uranium developer Lotus_Resources will raise A$25million in funding for its Kayelekera mine in Malawi finance investment mining Africa
PERTH – Uranium developer Lotus Resources has completed a A$25-million share placement to sophisticated, professional and institutional investors to progress the development of the Kayelekera project, in Malawi.Advertisement
The offer price represented a 9.1% discount to Lotus’ volume weighted average price at the end of August, and a 2.6% discount to the company’s ten-day volume weigthed average price for the same period.
A recently completed definitive feasibility study into the restart into the Kayelekera uranium project found that the project would require a capital investment of $88-million with cash costs estimated at $29.1/lb and an all-in sustaining cost of $36.2/lb during the first seven years of production of a ten-year mine life.3
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