Malawi nicknamed banter country over Uranium site sold at K25 million

Nov 03, 2021 Business 1
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Malawians have expressed shock that a uranium site in Malawi has been sold for K21 million to an Australian Company.

Lotus paid just US$25,000 dollars to acquire the site from a Malawian entity which previously owned the site.

Some Malawians have described Malawi as a banter country following news of the acquisition.

 

 

 

https://twitter.com/Stayathomedota/status/1455850620859133954

Livingstonia is located in northern Malawi about 90km southeast of the Kayelekera uranium mine which Lotus, the Australian company, also has stakes in.

Lotus Managing Director Keith Bowes told the company’s website that the deal is an extremely accretive acquisition for Lotus with and has potential to increase the company’s global mineral resource by 16% for less than $0.004 / lb U3O8.

“More importantly, we have increased our landholding at the highly prospective, yet poorly explored, Livingstonia region, to 187 km2.

“There is multiple walk-up, drill-ready targets across our Livingstonia tenements, including at the boundary of the Livingstonia resource where an airborne radiometric survey indicates mineralisation continues into our existing tenements.

“This area, as well as the high-grade intercepts previously reported, will be the basis of the first phase of exploration which will commence towards the end of this year. Other prospective targets, including Livingstonia North and Chilumba, will be tested in future exploration programmes.

“Assuming exploration success, the company will undertake ore sorting test work on the Livingstonia material in 2022 as part of the process for determining whether Livingstonia could become a future satellite operation for the company,” said Bowes.

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One Comment

  1. Then we will here again that they’ve sold Lake Malawi and Mulanje Mountain too. Look at the fools!

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