Saturday , July 13 2024

Madison Metals to acquire uranium stake in Erongo

Canadian green energy resource company Madison Metals has announced intentions to acquire a 23 percent interest in Mining Licence 121 (ML121) located in the renowned Erongo Uranium Province.

The new acquisition will be an addition to the company’s already existing exclusive prospecting license 7011 (EPL-7011).

“ML121 and EPL-7011 are neighbours to Namibia’s two uranium-producing mines, Rössing and Husab, the world’s fifth- and third-largest producing uranium mines, respectively,” said Duane Parnham, Executive Chairman and Chief Executive Officer of Madison Metals.

“The uranium outlook is continuing to strengthen because it is a critical metal for energy transition and energy security. Madison’s strategy of acquiring highly prospective concessions in a tier-one uranium jurisdiction provides the Company with an opportunity to establish itself as a key player in the uranium industry.”

Currently Madison is conducting due diligence and expects to complete the transaction later this year, at which stage more details will be provided.

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