PERTH-based Uran is looking to leapfrog into the uranium producer class by buying an operating mine in the Czech Republic. The company, backed by Perth mining figure Michael Kiernan and former nuclear geologist Kate Hobbs, is negotiating to buy Rozna, Europe's only operating uranium mine. Uran, which said last month that it had acquired two uranium properties in Ukraine, said yesterday it had been talking to Czech mining authorities since March and to the mining company itself since November.
Ms Hobbs said there was no certainty that Uran would be successful, but the company believed that there was significant potential to extend the mine life by drilling at depth.
Rozna has been operating since 1957 and is producing at the rate of 370 tonnes, or 815,700 pounds, a year of uranium. The metal's spot price now stands at $US72/lb.
Rozna had been scheduled to close next year, a decision made some years ago at a time of low uranium prices and a lack of money in the republic to pay for further exploration.
Ms Hobbs said that, apart from drilling, Uran saw the potential to increase profitability through upgrading the plant and introducing new technology. She said Uran had not been intending to make an announcement until negotiations were complete, but a Prague newspaper had referred to the talks between Uran and the Czech authorities.
Uran has until February 20 to submit a proposal for Rozna.
In other uranium news, Uranex continued its stellar run on the market following more positive news from uranium work in Tanzania. Sampling at the Mkuju prospect has returned grades up to 0.18 per cent.
Uranex wholly owns two licences in Tanzania: Mkuju, covering 8000sqkm; as well as 4700sqkm at Bahi in central Tanzania. Uranex's share price rose another 7c to $2.19, representing a 231 per cent increase since November 1.
The company also owns the Thatchers Soak uranium project in Western Australia, but investors have been more enthusiastic about the African portfolio because the Government in Dar-es-Salaam, unlike the one in Perth, favours uranium mining.
Another Australian company exploring overseas, Globe Uranium, said yesterday that it had found visible uranium over 20km at the Salta project in northern Argentina.
Rock-chip samples had assayed up to 0.21 per cent uranium.
And Uranium Oil & Gas has added six Northern Territory tenements to its portfolio, including the 54sqkm Lucky U prospect northeast of Alice Springs.
See the new daily Assay column at www.theaustralian.com.au
URA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
