25 May 2012

Rare earth cheer for Forte Energy

21/12/2010 Robert Tyerman

Forte Energy says assays at its Firawa uranium project in Guinea suggest the possible presence of widespread rare earths, as well. Based in Western Australia and quoted on AIM, the company cites a range of samples including 10,000 parts of cerium per million tonnes of rock, neodymium at 5,800 parts per million and terbium oxide at 82.2 parts per million.

Rare earths could make a welcome addition at Firawa for Forte and its managing director Mark Reilly. The company, where French nuclear giant Areva holds nearly 15 per cent, has already established an estimated uranium resource of 11.6 million lbs of uranium oxide U3O8 there.

At present, the company is particularly excited about imminent uranium assay results from drilling at its A238 uranium project in Mauritania's Bir Mighrein region. Reilly and his team hope to establish a new formal resource estimate here between now and the New Year.

Floated at 30p in 2000, Forte shares have been dire performers for much of the time. Uranium prices have declined significantly from the peaks of a few years ago, though industry specialists insist revived nuclear power projects imply a supply crunch in two or three years.

Highlighted by Growth Company Investor at 5.75p last year, the shares now change hands at 8.25p, valuing the company at £48 million. They still have speculative possibilities.

Tags: AIM market, Rare earths, Uranium

Sector: Mining

Companies: Forte Energy

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