Strategic investor for Powertech
Hong Kong-based private uranium investment and development company Azarga has agreed to become a strategic investor in Canada-based uranium exploration and development company Powertech. Azarga has also agreed to purchase a 60% stake in Powertech's Centennial uranium project in Colorado, USA, for $1.5 million over a period of two years.
On completion of the purchase of Centennial, the two companies will form a joint venture for the exploration and development of the project. Azarga will operate the joint venture but according to Powertech has no current plans to develop the property, intending instead to review it for "exploration and development potential."
Azarga recently purchased 17.5% of Powertech's issued and outstanding common shares. Powertech has now issued a debenture worth just under half a million dollars to Azarga which, if converted, could see Azarga hold 22% of Powertech. The debenture matures in 2017.
Loan to fund US projects
Uranium Energy Corporation (UEC) has secured a $20 million credit facility which it intends to use for the development, operation and maintenance of its projects at Hobson, Goliad and Palangana in the USA.
The two-year credit facility has been agreed with natural resource lender Sprott Resource Lending Corp and with CEF (Capital Markets) Ltd, which is co-owned by Hong Kong-based conglomerate Cheung Kong and the Canadian Imperial Bank of Commerce. Bearing an interest rate of 8%, the first phases of the credit facility are secured by the Hobson uranium plant and the Goliad mineral leases. The final $5 million of the three-phase facility will be secured by the Palangana mineral leases.
UEC CEO Amir Adnani said that the facility would inject capital into the company while aligning its interests with investors as well as establishing relations with one of the largest conglomerates in Asia, a region the company is keen to develop strategic ties with.
Namibian licences renewed
The renewal of three Exclusive Prospecting Licences (EPLs) will allow Deep Yellow Ltd to continue its exploration and development strategy in Namibia. The areas covered by the EPLs include the company's flagship Omahola project and the Tubas Sand Project and Tubas Palaeochannel Resource. The high-grade Omahola alaskite deposit is currently undergoing a pre-feasibility study, while Tubas Sand is being evaluated as a possible stand-alone project.
The EPLs, granted to Deep Yellow's Namibian subsidiary Reptile Uranium Namibia, have now been renewed three times, although the combined area covered by the EPLs has been voluntarily reduced by 29% from their original scope.
Uranium contract for Sadbhav
The Uranium Corporation of India Ltd (UCIL) has awarded a contract to extract uranium ore from opencast operations at the Banduhurang mine to Sadbhav Engineering Ltd. The company has informed the BSE (formerly the Bombay Stock Exchange) that the project, which involves the removal of overburden and waste, extraction of ore and transportation of ore, is worth INR 1.7 billion (about $28 million).
Researched and written
by World Nuclear News