LONDON (Alliance News) - Uranium Resources PLC on Tuesday said its ability fund further exploration and development work at the Mtonya project is being affected by current market conditions and said it is reviewing strategic alternatives to progress the work.
Uranium Resources said it is considering a number of possible strategic alternatives to continue development work at Mtonya uranium project in Tanzania, as its own ability to fund further work is hampered by the tough conditions in global uranium markets.
The company said Estes, its major shareholders, continues to be supportive of the company and has indicated it will invest in the project if a suitable strategic investor is identified.
The news came as Uranium, which does not generate any revenue, said its pretax loss for the year to the end of June widened slightly to USD393,000 from USD387,000.
Shares in the company were down 29% to 0.285 pence on Wednesday, the worst performer in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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