Kazatomprom's uranium inventory will enable it to meet its commitments should mine production or the ability to physically deliver material be impacted by the COVID-19 outbreak, the company said yesterday. Meanwhile, GoviEx Uranium Inc has cancelled the second tranche of a non-brokered private placement offering, while NxGold Ltd and Mega Uranium Ltd have mutually agreed not to proceed with a proposed business change that would have seen Nx become a uranium-focused investment issuer.

Australian-based exploration company Lotus Resources Ltd has completed the acquisition of the Kayelekera Uranium Mine in Malawi from Paladin Energy. The mine produced 10.9 million pounds of uranium (4193 tU) from 2009 to 2014 but has been on care and maintenance since then.

France intends to ensure the continuity of uranium production in northern Niger, Nicolas Maes, head of Orano's mining business unit, said following an 11 March audience with Nigerien Prime Minister Birgi Rafini. This will mean ensuring that Orano subsidiary Somaïr can continue operating for as long as possible, or at least until the Imouraren project resumes, he said.

Work done during 2019 to further de-risk the use of in-situ leach methods at the Phoenix uranium deposit at Wheeler River means the prospect of successfully bringing ISL uranium mining to Canada's Athabasca Basin is higher than it has ever been, Denison President and CEO David Cates said yesterday in the company's 2019 results.
 

The president of Uzbekistan, Shavkat Mirziyoyev, last week chaired a meeting on plans to reform fully state-owned enterprise Navoy Mining and Metallurgical Plant. The country's largest industrial enterprise, NMMP produces gold, uranium and rare metals as well as other products.

Romania must recover around EUR13 million (USD14 million) of rescue funding from uranium company Compania Națională a Uraniului SA after the European Commission found a restructuring plan for the company did not meet European Union rules on state aid.

US uranium companies have responded favourably to the Administration's 2021 budget request of USD150 million in funding to set up a uranium reserve. Energy Fuels CEO and President Mark Chalmers said the development was "an important step toward addressing the devastating impact of our nation's overdependence on uranium imports from Russia and its allies, which is displacing free market uranium and forcing US mines out of business".

Cameco is optimistic about the long-term fundamentals of the uranium market and expects to buy 20-22 million pounds U3O8 (7693-8462 tU) this year - mostly from the spot market - to meet its committed deliveries. That's 1-3 million pounds more than in 2019, CEO Tim Gitzel said during his presentation of the Canadian uranium producer's financial and operating results on 7 February. The spot market however is underperforming on weak demand, he said.

The US Administration's 2021 budget request unveiled yesterday by President Donald Trump includes USD150 million to set up a uranium reserve to address challenges to the production of domestic uranium. This would ensure a backup supply of uranium in the event of a significant market disruption and support the operation of at least two US uranium mines, according to the Department of Energy.
 

The government of Finland has granted a uranium recovery permit to Terrafame for uranium production as a byproduct of zinc and nickel production at its Sotkamo mine in the north-east of the country. The process of preparing the uranium recovery plant ready for use will take about a year, Terrafame said today. However, as the government decision can be appealed through Finland's Supreme Administrative Court, the company estimates it will take about two years for the permit to have legal force.

Kazatomprom expects its 2020 uranium output to remain flat compared to 2019, consistent with its market-centric strategy and previously announced intention to "flex down" planned production volumes through 2021. The world's biggest uranium producer, the Kazakh company covered 23% of global output of the metal in 2018.

Boss Resources' Honeymoon uranium project is one of the world's most advanced uranium development projects that can be fast-tracked to resume production, according to a feasibility study. Boss says the study is the "final independent validation" for the South Australian in-situ leach (ISL) project's restart.