Kayerekera uranium has potential to generate K2 trillion in 5 years

Uranium experts say Kayerekera uranium mined in Karonga has the potential to bring into the country K5 trillion in five years.

Lotus Resources Managing Director Keith Bowes said global uranium prices have now picked up to $90 (approximately K162,000) per pound of uranium oxide.

This implies that the country could generate about $1 billion (nearly K2 trillion) in five years if the uranium oxide at Kayelekera is exploited.

According to a research paper by mining experts Grain Malunga and Rachel Etter Phoya, Kayelekera is remaining with 11.4 million pounds of uranium oxide.

Kayelekera was identified by the Central Electricity Generation board of Great Britain in 1982.

Paladin Africa then invested $230 million towards exploration and establishing the mine, plus a further $200 million as working capital which enabled the company to mine 10.9 million pounds of uranium oxide between 2010 and 2014.

The country is believed to have received $12 million in the life of the mine between 2010 and 2014 before its shutdown for care and maintenance.