Wildhorse Energy Limited (WHE) has signed a new non-binding Co-Operation Agreement with Mecsek-Öko and Mecsekérc, the state-owned corporations responsible for the development and rehabilitation of the Hungarian uranium sector. The Agreement is designed to develop a joint venture company to re-start uranium mining at the Mecsek Hills Uranium Project in southern Hungary, comprising the 42.9 sq km Pécs uranium licence, owned by WHE, and the 19.6 sq km MML-E licence, owned by Mecsek-Öko. This Project will be advanced in tandem with the Company’s existing underground coal gasification portfolio, where the PFS for the flagship Mecsek Hills UCG Project is nearing completion.
WHE Managing Director Matt Swinney said, “This is an exciting large scale uranium project with a proven resource in a uranium friendly jurisdiction. With the support of these government owned development partners and a stronger current uranium price of c. US$55 per pound compared with a price of US$10 to US$15 per pound at the time of the mine’s closure in 1997, we look forward to evaluating all options to maximise the value of this significant asset. “Whilst we remain focused on developing our UCG portfolio, we are highly excited about the opportunity that this partnership offers and the potential value uplift that this strategic uranium project provides for our shareholders. With a revival in nuclear energy as central European governments look to establish new energy supplies to lessen the reliance on imported gas, interest in the Mecsek Hills Uranium Project, as one of Europe’s largest uranium projects, is gaining traction.
http://www.traderdealer.com.au/Fundamentals/whe
