Laramide Resources Says Updated PEA Readies Westmoreland Project in Australia For Next Stage
Laramide Resources (LAM.TO) on Wednesday said an updated preliminary economic assessment (PEA) showed its Westmoreland Uranium Project in Queensland, Australia, can support a $456 million large-scale mining project.The PEA positions Westmoreland for the next stage of development and Laramide will lodge a mining lease application as soon as it is allowed to do so by the state government, a statement added.The PEA, which updated 2016 findings, calculated that Westmoreland could produce 47.9 million pounds of triuranium octoxide (U308) over an initial mine life of 11 years. The report projected a post-tax net present value discounted at 7.5% of $741.1 million and a post-tax internal rate of return of 33%."The study confirms that Westmoreland is a large-scale, technically robust uranium development opportunity. With an average annual production profile approaching five million pounds of U308, excellent metallurgical recovery and considerable scope for future optimization, we believe the Project provides a strong foundation for the next phase of engineering and project development," said Rhys Davies, vice president of exploration.Laramide shares were last seen up C$0.01, at C$0.53, on the Toronto Stock Exchange.Price: $0.51, Change: $+0.01, Percent Change: +2.00%
