Canadians rope in Koreans to raise capital for Namibian uranium venture
By: Felix Njini
Published: 23 Nov 07 - 0:00
NAMIBIA
Canadians rope in Koreans to raise capital for Namibian uranium venture
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By: Felix Njini
Published: 23 Nov 07 - 0:00
Toronto Stock Exchange-listed Forsys Metals Corporation has roped in Korean nuclear energy firm Korea Hydro & Nuclear Power Company (KHNP) to help raise capital for its Namibian uranium venture which, company officials say, is to take off in 2009.
Forsys recently inked a memorandum of understanding (MoU) with KHNP at a glittering ceremony in Windhoek, which was the highlight of Namibia’s investment conference, attended by more than 500 business delegates from South Africa and overseas.
Forsys Metals CEO Duane Parnham said that the MoU sought to explore cooperation between the two companies, specifically on raising finance to fund the initial development of the Valencia uranium project, in Namibia.
Forsys plans to begin production at its Valencia project in 2009.
Parnham said full production would only be attained in 2010 and that Forsys had completed a feasibility study on its wholly owned project. The construction phase was scheduled to start in mid-2008.
He said that partnering with the Korean firm could provide the financial jolt required to kick- start operations at the project.
Parnham said that the Valencia project required a capital injection of about C$240-million.
“The two of us (Forsys and KHNP) will start negotiating heads of agreements,” Parnham said.
KHNP is the largest of the six power-generating subsidiaries which separated from Korea Electricity Power Corporation in 2001.
The Korean firm accounts for about 40% of that country’s national power supply.
“Construction of the mine’s plant will start in either the first or the second quarter of 2008, and production will start in 2009 and [the mine will run at] full throttle [from] 2010,” Parnham said.
He noted that Namibia had become a favourite destination for unranium investors because of its infrastructure and stable economic environment.
“It is an undiscovered corner of the earth,” Parnham said.
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