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Monday, December 23, 2019

Lotus gets approval for Kayelekera buy

Lotus gets approval for Kayelekera buy: RTH ( – Malawi’s Minister for Natural Resources, Energy and Mining has given ASX-listed Paladin Energy consent to divest of its 85% stake in the Kayelekera uranium project.

Paladin in June struck an agreement with Lotus, a subsidiary of Hylea Metals, to divest of 65% its interest in the project for A$5-million, made up of A$200 000 in cash and A$4.8-million worth of Hylea shares. Paladin will also receive a 3.5% royalty on revenues derived from future production at Kayelekera, capped at A$5-million.

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