Lotus Resources Ltd (ASX:LOT) (OTCMKTS:LTSRF) has appointed highly experienced Robert Rich as uranium marketing and sales executive for the company, a move expected to help progress the restart of the Kayelekera Uranium Project in Malawi.
Rich is based in the United States and has more than 30 years of experience working as a nuclear fuel consultant.
During this time, he has advised a number of major US utilities in the procurement of nuclear fuels and has worked with a wide range of producers in securing offtake agreements.
“Ideal timing” for appointment
Lotus Resources managing director Keith Bowes said: “One of the key requirements in securing long-term offtake with major utilities is having established working relationships with these groups.
“Having worked extensively over 30 years with both uranium producers and utility companies, Robert is clearly one of the leaders in this sector globally.
“With the uranium market beginning to project a more bullish sentiment, the timing for bringing on a marketing and sales executive is ideal.
“The Lotus team looks forward to working closely with Robert as we continue to advance the Kayelekera Project towards recommencing production.”
Rich’s experience
Rich has conducted business in North America, Europe, Australia, East Asia and the Middle East.
He has consulted and worked as US and Canadian sales & marketing representative for Paladin Energy Ltd, uranium consultant for Emirates Nuclear Energy Corp, president of Reno Creek Project at American Uranium Corp, and US/Canadian sales & marketing representative for Olympic Dam Marketing.
He was also engaged as a fuel cycle consultant for Sumitomo Corporation, and also as a consultant for several other North American utilities.
During his career, Rich has overseen the sale of more than 60 million pounds of uranium from producers and has been responsible for the purchasing of excess of US$100 million annually of triuranium octoxide (U3O8), conversion and enrichment in contracts.
He received his PhD and Masters in Geology from Harvard University before becoming a post-doctoral research fellow for the US Department of Energy (previously ERDA) also at Harvard University.
Lotus owns an 85% interest in the Kayelekera Uranium Project that hosts a current resource of 37.5 million pounds of U3O8 and historically produced around 11 million pounds of uranium between 2009 and 2014.