Paladin Energy believes that the acquisition would deliver operational synergies and lower capital costs for combined future development.
The project area consists of three contiguous exploration licences, and it is located 100km south of Paladin’s Manyingee Uranium Project (Manyingee).
The acquisition awaits the approval of the Australian Foreign Investment Review Board. Energia Minerals also needs to get shareholder approval for the deal within 45 business days.
By acquiring Carley Bore uranium deposit, the company’ s JORC (2012) Indicated Mineral Resources in the area will be increased by more than 30%.
Paladin Energy CEO John Borshoff said: "This acquisition is certainly a game changer for us in terms of our Australian projects.
"With this land package, we have cornered a significant portion of the emerging Carnarvon Basin uranium province. This acquisition has the clear potential to improve the economics of a key development project by delivering valuable synergies in regional infrastructure."
