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It’s Uranium Rand, say Pamodzi, Harmony of new uranium venture
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25th April 2008
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The Pamodzi Resources Fund (PRF) and Harmony Gold last week announced the name of the new uranium venture, Rand Uranium.

The company, headed by former Gold Fields executive John Munro, was created through the sale of certain of Harmony’s uranium and gold assets.

Harmony said that a capital expenditure of R2,3-billion on the West Rand would create major employment and business opportunities.

It would have to build a uranium plant with a throughput of 500 000 t/m and a new dump site at an estimated cost of R1,7-billion.

The venture was expected to produce 2,2-million pounds a year of uranium at a cash cost of between $30/lb and $35/lb, excluding gold production coming from the tailings operations.

This level of production would establish Rand Uranium as the ninth-biggest uranium producer in the world, accounting for 2% of world production, behind uranium One.

PRF and Harmony jointly hold Rand Uranium, the result of a $420-million transaction between the two companies in December last year. PRF has a 60% stake and Harmony a 40% shareholding.

Edited by: Martin Zhuwakinyu

 

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