ASX-listed Aura Energy is now preparing for production at the low capital expenditure (capex), low operating cost Tiris uranium project, in Mauritania, where the company will implement strategic changes to focus on uranium and the high-growth demand for nuclear power.
The proposed strategic changes include the election of new board members – Phil Mitchell as independent chairperson and Warren Mundine and Bryan Dixon as independent nonexecutive directors – at the company’s annual general meeting (AGM) on December 21, subject to shareholder approval and completion of due diligence by the company's nominated adviser.
Martin Rogers, Peter Ward and Peter Reeve are expected to step down from the board following the AGM.
This new board will within the next six months run a process to appoint a new CEO at Aura with the right skill sets to take the Tiris uranium project into production.
With rapidly growing demand for uranium and nuclear energy driven by the shift towards a decarbonised energy system, Aura's new board will apply its significant experience to fast-track Tiris to near-term production.
Further, aligned with Aura's strategic focus on uranium, the company has proposed that its gold subsidiary Archaean Greenstone Gold be spun out and listed on the ASX in 2022, with a planned in-specie distribution to Aura shareholders.
This transaction will be subject to shareholder and ASX approval at an extraordinary general meeting planned for early 2022.