Implemented through Tasman RSA Holdings, a subsidiary of Peninsula, the acquired licenses include ARSA’s wholly-owned 36 prospecting rights situated across 5,600km² of the main uranium-molybdenum bearing sandstone channels.
Lukisa Invest 100, which owns the remaining 26% of the ARSA joint venture company, has approved the deal and was a part of the negotiation process.
Peninsula is offer a share transaction valued at $50m to close the transaction.
Following the completion of a definitive feasibility study and obtaining 50% financing for the project’s development, the company would extend $45m as deferred consideration.
Peninsula executive chairman Gus Simpson stated, "The Company has acquired a significant uranium and molybdenum portfolio which adds substantially to our existing asset base in the Karoo and our plans to develop a second mining operation in South Africa following the successful ramp up of Lance."
