Lotus Resources Says on Track to Deliver Nameplate Production at Uranium Mine in Malawi, Shares Jump 8%

MT Newswires Live

Mar 25

Lotus Resources (ASX:LOT) said it remains on track to deliver nameplate production at the Kayelekera uranium mine in Malawi in the June quarter, according to a Wednesday Australian bourse filing.

It said that its diesel supply chain was intact and that it had received no indication of disruptions from diesel suppliers to date. It contracted for its diesel requirements through to the end of June, priced below current spot prices.

It also built up its onsite inventory of sulfuric acid, and its pipeline of deliveries and orders has not been impacted to date. However, there is pressure on pricing and freight costs.

The firm has sulfur supply orders in place to the end of June, and its two key suppliers have substantial inventory already landed in Tanzania, with neither supplier indicating any impact at this stage. Lotus is planning additional supply routes and additional storage for sulfur.

Its shares rose 8% in recent trading on Wednesday.

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It contracted for its diesel requirements through to the end of June, priced below current spot prices.It also built up its onsite inventory of sulfuric acid, and its pipeline of deliveries and orders has not been impacted to date. However, there is pressure on pricing and freight costs.The firm has sulfur supply orders in place to the end of June, and its two key suppliers have substantial inventory already landed in Tanzania, with neither supplier indicating any impact at this stage. Lotus is planning additional supply routes and additional storage for sulfur.Its shares rose 8% in recent trading on Wednesday.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}