PERTH (miningweekly.com) – Dual-listed junior Aura Energy has reported a 52% increase in the measured and indicated resource at its Tiris uranium project, in Mauritania.
The measured and indicated resource now stands at 62.1-million tonnes at 216 parts per million (ppm) uranium oxide, for 29.6-million pounds of uranium oxide.
The project’s global mineral resource estimate currently stands at 113-million tonnes, grading 236 ppm uranium oxide for 58.9-million pounds of uranium oxide.
“The significant increase of our measured and indicated resources confirms our confidence that the Tiris province has great expansion potential. Our immediate focus is now to work with our Mauritanian stakeholders, offtake providers, investors and financing partners to progress towards a decision to mine in the third quarter of 2023, a target construction timeline of the fourth quarter of 2023, and first production expected in late 2024 or early 2025,” said Aura Energy MD Dave Woodall.
“Our exploration success is creating a strong platform for growth for Aura’s shareholders and our Mauritanian partners, and an exciting new zero-carbon energy source for an increasingly energy-hungry world.”
Aura recently inked a mining convention with the government of Mauritania, covering an initial 30-year period and providing stability for the project by defining the legal and economic conditions that would allow mining at the site.
The mining convention includes a tax rate of 25%, a royalty rate of 3.5% free-on-board value, value added tax exemption for the import of movable goods, materials, equipment, vehicles and other inputs, the right to import and transport mineral substances required for mining, a defined State participation of up to 20%, and an accelerated depreciation in the first three years following the start of commercial production.