Modern Mining August 2019

URANIUM

ASX-listed Aura Energy reports that a Definitive Feasibility Study (DFS) on its Tiris uranium project in Mauritania has been completed and has confirmed that it presents a low capital cost and low operating cost development opportunity. Peter Reeve, Aura’s Executive Chairman, says the results of the study validate Aura’s long-held view that Tiris is one of the most compelling uranium development projects in the world at the current time. DFS makes a “compelling” case

T iris is a greenfield calcrete uranium project first discovered by Aura Energy in 2008. Located in the Sahara Desert in north-east Mauritania (1 400 km from Nouakchott, the country’s capital), it represents the first major calcrete ura- nium discovery in the region. It has a total mineral resource of 38,5 Mlb U 3 O 8 (50,9 Mt at 343 ppm U 3 O 8 ) and a maiden ore reserve of 8,1 Mlb U 3 O 8 (10,9 Mt at 336 ppm U 3 O 8 ). The uranium mineralisation is simple and well suited to a conventional uranium processing flowsheet. Key outcomes of the DFS are a production of 12,4 Mlb U 3 O 8 over 15 years at an All-in Sustaining Cost (AISC) of US$29,81/lb U 3 O 8 . The capital cost is estimated at US$62,9 million with a payback period of 3,25 years. The project has an NPV 8

(including royalties and tax) of US$89,9 million and an IRR of 26 %. “In the current uranium market environment, a key attribute of any uranium development project is the capital cost of development,” comments Reeve. “Aura has strived through the entire DFS to maintain

A view of the Tiris project area. The uranium mineralisation largely lies within 3 to 5 m of the surface in a relatively soft, free-digging material.

24  MODERN MINING  August 2019