17th Jun 2024 17:37
(Alliance News) - MetalNRG PLC on Monday welcomed a decision by the Parliament of Kyrgyzstan to lift the ban on uranium and thorium prospecting, exploration, development and mining.
MetalNRG shares closed up 37% to 0.23 pence each in London on Monday.
The investor in natural resources and energy has a significant interest in the Kamushanovskoye uranium deposit in the Kyrgyz Republic.
International Mining Company Invest Inc, in which MetalNRG holds a 9.9% stake, owns the project at the site.
MetalNRG's stake was fully impaired and valued at zero in 2022 following the ban, although this will now be reviewed.
Executive Director Rolf Gerritsen said: "We will look carefully at how we can achieve the best value for our shareholders from the project, recognising there is a lot of work that would need to be done if we are to develop the project to a commercially viable producing asset."
According to MetalNRG the net present value of the project stand at USD250.0 million with it offering exploration upside of an additional 2.6 million pounds of uranium from a partially explored zone and untested ground.
By Elijah Dale, Alliance News reporter
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