- GoviEx Uranium (TSXV:GXU) has revealed that the Government of the Republic of Niger has revoked the rights of its Madaouela mining permit
- The company stated it reserves its right to challenge the decision to withdraw the mining rights
- GoviEx began operating in Niger in 2007 and has completed a 650,000-metre drilling campaign to define its potential mineral resource
- Shares of GoviEx Uranium are down 8.33 per cent to C$0.055 as of 1:35 pm ET
GoviEx Uranium (TSXV:GXU) has revealed that the Government of the Republic of Niger has revoked the rights of its Madaouela mining permit.
The company stated in a news release that it reserves its right to challenge the decision to withdraw the mining rights.
Fears about its mining license being revoked came to surface in April when the government notified the company that it must recommence mining at Madaouela by Wednesday, or else risk losing its mining permit. The government holds a 20 per cent stake in COMIMA, the Nigerien company contracted to develop the project.
“GoviEx believes that the government’s decision to withdraw the mining rights for the Madaouela Project will have a negative impact on the economic and social development of the region,” the company stated in the news release.
The company asserted it will continue working with Niger government officials, and it reserves its right to challenge the decision to withdraw the mining rights.
Operations at the project began in 2007 and has since completed a 650,000-metre drilling campaign to define its potential mineral resource. This has led to the property being one of the world’s largest uranium projects.
Niger is one of the world’s top producing uranium countries and is the second-largest producer in Africa, according to the World Nuclear Association.
GoviEx Uranium holds a diverse portfolio of uranium projects, notably in Africa. The company is progressing its mine-permitted Muntanga project in Zambia and is expected to publish its feasibility study in the second half of 2024.
Shares of GoviEx Uranium Inc. (TSXV:GXU) are down 8.33 per cent to C$0.055 as of 1:35 pm ET.
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