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DEVEX RESOURCES LIMITED — Capital/Financing Update 2012
Feb 27, 2012
64768_rns_2012-02-27_8130f9cb-1e22-4609-87f8-1cfd41e27855.pdf
Capital/Financing Update
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28 February 2012
The Company Announcement Officer Australian Securities Exchange Ltd via electronic lodgement
Option to acquire additional interest in the PhosEnergy Process extended
Uranium Equities Limited (ASX: UEQ ) advises that its option to acquire an additional 3 per cent interest in the PhosEnergy Process from its Strategic Alliance partner, Cameco Corporation (“Cameco”), has been extended to 27 March 2012.
Upon exercise, UEQ will hold 30 per cent of the rights to the PhosEnergy Process, with the balance held by Cameco.
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Bryn Jones Managing Director
Our Strengths
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PhosEnergy Process – Low cost by-product uranium recovery
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Nabarlek Project – A highly endowed uranium region
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Multiple near term growth opportunities
The PhosEnergy Process
Through USA-registered Urtek LLC (“Urtek”), Uranium Equities is developing a new technology for the extraction of uranium from the phosphoric acid streams which result from the production of phosphate-based fertilisers – “the PhosEnergy Process”.
The leading global uranium company Cameco Corporation is funding the ongoing development and commercialisation of the PhosEnergy Process through a staged investment of up to US$16.5 million. If Cameco earns its interest it has agreed to provide funding for a minimum of 50 per cent of UEQ’s portion of capital expenditure, under terms to be agreed, for the construction of the first commercial plant, repayable out of earnings.
UEQ estimates the cash operating cost of uranium production employing the PhosEnergy Process to be US$20 to US$25 per pound of U3O8. This cost estimate is based on a 1 million tonne per annum P2O5 phosphate production facility operating in the USA and incorporates a significant contingency of 40 per cent.
HEAD OFFICE Level 5 29 King William Street Adelaide, SA 5000 T: +61 8 8110 0700 F: +61 8 8110 0777 E: [email protected]
PERTH OFFICE Level 2, 1292 Hay Street West Perth, WA 6005 GPO Box 2890 Perth, WA 6001 T: +61 8 9322 3990 F: +61 8 9322 5800
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