CHAMWE KAIRA
Deep Yellow has expanded its uranium exploration portfolio in Australia with the acquisition of a 50% stake in the Cooper Creek Joint Venture, while reaffirming that its flagship Tumas uranium project in Namibia remains the company’s primary development focus.
The uranium developer announced on Tuesday that it had entered into a binding agreement to acquire Energy Resources of Australia’s 50% participating interest in the Cooper Creek Joint Venture in Australia’s Northern Territory for A$648,000 (approximately N$7.8 million).
The acquisition strengthens Deep Yellow’s presence in the Alligator Rivers Uranium Province, one of Australia’s premier uranium regions, and expands the company’s exploration footprint to about 4,820 square kilometres once the transaction is completed.
Despite broadening its Australian portfolio, the company said the deal complements rather than shifts its strategic focus from Namibia, where it is advancing the Tumas uranium mine towards development.
Deep Yellow Managing Director and Chief Executive Officer Greg Field said the acquisition aligns with the company’s strategy of building value across its uranium asset portfolio.
“The Cooper Creek JV deal fully aligns with our strategy to expand on and drive value from our portfolio of excellent uranium assets, ranging from the shovel-ready tier-one Tumas Project in Namibia, which remains our key focus, to exciting greenfields exploration opportunities in the Alligator Rivers Uranium Province,” Field said.
He added that the acquisition provides another opportunity for the company’s exploration team to target large, high-grade uranium discoveries in Australia while partnering with global uranium producer Cameco, which manages the joint venture.
The Cooper Creek Joint Venture comprises two exploration licence applications covering 810 square kilometres. Following completion of the acquisition, the joint venture will be owned by Deep Yellow (50%), Cameco Australia (40%) and Sutton Motors (10%).
For Namibia, the announcement reinforces Deep Yellow’s commitment to the country as a cornerstone of its long-term production strategy.
The company said its development pipeline is anchored by two advanced uranium projects – the Tumas Project in Namibia and the Mulga Rock Project in Western Australia – supported by exploration assets in both Namibia and Australia.
Deep Yellow is targeting annual uranium production of more than 10 million pounds as it seeks to establish itself as a globally diversified uranium producer amid growing demand for nuclear energy as a low-carbon electricity source.
