Malawi sells Livingstonia uranium site for K 21 million – Malawi 24
Kayelekera Uranium Mine
Malawi sold its Livingstonia uranium site for 21 million Kwacha ($ 25,000) to Lotus, the Australian company that bought Kayelekera’s stake from Paladin.
The company says the Livingstonia site will help increase its global uranium by 16% to about $ 4 per 1,000 kilograms of uranium for 3 kwacha.
“The project, which is located about 90 km southeast of Lotus’s Kayelekera uranium project, harbors a historic inferred mineral resource of some 8.3 million tonnes, grading 325 parts per million for six million pounds of ‘uranium oxide (U3O8), “reads a report from the Mining Weekly news site.
âThis is an extremely profitable acquisition for Lotus with the potential to increase our global mineral resources by 16% for less than $ 0.004 / lb U3O8. More importantly, we have increased our land ownership in the highly promising, but poorly explored, area of ââLivingstonia, 187 km2, âsaid Lotus Managing Director Keith Bowes.
âThere are several targets ready for drilling on our Livingstonia concessions, including at the boundary of the Livingstonia resource where an airborne radiometric survey indicates that mineralization is continuing in our existing concessions.
âThis area, along with the previously reported high grade interceptions, will be the basis for the first phase of exploration which will begin towards the end of this year. Other potential targets, including Livingstonia North and Chilumba, will be tested in future exploration programs.
“Assuming exploration success, the company will undertake ore sorting test work on the Livingstonia material in 2022 as part of the process to determine whether Livingstonia could become a future satellite operation for the company,” a Bowes said.