GoviEx Uranium Inc (TSX-V:GXU, OTCQX:GVXXF) told investors it is in discussions with the Government of the Republic of Niger regarding its mining operations and that it has received notice it must start mining at its Madaouela uranium project by July 3, 2024.
If it fails to start mining by that date, there is a risk its mining permit will be revoked.
GoviEx said it is committed to developing the project and working with the government to do so in a way that upholds the relevant laws and protects its rights.
In parallel with its discussions with the government, GoviEx told shareholders it is in talks with third parties about potential investments to fast-track the project’s development.
Govind Friedland, GoviEx executive chairman, highlighted that since the company started its operations in Niger it has completed a 650,000-metre drilling campaign, all with local contractors and employees, to define the potential mineral resource at the project.
He added that since then, GoviEx has worked with local engineers to design a “state-of-the-art” open pit and underground mine with an expected life of mine of 20 years, which will create up to 800 jobs for locals.
“The company was able to do this because it cooperated with governments and worked with locals to create a mutually beneficial outcome,” Friedland said.
“Our commitment to the country remains and we will use all appropriate means available to us to ensure that we continue to develop the project."
Meanwhile, the Africa-focused exploration and development company continues to advance its mine-permitted Muntanga uranium project in Zambia.
It expects to publish its feasibility study for the project in the second half of 2024.