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Peninsula Energy tightens its focus on the Lance Projects

The Lance Projects were cash flow positive in the June quarter.
Peninsula Energy tightens its focus on the Lance Projects
Peninsula is a uranium producer

Peninsula Energy Ltd (ASX:PEN) is producing uranium from its Lance Projects in the U.S., where it delivered positive cash flow for the June quarter 2017.

READ NOW: Peninsula delivers positive free cash generation from uranium sales

The company has highlighted a stronger focus on these key assets, by deciding to exit and sell its interests in the Karoo Projects in South Africa.

Peninsula said that it intends to complete a divestment of its 74% interest in the Projects through an active process over the remainder of the 2017 calendar year.

Dependent on the nature of any transaction, Peninsula may opt to retain some level of exposure, albeit at a significantly reduced level to that which it currently holds.

The move will allow Peninsula to focus its future capital expenditures on the operating Lance Projects to best take full advantage of its long term sales contracts, which are well above current and forecast spot prices and extend out to 2030.

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