Lotus Resources Ltd (Stock Symbol – ASX: LOT, OTC: LTSRF) engages in the exploration and development of mineral properties in Malawi, New South Wales and Western Australia.
Kayelekera Uranium Project
Size
Kayelekera Project is a large 157 square kilometer tenement package with excellent exploration potential and hosts a high grade resource. This mine has an existing open pit mine as well as demonstrated metallurgical recoveries that are very efficient.
Location
The location of the Kayelekera project in northern Malawi, 52 kilometers west (by road) from Karonga town center and 12km south of ChitipaIt.
Former Producer Awaiting Restart
The Kayelekera Mine opened in 2009 and produced 10.9 million lbs of uranium between 2007 and 2014, when it closed mining operations due to low prices. It’s expected that the mine will reopen once there is financial incentive to restart production.
Once uranium prices rise enough to incentivize a restart of this known asset, the company anticipates production from this mine to be approximately three million pounds annually.
As previously noted, even though it had a significant operating track record, the Kayelekera Plant was closed down in 2014 due to low uranium prices, but recent increases in price have made it more economically feasible to restart the plant. During October 2020, Lotus released a Restart Scoping Study indicating that recommissioning of the Kayelekera plant would cost ∼US$50 million to restart production.
The company is still deciding whether or not to go ahead with the restart. The final decision will be made in 2022 based on the results of the Definitive Feasibility Study (DFS) for this known asset.
Kayelekera has the potential to become one of the first uranium operations to come back online within the next few years.
The restart timeline is aligned with industry predictions of a market under-supply of approximately 30 million pounds uranium by 2024.
Lotus Resources Ltd – Uranium Mineral Resource
On March 25, 2020, the company announced an updated mineral resource estimate with a 31% increase in global metal content.
The new update consists of 27.1Mt @ 630 ppm U3O8 for 37.5Mlb (37.5 million pounds) contained uranium oxide (U3O8). The estimate used the same methodology as previous estimates. It included modeling of units within the deposit and mining depletion, which had not been modeled in other estimations.
The company was formerly known as Hylea Metals Limited and changed its name to Lotus Resources Limited in August 2019.
The company was incorporated in 2006 and is based in Cottesloe, Australia.
Definitive Feasibility Study Released August 10, 2022.
Contact:
Lotus Resouces Limited
1202 Hay Street
West Perth, WA, 6005 (Australia)
Phone: +61 8 9200 3427
Email: [email protected]
Lotus Resources Limited Stock Performance & Market Cap
Stock Symbols – ASX: LOT, OTC: LTSRF
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While considering this individual company, also take a look at these other uranium stocks to include in your portfolio.
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