Earthstone Grp wins Uranium production contract in Niger

RELATED NEWS Resurgere Mines locked at 5% upper circuit Elecon Engineering bags orders worth Rs 51.74cr East Coast Energy secures nod for Rs 600-cr jetty Nifty BSE | NSE 10/02/12 Are Mutual Funds betting on Nifty?

Earthstone Group is a diversified multinational Group headed by an NRI, Mr. Pankaj Shah with an established presence in Mines and Minerals and interests in Energy, Roads, Airports, Ports, Rail Networks and other associated Infrastructure.

Earthstone group through its wholly-owned subsidiary, Earthstone Uranium FZE, entered into an agreement with the Government of the Republic of Niger, whereby the Republic of Niger will grant to Earthstone Uranium FZE four exploration permits for Uranium and associated elements. Big international players like Rio Tinto and Areva were among the other 15 companies that were looking for the blocks currently assigned to Earthstone Uranium FZE.

The four permits totaling approximately 2,000 sq km are part of the Tim Mersoi sedimentary basin and are in favorable structural and stratigraphic settings in the region of sandstone type uranium deposits. These permits in Niger are in regions currently producing uranium - including the Akouta underground mine and Arlit open pit mine operated by Areva. They are located near the city of Agadez, approximately 800 kilometres northeast of Niamey, the capital of Niger. Two blocks, Toulouk II and Toulouk IV, have already been identified and are in the Agadez area of the Tim Mersoi basin.

Earthstone Uranium FZE intends to invest $ 50 million USD over the next 5 years; with first initiative in February 2009 through a staged program of airborne geophysics, including radiometric and electromagnetic surveys, regolith mapping and ground checks of all geophysical anomalies. The company expects to supply Uranium to Indian corporations, both in private and government sectors.

Commenting upon the development Mr. Pankaj Shah, Founder, Chairman & CEO, Earthstone Group, said. "We are extremely pleased to win this ahead of bigger companies in this space. The Uranium deposits here will be enough to last for many decades of India' nuclear needs. Also we will expand our presence in other countries in our areas of interest."

Earthstone considers Niger to offer excellent potential for new uranium discoveries as the country has been a major uranium producer for over 50 years. The Government of Niger made recent changes to the Mining Act creating a competitive exploration environment and opening excellent opportunities for global conglomerates.

Sourced From: Concept Public Relations India Pvt. Ltd