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Boss Energy (ASX:BOE) eyes December production at Honeymoon uranium project, SA

ASX News, Energy
ASX:BOE      MCAP $1.003B
24 April 2023 11:04 (AEST)

60,000 cubic metres of excavation earthworks is now complete. Source: Boss Energy

Boss Energy (BOE) has reported “strong” construction progress at its Honeymoon uranium project in South Australia, with production slated for the December quarter.

The company aims to become Australia’s next uranium producer and on Monday said its efforts at Honeymoon were running on time and within budget.

“All aspects of the construction are proceeding to plan, including delivery of critical equipment, wellfield development and the evaporation pond,” BOE Managing Director Duncan Craib said.

“Committed expenditure now totals $65 million, representing 62 per cent of the total capital cost budget, meaning we are currently scheduled to be on track for the first production as planned in the December quarter of this year.”

The company said it remained fully funded through to production, boasting cash on hand of $103 million and a strategic uranium stockpile worth $96 million based on current spot prices.

Mr Craib believes the company is in a prime position to make the most of the growing demand for uranium.

“With the outlook for the uranium price continuing to strengthen amid growing use of nuclear power and a shift away from Russian uranium, we are perfectly positioned as we prepare to move into the final stages of construction ahead of commissioning,” he said.

Boss Energy also confirmed the continuation of its recruitment program for a highly experienced operational and project team.

The company said it was progressing well, with all senior positions now filled except those relating to the processing plant.

Shares in BOE were down 0.88 per cent to $2.25 at 10:52 am AEST.

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