Lotus Resources Limited (ASX: LOT |OTCQX: LTSRF) has announced an accelerated restart plan for its Kayelekera Project in Malawi following completion of front-end engineering and design (FEED).
Lotus is moving into detailed engineering and onsite works for Kayelekera’s restart to ensure Lotus achieves its strategic objective of becoming the next significant global uranium producer in Q3 2025.
CEO Greg Bittar commented, “Following the signing of the mine development agreement and the completion of the FEED programme, Lotus is well positioned to take advantage of the continuing strength in the term uranium price and the strong uranium demand outlook.”
The accelerated restart plan reduces initial restart capital by focusing on capital items essential to the restart, with the remaining capex continuing off the critical path to optimize operations and cost structure. The initial restart capital expenditure to first uranium production was reduced to US$50M from US$88M, with an initial restart capital intensity of US$21.0/lb.
The accelerated restart plan has delivered strong operational and financial outcomes, including a LOM production target of 19.3Mlb of U3O8, over a 10 year mine life.
Further, Kayelekera’s production restart has been de-risked by 11Mlb of historical uranium production, with US$200M capital invested into the plant and operations, and 4Mlb of existing stockpiles supporting the ramp-up of the operation.
To find out more, please visit www.lotusresources.com.au
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