(MENAFN- ProactiveInvestors - Australia) The new leases replace the previous mining leases granted in July 2012, which are no longer active.
Vimy's primary focus is the development of the Mulga Rock Project, one of Australia's largest undeveloped uranium resources.
Under the new mining leases, the company now has security of tenure for all proposed mining areas.
The pre-feasibility study, released in November 2015, indicates that the Mulga Rock Project will produce 1,360 tonnes per annum of uranium oxide for 17 years.
Interestingly, the expected amount of uranium produced if used in nuclear reactors to displace coal fired electricity would offset more than 50 million tonnes of carbon dioxide equivalent emissions.
That is around 10% of Australia's total greenhouse gas emissions.
Last month, Vimy announced a $22 million funding package, in which U.S. private equity player Resource Capital Fund will convert a $15 million unsecured bridging loan into equity.
Andrew Forrest-backed Vimy hopes to bring the Mulga Rock project into production by 2018 at a cost of up to $362 million.
Importantly, the company recently received permission from the Environmental Protection Authority to begin preliminary work on the project.
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