Aura Energy Pleased With Progress At Tiris Uranium Project

LONDON (Alliance News) - Australia-based Aura Energy Ltd on Tuesday said it hopes to have the ...

Alliance News 30 October, 2018 | 12:15PM
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LONDON (Alliance News) - Australia-based Aura Energy Ltd on Tuesday said it hopes to have the feasibility study for its Tiris project completed by the end of 2018.

Tiris, a uranium project, is located in Mauritania, and Aura expects to start production there in 2020. It has a resource of 16 million ounces of triuranium octoxide in both the measured and indicated categories.

Recent work, part of the feasibility study, includes completing bulk sampling, metallurgical test work, contracting engineers, studying water and the best water usage, and establishing vanadium as a potential by-product.

Aura has started offtake discussions for Tiris, as well as talks over financing for construction. Offtake talks have been ongoing for a while, while financing discussions are in early days.

Executive Chairman Peter Reeve commented: "The progression of the Tiris uranium project feasibility study is pleasing, following an extended hiatus during the period of lower uranium prices.

"In the current environment of rising prices, the Tiris project with its low capital and operating costs remains currently as one of the world's most compelling uranium development projects," Reeve continued.

"The current rise in the uranium price is encouraging and the Tiris uranium project is expected to be in production in 2020 moving Aura to producer status."

Aura Energy shares were untraded on Tuesday at 1.08 pence.

By George Collard; georgecollard@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Aura Energy Ltd 0.95 GBX -2.30 -
Aura Energy Ltd 0.02 AUD 5.56 -
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