Peninsula Energy withdraws from Karoo Projects

Company News

by Rachael Jones

Peninsula Energy (ASX:PEN) has decided to fully withdraw from any further development activities for the Karoo Projects in South Africa.

Their decision is based on the prevailing uranium market conditions which they believe are not supporting the ongoing development of this hard rock uranium mining opportunity.

Secondly, they say the limited duration and cost structure associated with holding South African mineral retention rights quickly becomes cost prohibitive.

Peninsula has therefore suspended all financial support for development activities including progression of mining and prospecting right applications.

Peninsula Energy Limited (ASX:PEN) are trading flat at 25 cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.