By: Staff Writer
Australian firm Star Minerals has teamed up with Canadian mining company Madison Metals to advance the Cobra Uranium Project near the Rossing Uranium Mine in Namibia’s Erongo region.
The project is estimated to contain 15.6 million tonnes of mineral resources, with a grade of 260 parts per million, equating to approximately 9 million pounds of uranium oxide.
The partnership comes amid a surge in uranium prices, which have risen from US$20 per pound in 2020 to as high as US$106, driven by increasing global demand for the metal.
Under the agreement, Madison Metals stands to receive cash, stock, and work expenditures totaling around US$4.4 million (N$76.7 million) if Star Minerals fulfils all its earn-in options.
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