Lotus Resources Ltd (LTSRF: OTCQX International) | Kayelekera Project Update and Key Board Appointments
Lotus Resources Limited (ASX: LOT, OTCQX: LTSRF) has provided an update on the progress of its Kayelekera uranium project in Malawi, which remains on track for first uranium production in Q3 2025. The company has made significant strides in refurbishment and restart activities, with all key plant refurbishment contracts awarded and an on-site workforce of 200 local and expatriate personnel. The project is fully funded, and the restart schedule and capital expenditure remain on track. Additionally, Lotus has strengthened its leadership team with the appointment of two experienced Non-Executive Directors, Leanne Heywood and Simon Hay, effective 3 February 2025. Both bring extensive expertise in the mining and resources sectors, which will support Lotus as it transitions from a developer to a global uranium producer.
The company has also signed a Community Development Agreement (CDA) with the Malawian government and local communities, underscoring strong government and community support for the project. The CDA aims to promote sustainable community development, enhance welfare, and respect the rights and traditions of the local community. Furthermore, Hayden Bartrop has been appointed as Chief Financial Officer, adding to the company’s operational readiness.
Key areas of focus for the refurbishment team include the crusher, leach, resin in pulp, elution, precipitation, drying and packaging, and ferric plant. Recent progress includes civil works, the relocation and refurbishment of the acid plant, and the installation of a new crusher discharge chute. Electrical, mechanical, and instrumentation teams are also actively repairing and testing key components. With these advancements, Lotus is well-positioned to achieve its production targets and solidify its role as a significant player in the global uranium market.
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