GoviEx Uranium Inc (TSX-V:GXU, OTCQX:GVXXF) announced that it has taken another major step toward developing its Muntanga uranium project in Zambia, submitting its draft Environmental and Social Impact Assessment (ESIA) to the Zambian Environmental Management Agency (ZEMA).
ZEMA will now review the draft ESIA and provide feedback that will shape the final version, which GoviEx expects to resubmit for approval later in 2025.
The company said that this submission moves the project closer to the execution phase following the completion of a positive Feasibility Study which confirmed Muntanga is a financially robust, shallow open-pit heap leach operation with a 12-year mine life.
It estimates an after-tax net present value (NPV8%) of US$243 million and an internal rate of return of 20.8%.
GoviEx CEO Daniel Major described the draft ESIA submission as another significant step for the Muntanga project.
“This progress demonstrates our dedication to delivering one of the few near-term uranium projects with potential to help meet growing global demand, while also ensuring environmental and social responsibility,” Major said.
“We are also making solid progress on the financing front, with strong early-stage interest that reflects confidence in the quality and potential of the Muntanga project.”
GoviEx highlighted that the Muntanga project benefits from Zambia’s strong infrastructure, a supportive mining jurisdiction, and access to key inputs such as locally available sulfuric acid.
The company expects uranium production to begin in 2028, with first output targeted within four months of mine start-up.
It is currently in discussions with potential off-takers.
Shortly after the open, US-listed shares of GoviEx were trading 6.1% higher over the counter at nearly $0.04.