Peninsula hopes to sell Karoo project
PERTH (miningweekly.com) – ASX-listed uranium miner Peninsula Energy will divest of its 74% interest in the Karoo projects, in South Africa.
The company on Wednesday told shareholders that while it had advanced the Karoo projects from exploration to early stage prefeasibility over the past decade, Peninsula has now decided to focus its future capital expenditure on the operation Lance projects in the US, to take full advantage of long-term sales contracts, which extend out to 2030 and are well above the current and predicted spot prices.
Peninsula noted that depending on the nature of potential transactions over the Karoo projects, the company could opt to retain some level of exposure to the assets, albeit at a significantly reduced level.
In the meantime, Peninsula has committed to support its South African project partners to pursue permitting for the Karoo projects during the divestment process.
The Karoo projects consist of some 40 prospecting rights over 7 800 km2, hosting Joint Ore Reserves Committee-compliant resource of 56.9-million pounds of uranium oxide equivalent.
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