Uranium manufacturing will resume by the top of subsequent 12 months at the Honeymoon uranium mine in north-east South Australia, the proprietor says.
Key factors:
- The Honeymoon uranium mine has been mothballed since 2013
- Uranium costs have elevated not too long ago
- Owner Boss Energy says it can produce 2.5 million tonnes of uranium yearly by 2026
Boss Energy introduced this morning that it had signed off on a $113 million improve of the mine close to Broken Hill, after earlier plans to revive the mine have been shelved in 2013 due to low uranium costs and excessive manufacturing prices.
Production is anticipated to start by December subsequent 12 months, with the outback mine forecast to produce 2.5 million kilos of uranium per 12 months by 2026.
In an announcement to the ASX, Boss Energy stated it had raised capital for the challenge by means of $125 million in share gross sales in March.
The firm’s managing director, Duncan Craib, and director Bryn Jones briefed South Australian Mining Minister Tom Koutsantonis on the challenge on Friday.
Uranium costs have nearly doubled for the reason that begin of 2021, to greater than $55 per pound at this time.
“This final investment decision puts Boss firmly on track to be Australia’s next uranium producer,” Mr Craib stated.
“We are fully funded with no debt, fully permitted and (have) extensive infrastructure in place.
“Our front-end engineering research are accomplished and we’re prepared to order key gear and begin development instantly.
“This puts us in an extremely strong negotiating position with utilities and ensures we can capitalise on the looming uranium supply deficit.”
Long historical past of ups and downs
The Honeymoon deposit was found in 1972.
Construction on the mine started in 2009 and manufacturing started in 2011, underneath the corporate Uranium One.
The mine has been mothballed since 2013.
Boss Resources purchased Uranium One in 2015 and adjusted its title to Boss Energy in 2020.
There are three different uranium mines in South Australia, together with the world’s second largest by manufacturing, at Olympic Dam.
Production to recommence at Honeymoon uranium mine in South Australia’s outback & More Latest News Update
Production to recommence at Honeymoon uranium mine in South Australia’s outback & More Live News
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Production to recommence at Honeymoon uranium mine in South Australia’s outback & More News Today
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