https://www.miningweekly.com
Design|Engineering|Infrastructure|Power|PROJECT|Resources|Infrastructure|Operations
Design|Engineering|Infrastructure|Power|PROJECT|Resources|Infrastructure|Operations
design|engineering|infrastructure|power|project|resources|infrastructure|operations

Lotus receives firm commitments to raise A$130m to support Kayalekera restart

The Kayelekera uranium mine

The Kayelekera uranium mine

24th October 2024

By: Creamer Media Reporter

     

Font size: - +

ASX-listed Lotus Resources has received firm commitments for a non-underwritten two-tranche placement to raise A$130-million, or $87-million, at A$0.25 a share to support the accelerated restart of its Kayelekera uranium project, in Malawi.

“This is a terrific outcome for Lotus and we are grateful for the support of our existing shareholders and the very strong interest and participation from new shareholders, including many international investors. We look forward to advancing Kayelekera and delivering on our vision of becoming the next global uranium producer in 2025,” says CEO Greg Bittar.

The placement will see the company issuing about 520-million new shares.

Earlier this month, the company published an accelerated restart plan for Kayelekera project, following the completion of front-end engineering design. As part of the plan, the time to first uranium production had been reduced from about 15 months to between eight and ten months by phasing in the completion of nonessential site infrastructure, such as grid power and an acid plant rebuild, beyond first production. 

The accelerated restart plan reduces the initial restart capital through a phased approach by focusing on capital items essential to the restart, with the remaining capital expenditure (capex) continuing off the critical path to optimise operations and cost structure. 

As a result, the initial restart capex to first uranium production had been reduced to $50-million from $88-million previously.

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Avlock International
Avlock International

Avlock International is a leading manufacturer and distributor of Specialized Fastening Systems.

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (29/11/2024)
29th November 2024 By: Martin Creamer
Magazine video image
Magazine round up | 29 November 2024
29th November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.084 0.118s - 129pq - 2rq
Subscribe Now