The Muntanga project in the southeastern region of the Siavonga and Chirundu Districts is progressing towards mining, project financing and development. The developers GoviEx said the feasibility study (FS) of the project has catapulted it towards this major milestone.
According to the company, the FS was prepared by Ukwazi Transaction Advisory, SRK Consulting (UK) Limited and SGS Bateman.
The FS represents a detailed, fully costed, and updated engineering study of the Project, considering international best practices and standards for responsible project development.
“The global energy landscape is undergoing a transformative shift, driven by the surging demand for clean, reliable power to support AI-driven technologies and electrification.
“Amid this growing need for nuclear energy, years of underinvestment in uranium exploration and development have left a critical supply gap that existing projects simply cannot fill. In this extraordinary market environment, Muntanga stands out as one of the few advanced uranium projects ready to help meet this demand. With production forecast for 2028, Muntanga is uniquely positioned to deliver significant value while contributing to the global transition toward sustainable energy,” said Govind Friedland, GoviEx Executive Chairman.
Commenting on the results, Daniel Major, Chief Executive Officer said the project is built on a foundation of exceptional fundamentals.
“With an after-tax NPV of USD 243 million, a robust IRR of 21 percent, and low operating costs of USD 32.2 per pound of U₃O₈, we have established solid economics that ensure strong profitability. The low technical risk of an open pit mine, combined with conventional processing methods, fast uranium recoveries, and minimal environmental impact, underpins the Project’s robustness.
“Additionally, the potential for significant resource expansion through the development of satellite deposits and exploration only strengthens the long-term value proposition. We’re excited to be advancing one of the few uranium projects that can help meet rising demand in a constrained market,” said Major.
Project Overview
The Project encompasses three mining licences – Muntanga (Licence no. 13880-HQ-LML), Dibbwi (Licence no. 13881-HQ-LML), and Chirundu (Licence no. 12634-HQ-LML), covering 719 km2 , is located approximately 200 km south of Lusaka, north of Lake Kariba.
Additionally, the Company holds two exploration licences for Nabbanda (Licence no. 22803-HQ-LEL) and Chirundu Extension (Licence no 22075-HQLEL), and a recently granted mining licence for Kariba Valley (License no. 38555-HQ-LML) which expands the total combined area to 1,136 km².
The Muntanga and Dibbwi mining licences comprise the Muntanga, Dibbwi and Dibbwi East deposits while the Chirundu mining licence contains the Njame and Gwabi deposits.