TORONTO (miningweekly.com) – The strategic partner of Canadian Stock Exchange-listed GoviEx Uranium, Toshiba Corporation, one of the world's largest nuclear reactor vendors, has agreed to extend an early redemption right of its $10-million uranium loan (B Bond) by two years to December 31, 2017.
"By agreeing to this extension, GoviEx and its strategic partner Toshiba reaffirm our commitment to the commercial development of the Madaouela project, in the prolific Arlit uranium-mining district of northern Niger," GoviEx CEO Daniel Major stated.
GoviEx executive chairperson Govind Friedland welcomed the agreement as a "definitive confirmation of the ongoing, high-level and long-term support that we continue to receive from Toshiba, our largest nuclear-industry partner”.
GoviEx was optimistic that the extended redemption date would more closely align with improved uranium market conditions.
“Indications from Japan point to the continued restart of idled nuclear power plants and the outlook includes significant anticipated growth in nuclear power production in China, India and the Middle East," Friedland added.
GoviEx remained focused on advancing the mining permit application process for its Madaouela project. The company hoped to become a significant uranium producer through the continued exploration and development of Madaouela and its other uranium properties in Niger.