28/03/2007
Africa-focused uranium play UraMin expects to be ‘in commercial production by the end of 2008’, says chief executive Ian Stalker. The AIM-quoted company, which says it now has around £150 million of working capital and no debt following recent fundraising, plans a trial mine by the end of this year at its principal project, Trekkopje in Namibia, with commercial production a year later.
UraMin, whose losses rose from £1.5 million to £12 million last year, reckons it can extract 61 million lbs of U308 over the life of Trekkopje, with annual output reaching 8.4 million lbs by 2011. The company is also optimistic about prospects for its Bakouma project in the Central African Republic.
UraMin shares, whose 68.5p float last April was commended by Growth Company Investor, was again favourably mentioned by GCI in January at 181.5p. Now 261.5p, their growth is likely to be slower but they should make further gains over the medium to long term, as long as nuclear power’s rehabilitation continues.
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