URANIUM - EMA secures mining lease for Mulga Rocks

Energy and Minerals Australia (EMA) has been granted mining leases for its Mulga Rocks project, which is set to become Western Australia’s largest independently-owned uranium asset.

The leases were approved after EMA reached a settlement with Yarri Mining that will see it make two payments of $1.5 million each to Yarri to cover all outstanding legal matters regarding the tenements. Yarri has been ordered to withdraw all actions relating to the native title claims as the Warden’s court is satisfied all requirements have been met.

EMA’s chief executive officer Shane McBride says the timely granting of the mining leases represents another significant achievement in the development of Mulga Rocks. “This news marks a major milestone for Energy and Minerals Limited’s shareholders and paves the way for continued development of WA’s largest independently-owned uranium asset. The Mulga Rocks project is a long-life, low-cost development opportunity and it is pleasing to see the positive progress the company has made in recent days to advance this asset.”

Mulga Rocks is about 240km northeast of Kalgoorlie-Boulder. It consists of four separate deposits - Ambassador, Emperor, Shogun and Princess - making it one of Australia’s largest undeveloped uranium resources. Drilling at the recently-discovered Princess deposit in April this year significantly added to the resource. EMA says the deposits also contain nickel, cobalt, rare earth elements, yttrium, scandium, vanadium, copper, zinc and gold, with some of these commodities to be produced as a by-product from uranium production. It shares access infrastructure with Anglogold Ashanti’s Tropicana gold project which is under construction.

In other news, EMA has appointed Shane McBride as its new chief executive officer to fill the role vacated by David Varcoe. Changes have also been made to the board of directors, with Mike Fewster and Philip Golding resigning.

www.eama.com.au