Uranium Energy Corp. (UEC) recently announced that the Yuty ISR Project based in Paraguay has been approved with a signed resolution to further advance from its current Exploration Phase to the new Exploitation Phase.
The signed resolution from the Ministry of Public Works and Communication (MOPC), Paraguay’s national mining regulation agency, allows the company to move forward with its project. The Yuty Project is the third that the MOPC has approved to the Exploitation Phase since 2007, when the current Paraguayan mining law was passed.
“We are pleased to reach this milestone in the development of the Yuty ISR Project,” Clyde Yancey, vice president of exploration, said. “UEC’s commitment to our two Paraguayan projects, Yuty and Oviedo, continues to strengthen. The company’s technical staff in Asuncion is initiating the development of a comprehensive preliminary economic assessment report on Yuty in coordination with our Corpus Christi-based operating team and independent ISR engineers. Given the geologic similarities of our Paraguayan ISR projects and our South Texas ISR projects, we anticipate a strong investment case for Yuty highlighted by a low capital and operating expenditure profile.”
President and CEO Amir Adnani said the development of Paraguayan uranium resources in close proximity to both Argentina and Brazil is a significant step in the advancement of nuclear energy in South America.
“These two countries combined have five operating reactors, two under construction and seven more in the proposal stage,” he said. “In addition, a meaningful new uranium source from a peaceful and stable jurisdiction like Paraguay is beginning to draw the attention of global utility companies. Advancing Yuty to the next level underscores our ISR leadership position in South America and exemplifies the considerable depth of UEC’s project portfolio that includes U.S. production and a diverse resource base.”
