aims to raise £2.85-million ($3.7-million), it said on Monday.

The company is already listed on the ASX with a market capitalisation of $510.50-million at the close on Friday and said in a statement it would issue new shares in London.

It will use the proceeds from the London listing to fund a potential Mauritania project, which is in the process of a feasibility study that is expected to finish in late 2017, and to develop its mine in Sweden.

Spot prices of uranium, used to make fuel for nuclear power production, have been depressed since the 2011 Fukushima disaster in Japan, which led Japan to shut down its reactors and created high stockpiles globally.

Demand is now growing rapidly, however, with China in particular aggressively building reactors, and uranium markets are expected to face a supply shortage by the end of the decade.

Aura Energy's chairman and CEO Peter Reeve said there was little new investment in the uranium sector and that the expected supply deficit presented an opportunity.

"The market opportunity for the next generation of uranium production projects is clearly evident and the long-term uranium growth fundamentals are highly positive," he said in a statement.

The world's largest uranium producers such as Areva and Cameco have said they will hold off on expansion and exploration projects due to low prices, despite forecasts for a supply shortfall.

Aura Energy also holds exploration permits for gold, soda ash and lithium in Mauritania, it said.

Edited by Reuters

Comments

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.112 0.146s - 106pq - 2rq
Subscribe Now