Uranium miner looking at gold

A report published today by The Telegraph states that Australian-based uranium-focused company Aura Energy has set its hopes on a gold deposit next to its Tiris project, in the Sahara Desert of Mauritania.

Quoting Aura’s executive chairman Peter Reeve, the British newspaper says that the miner is convinced the deposit it recently acquired from Drake Resources –and that’s believed to hold up to 20m ounces of gold– could boost its revenue while it finishes the feasibility study on its main uranium mine.

Since 2016 has seen uranium prices plunge by more than 25%, the AIM-listed company wants to use gold to navigate the storm.

Although the precious metal ended Friday at a fresh four-month low, Reeve told The Telegraph that instability in global markets is probably going to continue driving investors towards gold.