NexGen consolidates 100% ownership of PCE uranium project
Uranium developer NexGen Energy has exercised its right of first refusal to acquire the 10% production carried interest (PCI) held by Rio Tinto Exploration Canada over 39 mineral claims in the south-west Athabasca basin, including the claims hosting the PCE discovery.
With the acquisition of the PCI, NexGen now holds 100% ownership over its entire portfolio, including the Arrow deposit and PCE project.
“Given the world class extent, high grade and superior technical setting of mineralisation discovered to date at our two projects, consolidating our portfolio at PCE and surrounding area to match our 100% ownership in our world-class Arrow deposit is entirely in line with our strategic objective of becoming the future leader in uranium production worldwide,” said CEO Leigh Curyer.
NexGen agreed to match a cash payment offered to Rio Tinto for the interest, although the terms of the transaction remain confidential.
The company said the PCE and Arrow projects, along with the broader land package, position NexGen to meet the growing global demand for secure uranium supply, particularly as nuclear energy powers an expanding fleet of data centres.
“With the world’s leading tech companies recently committing to the construction of over $100-billion in AI data centres in the US alone – to be predominantly powered by nuclear energy – the ever-growing need for a safe, secure supply of uranium from sound jurisdictions is upon us,” said Curyer.
NexGen acquired the mineral claims in 2012. The PCI, which entitled Rio Tinto to 10% of future production from the properties, carried through to the commencement of commercial operations. NexGen would have been entitled to recover 10% of all prior costs from 75% of Rio Tinto’s share of production before full ownership reverted to the major. A joint venture would have been formed at that time to govern future operations.
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