Botswana may soon have its first uranium mine as Australian firm A-Cap Resources (ASX:ACB) has applied for a mining licence for its flagship Letlhakane project.
According to CEO Paul Thomson, technical studies to date have shown that the project can be competitive as forecasts indicate uranium prices are set to rise.
The $351 million project has the advantage of being located near roads, a railway network and power supply, the company said.
Further, it is also on the site of one of the largest uranium deposits in the Africa, with estimated deposits of 261 million pounds, A-Cap Resources added.
Another Australian firm, Impact Minerals (ASX:IPT), is also exploring some prospective deposits in eastern Botswana, a country that is estimated to hold around 1.04 billion tonnes in uranium reserves, mostly in its central area.