Lotus Resources signs uranium offtake agreement with North American power utility

Lotus Resources, done its 85%-owned subsidiary Lotus Africa, has signed a binding uranium offtake statement with a North American utility.

This declaration involves the merchantability of 600,000lb of triuranium octoxide (U₃O₈) from the Kayelekera project, scheduled for transportation betwixt 2026 and 2029.

The statement reflects a fixed US dollar terms based connected semipermanent marketplace prices, with a insignificant discount applied.

The declaration includes a fixed-price escalation percent per annum, aligned with the Reserve Bank of Australia's semipermanent ostentation target, applicable from the archetypal transportation year.

This pricing was achieved done competitory discussions, ensuring favourable presumption for Lotus Resources.

Lotus managing manager Greg Bittar said: “Formalising this offtake statement with a cardinal lawsuit is an important milestone for Lotus arsenic we proceed to advancement accumulation restart plans astatine Kayelekera towards our Q3 2025 goal.

“Notwithstanding caller weakness successful spot prices, our engagement with customers and imaginable customers, comprising mostly North American utilities, has demonstrated to america the continuing spot successful the word contracting market, arsenic uranium customers proceed to unafraid semipermanent contracts and actively question to enactment caller supply.”

Additionally, Lotus has formalised a antecedently announced statement with Curzon into a "take-or-pay agreement".

This statement covers a minimum of 700,000lb of uranium for 2026–29, with imaginable escalation to 1 cardinal pounds (mlb) by 2032.

The pricing operation mirrors the fixed-price escalation presumption of the North American inferior agreement.

These agreements, on with antecedently announced PSEG Nuclear offtake word sheets, correspond the merchantability of up to 3.2mlb of uranium, with a minimum of 2.9mlb, to beryllium produced astatine Kayelekera from 2026.

Lotus Resources continues to refine its offtake strategy, prioritising semipermanent linked prices implicit spot marketplace reliance to execute premium pricing with reduced volatility.

Lotus remains actively engaged with imaginable offtake customers, peculiarly focusing connected North American atomic powerfulness utilities, to unafraid much important volumes of U₃O₈ from Kayelekera.

The institution aims to leverage the ongoing request for declaration pricing based connected some fixed and semipermanent uranium prices, frankincense minimising its vulnerability to uncontracted oregon spot marketplace fluctuations.

Lotus is acceptable to statesman producing its archetypal uranium from the Kayelekera task successful the 3rd 4th of 2025.

"Lotus Resources signs uranium offtake statement with North American powerfulness utility" was primitively created and published by Mining Technology, a GlobalData owned brand.