Forsys has been previously been compared to BMN on this forum. Basically they have lower grade uranium and a much smaller resource base. Cost of processing uranium similar to BMN. Mine capex costs slightly lower. Approx 1 year ahead of BMN with mining licence being granted (1 of 4 licences granted in Namibia). Market cap is 3-4 times that of BMN.
Korean government has just invested in Forsys with an agreement to develop the mine.
Looks like the impetus for BMN to spark some interest will be the granting of the mining license which has been applied for. Not sure when decision is to be made.
The following is taken from the EXT forum.
"South Korea Joins Uranium Race
THE South Korean state corporation Korea Resources Corporation (Cyrus) signed in Windhoek a cooperation agreement for the development of the Valencia Uranium Project in the Namibia with Forsys Metals Corporation.
Mr. Dwane Parnham, President of Forsys Metals Corporation, has welcomed the agreement and said through the strategic partnership for the financing of the Valencia uranium project, it is now possible to mine in production settings.
Valencia is one of four licensed uranium mines in Namibia, a country that has some 10 percent of the world's uranium supply.
Mr. Kim Shin-Young, president and chief executive officer of Cyrus, said last year that the corporation intends to be one of the twenty largest mining and resource development companies in the world by making huge investments in uranium and copper mines in Africa and South America.
A team of 22 delegates from the public and private sector in South Korea arrived in Namibia on Saturday for that purpose.
The delegation is led by the Korean parliamentarian, Mr. Lee Sang-Dent, brother of the country's president, Mr. Lee Myung-Bak. South Korea already has four nuclear power plants generating 1400 megawatt of power.
The country's Minister of Knowledge Economy, Choi Kyung-hwan, earlier this year announced that South Korea through uranium contracts overseas by 2012, ten nuclear power plants in operation to set and by 2030 a total of nine such plants.
It means South Korea have by 2016 in 25 percent of its own uranium requirements provided and by 2030 in 50 percent. All manner how he can manage is to uranium mine in foreign countries, respectively. At this stage, the country only 6.7 percent of their subsistence needs.
According to Mr. Lee, South Korea currently needs 3700 tonnes of uranium per year. He expressed the hope that the collaboration with Forsys Metals Corporation "in something big" will be developed. The South Korean delegation will be made as part of his African visit South Africa and Uganda inflict."
BMN Price at posting:
49.5¢ Sentiment: None Disclosure: Held
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