Mal wieder eine Enteignung....
GoviEx Uranium Provides Update on Madaouela Project
July 04, 2024 10:58 AM EDT | Source: GoviEx Uranium Inc.
Vancouver, British Columbia--(Newsfile Corp. - July 4, 2024) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or "Company") has been informed by the Government of the Republic of Niger, by way of a letter from the Minister of Mines, that it no longer has rights over the perimeter of the Madaouela mining permit, which is now in the public domain. This decision to withdraw the Company's mining rights does not follow the withdrawal procedure prescribed under the applicable mining code.
Whilst GoviEx is committed to maintaining transparency and continuing its engagement with Government officials and stakeholders, it reserves the right to challenge the decision to withdraw the mining rights before the competent national or international jurisdictions.
Since the start of its operations in Niger in 2007, the Company has completed an unprecedented 650,000 metre drilling campaign to define its potential mineral resource, which is now amongst the largest known in the world. GoviEx has successfully advanced the Madaouela Project from its initial exploration phase, through a period of historically low uranium prices, to the publication of its feasibility study in late 2022. (1)
With the recent recovery in uranium prices, the Madaouela Project was poised for development and the Company had started to advance despite the political changes in Niger since the coup d'Etat on 26 July 2023. Over the last year, GoviEx received expressions of interest in excess of USD 200 million for project related debt finance, started social and environmental due diligence with a prospective lender, updated its Environmental and Social Impact Assessment, commenced Front-End Engineering Designs and initial ground works, including the construction of an access road and started exploitation. In June, the company received its radiological certificate, which is a regulatory requirement prior to starting mining operations.
GoviEx believes that the Government's decision to withdraw the mining rights for the Madaouela Project will have a negative impact on the economic and social development of the region. With a forecast initial capital expenditure of USD 343 million, as well as considerable employment opportunities, the project was forecast to create up to 800 jobs over its projected 20-year mine life, with substantial royalty payments and taxes payable to the Government. (1)
GoviEx is an international company with a diverse portfolio of uranium projects. The Company continues to progress its mine-permitted Muntanga project in Zambia and is expected to publish its feasibility study in the second half of 2024.
Qualified Person Statement
The scientific and technical information in this release has been reviewed, verified, and approved by Mr. Jerome Randabel, MAIG, Chief Geologist of the Company, a Qualified Person as defined in Canadian National Instrument 43-101 "Standards of Disclosure for Mineral Projects.
