Global Atomic (WKN A2JAQL / TSX GLO) has had an eventful and successful second quarter. This started with the uranium explorer and zinc producer moving into the main segment of the Toronto Stock Exchange and now ended up completing the expansion, that is capacity doubling, of the zinc processing plants!
Doubled zinc production starts up again
As Global Atomic announced yesterday, the hot startup is currently being carried out in the Turkish plant for the reprocessing of steel mill dust. This means the kiln has been heated and will be available from the 18. August again supplied with dust from electric arc furnaces.
As additional steelworks dust was stored during the remodeling phase, the company now has 49 tons of stock (with Global Atomic holding 20.000% of the plant), allowing it to run at full capacity by the end of the year alone.
And this full operation is to be achieved so that companies already in September. Global assumes that the new system can generate free cash flow from re-commissioning due to improved profitability!
Great progress on the uranium deposit DASA
In parallel with developments in Turkey, Global Atomic is driving forward the development of its high-grade uranium deposit DASA in Niger. The company had submitted an updated resource estimate in July that had it all. These included an increase in the displayed resource (average content of 1,752 ppm) by 56% to 101,6 million pounds of U3O8, and the inferred resource (average content of 1.781 ppm) has even been increased by 81% to 87,6 million pounds of U3O8!
The deposit is open in strike and down dip and the CSA Global experts who prepared the resource estimate recommend additional expansion holes.
Primarily, however, Global Atomic is concentrating on advancing the resources available for surface mining towards production. CSA Global will conduct a Prefeasibility Study (PFS). In addition, an environmental impact study ("EIS") will be prepared, which is also a prerequisite for obtaining a mining permit.
The company plans to apply for the DASA mining license in the middle of 2020, and expects the licenses to be awarded to 2020 in the fourth quarter. That's the advantage of doing business in Niger! While such approval in Canada may take a decade or more, the Niger Mining Act sets a period of four months for this process!
Source: Pressbox
