JOHANNESBURG (miningweekly.com) – Uranium Resources’ major shareholder, Estes, on Wednesday confirmed that it would continue to fund the company’s ongoing working capital requirements while the company reviews alternative financing arrangements.
To date, Estes has provided unsecured loans totalling $1.8-million, which are now fully drawn down.
Meanwhile, Uranium Resources said the Tanzanian Ministry of Energy and Minerals has granted it a prospecting licence over the Mtonya project area.
The licence is subject to the provisions of the Tanzanian Mining Act of 2010 and is valid for 48 months to be followed by standard renewals.
It was now in discussions with a potential strategic partner for the development of Mtonya; however, it stated that there can be no assurance that these discussions will lead to a successful outcome for the company.
“Given the continued depressed state of the uranium market, the board is also assessing a number of options for the future development of the company,” it highlighted.