Marenica Energy acquires Mile 72 Uranium Project

The Australian company, Marenica Energy, has signed a binding agreement to purchase the Mile 72 Uranium Project located in the Erongo Region from Metals Australia Limited.

The Namibia Stock Exchange (NSX) announced this Friday.

It said the uranium project has significant exploration potential.

The calcrede-hosted uranium project covers 2 692 hectares and is located in the world-class Erongo uranium province in Namibia, some 30 kilometres outside Henties Bay.

The agreement will see Marenica acquire full ownership of the project, and the company is subject to obtaining any regulatory approvals that will be required in Australia or Namibia.

Marenica will pay AU$30 000 (nearly N$278 000) cash, plus a preferential dividend of one percent.

“Mile 72 has been underexplored for calcrete uranium mineralisation and presents a great opportunity for the company to potentially delineate a high-grade resource, in a world-class uranium province,” managing director Murray Hill is quoted as saying in the statement.

Marenica is a mining and exploration company and is also listed on the NSX.

– Nampa