KARONGA (MaraviPost) — Paladin Africa Limited (PAL) has said in a statement that they could resume their activities at Kayerekera Uranium Mine in Karonga which they suspended some months ago.
PAL managing director John Borshoff said the mine is not a dead project.
“We’re waiting for it to awaken,” he told Mining Weekly – an online publication. “The project has a very real potential to start again, and the medicine it needs is a positive uranium outlook.”
Dwindling global Uranium prices forced PAL to close the mine last May, and about two hundred Malawians lost their jobs.
The Daily Times reported Wednesday that “since May [the mine] has been placed under care and maintenance.”
Borshoff said his company will have to pump in about “US$16 million” to revive Kayerekera.
Global prices will have to get between US$65 and US$70 per ounce to validate the restart of Kayerekera, Borshoff was quoted as saying by The Times.