Peninsula Energy has new subs. shareholder in Paradice Investment Management

By John Miller / April 18, 2019 / / Article Link

Peninsula Energy Ltd (ASX:PEN) has a new substantial shareholder in Sydney-based Paradice Investment Management Pty Ltd with a 9.71% stake.

Paradice attained this status on April 12, 2019, and holds 24 million securities in the US uranium producer.

The transaction was valued at almost $6.5 million.

Investment valued at $6.72 million

At Peninsula's current share price of 28 cents, Paradice's investment is valued at $6.72 million.

Peninsula is transitioning its Lance Projects in the US state of Wyoming to a low pH uranium operation.

READ: Peninsula Energy achieves objectives in low pH uranium mining phase demonstration

This plan aims to align the operating performance and cost profile of the project with industry-leading global uranium production projects.

A recent mining phase demonstration has achieved the company's objectives.

READ: Peninsula Energy awaits President Trump's review of Section 232 uranium investigation

Like other companies involved in the US uranium industry, Peninsula is awaiting a review by US President Donald Trump into a report investigating the effects of high levels of uranium imports on national security interests.

The US Department of Commerce (DOC) has completed an investigation undertaken in accordance with Section 232 of the Trade Expansion Act of 1962.

Report submitted to White House

DOC's report has been submitted to the White House and the President has up to 90 days to decide whether or not to take any action.

The DOC investigation was conducted in response to a petition filed by two US uranium mining companies in January 2018.

It included consultations with industry stakeholders, members of Congress, the Department of Defence, the Department of Energy and other interested parties.

Seeking to ensure viability of US industry

The petition requested that DOC investigate the effects of uranium imports on US national security and sought measures to increase the level of US mined uranium to ensure the long-term viability of the country's uranium mining industry.

Among the remedies it sought was a 25% quota of annual US requirements being reserved for uranium mined in the US.

It is unknown if the DOC concurred with the remedies requested by petitioners.

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