11:57 AM EDT, 03/18/2024 (MT Newswires) -- GoviEx Uranium Inc. ( GVXXF ) down 12.5% late morning, has appointed SGX Bateman (Pty) Ltd to start front-end engineering designs at its Madaouela Uranium Project in Niger. The project is also moving forward with initial ground works, including constructing an access road, to be followed by site clearance and terracing, then initial civil engineering construction.

This progression marks a significant step towards the Madaouela Project's development, complementing the initiation of lender due diligence announced earlier this month and GoviEx's receipt of expressions of interest (EOIs) for project-related debt finance of US$200 million, the statement noted.

GoviEx says the Madaouela Project represents a significant investment in the Nigerien economy, with an anticipated initial capital expenditure of US$343 million, and is expected to generate considerable employment opportunities with the potential of creating up to 800 jobs over its 20-year mine life. The project is also expected to contribute to substantial royalty payments and taxes to Niger.

The company also notes the recent developments concerning the Niger-US military arrangements after Niger announced the termination of their military accord. GoviEx is monitoring the situation on the ground and through its current potential lenders.

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