Proactive Investors - Run By Investors For Investors

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.

View full PEN profile View Profile

Peninsula Energy Ltd Timeline

Related Articles

1539615615_ZincBalls.jpg
October 16 2018
Dr Graham Carman, president and chief executive, noted that at this point more than 40,000 metres had been drilled...
1537373733_copper-periodic-table-3.jpg
September 20 2018
The board of Carube boasts several decades of copper exploration and development experience between them
1533661405_Alvito2.jpg
August 08 2018
The company recently drilled 18 holes, totaling 2,437.5 metres in eight separate prospect areas at its Alvito Iron Oxide Copper-Gold (IOCG) project

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use