Alliance focuses on Chilean uranium
30 September 2015
Alliance Resources is to put funds from the sale of the Four Mile uranium project in Australia towards exploration in Chile, the company said in its annual report.
Four Mile produced an estimated 2.03 million pounds of uranium in the year to 30 June 2015, said Alliance, the former 25% owner of the project. That stake, as well as the corresponding amount of uranium, was sold to Quasar (a subsidiary of Heathgate Resources, itself part of General Atomics) in mid-July for AUD 73.975 million ($51.97 million). This compares well to Alliance's total contributions to the Four Mile project, which the company said totalled AUD 31.330 million.
This cash means Alliance is "well funded" to look at acquisition opportunities as well as exploration in Chile, where it is developing a copper-gold-uranium project in the Monardes Basin 95km east of Copiapo.
A recent airborne magnetic and radiometric survey of Monardes "identified two sub-parallel uranium-anomalous units with a combined strike length of 9 km within Alliance's concessions," it said. Aliance managers said this represents "a previously unrecognised or underexplored exploration target requiring systematic follow-up." Alliance has an option to purchase up to 100% of Monardes and it said its immediate strategy is to "explore... existing projects in Chile and other acquisition opportunities in the resources sector".
Alliance's loss in 2014 was AUD 3.125 million, greatly reduced from 2013’s AUD 16.978 million.
Researched and written
by World Nuclear News