The government of Niger has approved the mining permit for GoviEx Uranium's Madaouela uranium mining project in northern Niger.
The Madaouela Project is based on the mineral resources associated with the Madaouela I Mining Permit. The Integrated Development Plan (IDP) for the project is based on Measured and Indicated Mineral Resources of 110 million pounds (Mlb) U3O8 and 61 Mlb of Probable Mineral Reserves. GoviEx plans to produce an average 2.69 Mlb/year U3O8 yellowcake over a 21-year mine life, with a 93.7% ultimate recovery of uranium. The base case project economics for this project at a long-term uranium price of US$70/lb U3O8 are positive, and indicate an after-tax net present value of US$340m (at 8% discount rate).
The government of Niger has also approved GoviEx's application for the Eralrar exploration tenement and the renewal applications for the Madaouela II, III, IV and Anou Melle tenements. However, the company’s renewal application for Agaliouk exploration tenement was not approved.