Lotus Resources (ASX:LOT) is advancing the Kayelekera Uranium Project in Malawi towards production in Q3 2025, with the onsite workforce now comprising 200 local and ex-pat personnel.
The company is currently recruiting key operations management personnel including a processing manager, mining engineer, and maintenance manager.
Lotus, which has a market capitalisation of $578.84 million, says all key plant refurbishment contracts have been awarded and a community development agreement has been signed.
Earlier this month, the company signed the deal in Karonga, which is the local municipal centre closest to Kayelekera. The legally binding agreement establishes a community development fund, overseen by a Steering Committee, which will be used for projects that deliver the objectives of the agreement.
The objectives include sustainable community development, enhancing welfare and quality of life, and ensuring the recognition and respect of the rights, customs and traditions of the qualified community.
Non-Executive Chairman Michael Bowen says with the strong momentum being made, the company is well placed to transition from a uranium developer into the next global uranium producer.
“In preparation for this, we announce further changes to our board to ensure we have a well-rounded skillset across our team to commence this new chapter,” Bowen says.
Lotus has appointed Leanne Heywood and Simon Hay as the company’s non-executive directors, as of 3 February 2025.
Heywood has more than 25 years’ experience in the mining sector, most recently in a senior international marketing role with mining giant Rio Tinto (ASX:RIO).
Meanwhile, Hay has management and technical experience in the resources sector spanning 30 years.
Bowen adds that these appointments are a key step in the board’s transition to be completed before 30 June 2025.
In addition, Hayden Bartrop has been appointed Chief Financial Officer, in conjunction with his roles as Chief Commercial Officer and company secretary.
Managing Director Greg Bittar says the company is pleased to have Bartrop assume the role of CFO.
“He has extensive mining industry experience working across CFO, general counsel, business and corporate development, commercial and company secretary roles,” Bittar says.
The Kayelekera Project hosts a resource of 42.5 million tonnes of uranium @ 500 parts per million triuranium octoxide for 46.3 million pounds. Between 2009 and 2014, the project produced 11 million pounds of uranium.
Write to Aaliyah Rogan at Mining.com.au
Images: Lotus Resources
