GoviEx Uranium advances in Niger and Zambia amid rising uranium prices
London, UK
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March 08, 2024 08:01 AM Eastern Standard Time
GoviEx Uranium Inc (TSX-V:GXU, OTCQX:GVXXF) head of investor relations Isabel Vilela joins Proactive's Stephen Gunnion with more details of the due diligence process for debt financing of its Madaouela Uranium Project in Niger.
Vilela said SLR Consulting has been appointed by a prospective lender to conduct environmental and social due diligence for the project. The debt financing process is expected to take several months, during which GoviEx Uranium will continue advancing other project areas, including early-stage field work at Madaouela and discussions with off-takers.
The company has also received expressions of interest amounting to approximately $200 million in project-related debt finance. These expressions of interest were secured when uranium spot prices were around $50-$55, but with current prices at $90, the project's attractiveness has increased.
Concerning the political situation in Niger, Vilela said logistical challenges due to border closures are being resolved following ECOWAS's sanction lifting. The government, owning 20% of the Madaouela project, supports it, and efforts towards local employment and development continue, with 100% of employees being locals.
Meanwhile, Vilela said the company is progressing with its Muntanga Project in Zambia, aiming to finalise its feasibility study in the second half of the year.
She said GoviEx Uranium is in a unique position with two uranium assets close to development, with Muntanga holding one of the world's largest known uranium resources.
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