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Lotus Resources (ASX:LOT) - The Kayelekera Project - The Market Herald
The Kayelekera Project
Source: Lotus Resources
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  • Lotus Resources (LOT) renews the mining and exploration licences for its 85-per-cent owned Kayelekera Uranium Project in Malawi
  • The mining license has been signed off by the minister for mines, granting Lotus mining rights at the project for another 15 years
  • Managing director Keith Bowes says the renewal will also benefit the local community through employment and profit sharing with Malawi's government
  • Shares are down 5.93 per cent at 27.8 cents at 12:00 pm AEST

Lotus Resources (LOT) has renewed the mining and exploration licences for its 85-per-cent-owned Kayelekera Project in Malawi.

Kayelekera has a resource of 27.1 million tonnes triuranium octoxide and is 15-per-cent-held by the Malawi government.

In a statement today the company said its mining license had been signed by the country's minister for mines on September 1, renewing its rights for a further 15 years.

LOT's managing director Keith Bowes said the company was delighted to receive the extension.

"This is a critical step, as it provides certainty and confidence to our investors that Lotus has the full backing of the government to continue our on-going development of Kayelekera, as we position the project to be one of the first assets to recommence production in an ever- improving uranium price environment," he said.

"It is important to highlight that a restart of operations also provides significant benefits to the local communities and Malawi as a whole through employment, development of local communities, taxes, royalty streams and profit share to the Government of Malawi, which is a 15 per cent owner in the project."

Despite the announcement, shares were down 5.93 per cent at 27.8 cents at 12:00 pm AEST.

LOT by the numbers
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