Uranium player Aura Energy has welcomed the newly elected Swedish Government, who have previously expressed their desire to overturn the current ban on uranium mining in the country.

Although Sweden benefits from having 40% of its electricity supply generated by nuclear energy at stable prices, a uranium mining ban has been in place in the country since May 2018.

And if a reversal of the ban goes ahead, the people of Sweden will be the principal beneficiaries because this Aura Energy’s (ASX:AEE) Häggån Project could be developed into a giant battery metals complex focused upon vanadium production, with uranium produced as a by-product material.

Important mineral resource for Sweden

Häggån contains 6.8 million tonnes of vanadium pentoxide at 0.1% V2O5 cutoff and 360,000 tonnes (800 million pounds) of uranium oxide with the potential to operate for decades, supplying Sweden and the global market with critical battery metals and minerals.

“The company’s polymetallic Häggån Project in Jämtland county represents an important mineral resource for the Swedish nation,” chairman Phil Mitchell says.

“The deposit contains vanadium, uranium, potash and other trace metals; it offers supply solutions for both fast growing battery metal technologies and safe, carbon free nuclear energy, which will benefit not only Sweden but also the European community as a whole, through the establishment of a safe, green power complex.”

FID expected for Tiris project next year

Aura also holds the Tiris Uranium Project in Mauritania, an evolving major greenfields uranium discovery, with a total JORC Resource of 56 Mlbs (at a 100 ppm U3O8 lower cut-off grade).

The company is aiming to commence production in 2024, following the final investment decision which is expected in Q1 2023.

 

 

 

This article was developed in collaboration with Aura Energy, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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