Paladin Energy Ltd announced that it has completed its previously announced acquisition of the uranium assets in Central Labrador Mineral Belt of Eastern Canada of Aurora Energy Resources Inc. from Fronteer Gold Inc.
Fronteer Development Group announced that an independent economic impact assessment of the Michelin uranium project located in North Coast Labrador, Canada, will generate regional benefits of $2.9B in income, $1.82B in tax revenues.
Fronteer Development Group announced a positive preliminary economic assessment (PEA) for the proposed Michelin uranium project located in the Central Mineral Belt of Labrador, Canada. The study, prepared by AMEC Americas, supports a financially robust open-pit and underground uranium mining operation at the Michelin and Jacques Lake deposits, and a milling facility at the Michelin site capable of processing 10,000 tonnes of mineralization per day, which will produce up to 7.3 million pounds of
U3O8 per annum. Direct cash costs are stated at US$28.57 per pound of U3O8 over the 17-year mine life. At an 8% discount rate, the project’s pre-tax net present value is US$914 million with a pre-tax internal rate of return of 19.4% on an unlevered 100% equity basis, and a pay-back period of 4.7 years.
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