Big cash addition for uranium miner

URANIUM producer Peninsula Energy has taken advantage of its sales contract portfolio to reap US$19 million from a third party.

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Peninsula has sold the undisclosed third party two existing uranium concentrate sale and purchase agreements representing 935,000 pounds of U3O8 that are due to be delivered between 2018 and 2021.

As part of the sale, Peninsula has also sold its entire interest in an agreement to purchase 900,000 pounds U3O8 between 2018 and 2020 that were intended to provide the bulk of the material for the delivery commitments.

Peninsula has up to 6.6 million lbs of U3O8 remaining under contract for delivery to major utilities located in the United States and Europe through to 2030 at a weighted average delivery price of $51-53/lb U3O8.

The deal was taken to help Peninsula fund work at its Lance projects in Wy...