Cauldron Energy has signed a memorandum of understanding (MoU) with Uzbekistan’s state-owned Navoiyuran to advance the Yanrey uranium project in Western Australia.
Navoiyuran is the world’s second-largest in-situ recovery (ISR) uranium producer, with more than 30 years of experience and operations spanning 18 ISR fields.
Backed by the Uzbekistan Government, the company already partners with global leaders Orano, Itochu and China National Uranium Corporation, but this marks its first agreement in Australia.
Under the MoU, Cauldron and Navoiyuran will collaborate on technical design, government advocacy, ISR expertise and potential funding. The agreement is non-binding but is expected to lead to more formal arrangements once further studies are complete.
Navoiyuran carried out due diligence on Yanrey prior to the deal. CSIRO research in 2017 confirmed the project’s Bennet Well deposit is amenable to ISR mining, though Australia currently has only two ISR uranium mines in operation – Honeymoon and Beverley in South Australia.
“This is a transformational relationship for Cauldron in so many ways,” Cauldron chief executive officer Jonathan Fisher said.
“Firstly, attracting the interest of the entity that literally invented ISR mining for uranium, and is the world’s second largest ISR producer behind Kazatomprom, demonstrates the quality and tier potential of the Yanrey project and its surrounding region.”
Cauldron has delineated 42 million pounds of uranium in JORC currently and is confident of expanding this, with 20 targets still largely untested.
Fisher said attracting Navoiyuran’s interest was a good sign for the local uranium sector.
“It’s important to show that there are large, industry leading players interested in participating in the WA uranium sector,” he said.
“ISR uranium mining is not only the most sustainable mining method, with lowest environmental footprint, but also the most cost effective.”
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