Peninsula Energy, an Australian uranium mining company, has announced it is to divest its interest in the Karoo projects in South Africa. The company says it intends to divest so it can focus on its US Lance projects in Wyoming, which has the highest reserves of uranium in North America.
Peninsula’s South African uranium interests included the Rhyst Kuil, Kareepoort and Kwaggas Fontein mines. The company’s regional partners included Beaufort West, Lukisa, Tasman Mmakau and Tasman Pacific.
In a statement released by Peninsula managing director and chief executive officer Wayne Heili, he explains that “with the ongoing challenges in the uranium market, the longer term growth and value creation opportunities for the company are more likely to be centred on cost competitive uranium ISR (in-situ recovery) operations.”
“Peninsula recognises the importance of continuing to support its South African partners and stakeholders in the pursuit of regulatory permitting processes for the Karoo Projects during the divestment process.”