Lotus Resources (ASX:LOT) is entering the final commissioning stage for the Kayelekera Uranium Mine in Malawi with the official inauguration of the mine by President of the Republic of Malawi, Dr Lazarus McCarthy Chakwera.
Managing Director Greg Bittar says the company is honoured to welcome President Chakwera to preside over the official inauguration of the commissioning and restart of Kayelekera.
“We continue to make terrific progress in commissioning the plant and increasing mill throughput, and we are on track to achieve steady state 200,000 pounds per month – 2.4 million pounds per year – production in early 2026,” Bittar says.
Lotus, which has a market capitalisation of $367.64 million, says operations continue to ramp up with the milling circuit performing in line with recommissioning expectations.
Commissioning is now focused on finalising the automation of the drying and packaging circuit, which will then allow the production of the first yellowcake.
To date, 1,500 kgs of uranium has been eluted and ready for precipitation.
Further, tailings storage facility works involving the initial embankment widening, raise and lining for additional deposition capacity are progressing.
Bittar adds that beyond the mill, the extensive commissioning work completed over the past two weeks means the company now has uranium inventory ready for the last days of precipitation, drying, and packaging.
“We have ramped up the world on the TSF infrastructure to form the foundation for future lifts to accommodate the 10-year life of mine,” he says.
The Kayelekera Project has produced 11 million pounds of uranium-equivalent between 2009-2014, before the asset was shut down to preserve its longevity due to a sustained low uranium price.
According to Trading Economics, uranium futures in the US held at the US$72 ($109.94) per pound mark this month, stabilising since the decline from the seven-month high of US$79 in June as holding funds finished their buying.
Uranium futures currently sit at US$72.7 per pound, as of 9.30am AEST today (14 August).
Write to Aaliyah Rogan at Mining.com.au
Images: Lotus Resources
