GoviEx Uranium Inc (TSX-V:GXU, OTCQX:GVXXF) said it has started drafting engineering designs at its Madaouela uranium project in Niger.
The company has appointed SGS Bateman to begin front-end engineering designs, while also initiating initial ground works, including the construction of an access road, with plans for comprehensive site clearance, terracing, and initial civil engineering construction to follow.
Vancouver-based GoviEx believes Madaouela holds immense economic potential for Niger, with an expected initial capital expenditure of US$343 million. Furthermore, it is poised to generate significant employment opportunities, potentially creating up to 800 jobs over its projected 20-year mine life.
Madaouela boasts one of the largest uranium resources in its peer group, with measured and indicated mineral resources of 96.9 million pounds of U3O8, alongside inferred resources of 19.6 million pounds of U3O8.
The project is anticipated to contribute substantial royalty payments and taxes to Niger, further bolstering the local economy.
“This project is more than an investment in uranium; it's an investment in the future of Niger, aiming to bring economic benefits and develop local talent that will serve the nation for years to come,” GoviEx CEO Daniel Major told investors in a statement.
Major added that the company is “uniquely positioned” to benefit from the current uranium market with two separate projects in development.
In addition to Madaouela, GoviEx’s Muntanga project in Zambia holds measured and indicated mineral resources of 33.7 million pounds of U3O8, with inferred resources of 10.9 million pounds of U3O8.