"They will be looking for mines that can produce more than a 1,000 tonnes of uranium per year." = 2.2 Mlb U3O8/year
"Nabarlek is a high-grade uranium deposit in Australia and the world??s third-largest uranium mine."
A bit old news (3 month ago), however you know only few people know UXA at that time, so I post this article here again. IMV the biggest company maker for UXA is still Nabarlek.
Mumbai, Oct. 7: The Northern Territory of Australia has granted three uranium exploration licences to a joint venture in which Reliance Industries?? Australian subsidiary has a 49 per cent stake.
Uranium Exploration Australia (UXA) Ltd holds a 51 per cent stake in the venture.
In an announcement to the Australian Stock Exchange, Uranium Exploration Australia, a diversified uranium and base metal exploration company, said, ?? The Northern Territory department of resources has granted UXA three exploration licences, located close to the Nabarlek uranium mine.??
Nabarlek is a high-grade uranium deposit in Australia and the world??s third-largest uranium mine.
Reliance entered into a joint venture with UXA in 2007-end for uranium exploration in Australia. Under the pact, RIL Australia (RILA) held 49 per cent for exploration in South Australia and in the Northern Territory.
In its filing with the Australian Stock Exchange, UXA said, ??RILA holds 49 per cent in the licences and will contribute 49 per cent of exploration funding.??
RIL declined to comment on the development saying that it was too soon to provide information on its plans and expectations from uranium exploration.
Reports indicated that the Mukesh Ambani company, which had recently been betting on shale gas assets in the US, was expected to invest roughly Rs 50 crore in three years following the signing of this joint venture.
Estimates on how much RILA will contribute towards the exploration of the three new licences are not available but can turn out to be substantial, an analyst said.
UXA plans to immediately start two airborne geophysical surveys, an airborne magnetic and electromagnetic survey.
According to the Australian firm, the exploration licences cover 221 sq km and share similar geological features with the former Nabarlek open cut uranium mine.
In the past, UXA officials have said it will probably be 10 years before any successful discovery comes through. They will be looking for mines that can produce more than a 1,000 tonnes of uranium per year.
good luck!
UXA Price at posting:
6.3¢ Sentiment: LT Buy Disclosure: Held
