Uranium Projects Depends on Funds Availability

EQUINOX Minerals Limited expects to construct the Lumwana Uranium Project, if it successfully negotiates off-take agreements and secure financing.

According to Equinox Minerals Limited results for the first quarter, the company believes there are significant opportunities at the Lumwana Project to expand and optimise the concentrator.

The estimated plant construction period is 18 to 24 months should Equinox be successful in negotiating viable uranium off-take agreements and securing requisite project capital financing.

The report also states that the project will depend on the board’s decision.

“The decision to proceed with the development of the Lumwana Uranium project will depend, subject to board approval, on a number of factors including improvements in the international project financing climate, as well as market prices for uranium oxide,” it reads.

Equinox has finalised the uranium feasibility study, which investigated the on-site treatment of discrete and high grade uranium mineralisation contained in the Lumwana copper 
pitshells.

Last October, Zambia enacted a Uranium Prospecting and Mining Act to enable mining, processing, storage and transportation.

Government indicated recently that it would issue two oranium mining permits in the second quarter.

Minister of Mines and Minerals, Maxwell Mwale said permits would be issued to Lumwana and African Energy Resources in conjunction with Albidon Limited, 
]Many foreign firms including African Eagle Resources, Zambezi Resources, Lithic Metals and Energy Limited and Denison have discovered uranium deposits.