Lotus Resources Says Malawi Uranium Mine Production Temporarily Paused, Flags Impact to Initial Offtake Obligations

MT Newswires Live06-25

Lotus Resources (ASX:LOT) said production at the Kayelekera uranium mine in Malawi was temporarily paused due to a disruption in the third-party acid supply chain linked to disruptions in the Middle East and acid plant repair work, and the delays will impact its ability to meet its initial offtake obligations, according to a Thursday Australian bourse filing.

Ongoing geopolitical tensions in the Middle East region adversely impacted the availability, reliability, and cost of sulfur and sulfuric acid, leading to several contracted and prepaid deliveries being delayed or not fulfilled.

Meanwhile, several refractory bricks within the sulfur furnace showed signs of failure after the final stages of hot commissioning works at the Kayelekera acid plant and the first production of acid. Repair work is underway at the plant. A full furnace brick relining is planned during a scheduled maintenance shutdown, expected in the December quarter.

Lotus has obligations to deliver 1.01 million pounds of triuranium octoxide in the second half of the year. It is engaging with its customers to defer delivery of a significant proportion of those deliveries into 2027 due to delays to export permitting and production.

It requested an extension of its voluntary suspension from the ASX until the earlier of a disclosure that a funding option has been finalized and the start of trading on July 16.

Subject to acid supply and funding, steady-state production is now expected later in the year.

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Repair work is underway at the plant. A full furnace brick relining is planned during a scheduled maintenance shutdown, expected in the December quarter.</p><p><a href=\"https://laohu8.com/S/LOT\">Lotus</a> has obligations to deliver 1.01 million pounds of triuranium octoxide in the second half of the year. 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