PERTH (miningweekly.com) – The Foreign Investment Review Board (FIRB) has approved uranium miner Paladin Energy’s proposed sale of its Manyingee mining lease, in Western Australia.
Paladin and ASX-listed Avira Energy, previously known as MGT Resources, in July last year signed a binding term sheet under which Avira will acquire a 75% interest in the project for A$30-million.
Avira shareholders earlier this month approved the transaction, which will see the newly named firm acquire an initial 30% interest in the project for $10-million and will form a joint venture (JV) over the project with Paladin.
Avira will then have an option to acquire an additional 45% of Manyingee JV from Paladin for $20-million, exercisable for 12 months following Manyingee JV's preparation of a plan to conduct a field leach trial for uranium extraction by in-situ recovery method.
The proposed transaction is still conditional upon Avira financing.