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MARENICA ENERGY LTD

ASX: MEY

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Description

Marenica Energy Limited is an Australian Stock Exchange listed company with its major focus being the discovery and development of uranium deposits. The Company's principal asset is the Marenica Uranium Project located in the uranium rich Damara Province in Namibia. The project covers 527sq km, with high prospectivity for both secondary and primary uranium deposits. Marenica Energy Ltd's strategy is to focus on the evaluation of the Marenica Project as well as to identify and acquire other uranium opportunities globally.

Marenica Energy is pleased to advise that it has secured $5 million of debt and equity funding through the support of China's Hanlong Energy Limited ("Hanlong") to progress its flagship Marenica Uranium Project in Namibia, Southern Africa. Marenica and Hanlong have entered into a Memorandum of Understanding ("MOU") encompassing longer-term feasibility and development funding, off-take arrangements and potential cooperation on future strategic acquisitions in the uranium sector.

Hanlong Energy Limited is a subsidiary of the privately-owned China-based Sichuan Hanlong Group Co., Ltd, a large diversified group with a broad portfolio of investments in mining resource development, electricity production, infrastructure development and real estate. The Group has over 12,000 employees worldwide and annual revenues of more than US$2.5 billion.

The funding paves the way for Marenica to progress to the next stage of evaluation and development of the Marenica Project, where it has recently completed a Scoping Study on a potential US$260 million heap leach development.

Hanlong is committed to supporting Marenica to become a successful uranium mining company.

Mine For

uranium, coal, lead, zinc, silver

Location of operation(s)

Western Australia, Namibia

Address

Ground Floor, 47 Colin St
WEST PERTH, WA, Australia

Phone

(61 8) 9321 7355

Email

Website


Last Updated

3/5/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.

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