Australian Securities Exchange and London Stock Exchange listed uranium explorer and developer Aura Energy (ASX:AEE, AIM:AURA) has acknowledged the result of the latest Swedish election held on the 11th of September, which led to the formation of a new majority in Parliament.
In the lead up to the election, the parties which form the new majority in Parliament placed nuclear energy and energy security high on their agenda and expressed their desire to overturn the current ban on uranium mining in Sweden.
Although Sweden benefits from having 40% of its electricity supply generated by nuclear energy at stable prices, a uranium mining ban has been in place in the country since May 2018.
If a reversal of the ban goes ahead, the people of Sweden will be the principal beneficiaries, as this would offer the opportunity for the Häggån Project to be developed into a giant battery metals complex focussed upon vanadium production, with uranium produced as a by-product material.
Aura Energy chairman Phil Mitchell explained: “The company’s polymetallic Häggån Project in Jämtland county represents an important mineral resource for the Swedish nation.
“The deposit contains vanadium, uranium, potash and other trace metals, it offers supply solutions for both fast growing battery metal technologies and safe, carbon free nuclear energy, which will benefit not only Sweden but also the European community as a whole, through the establishment of a safe, green power complex.”
Häggån certainly is significant containing 6.8 million tonnes of vanadium pentoxide at 0.1% V2O5 cutoff and 360,000 tonnes (800 million pounds) of uranium oxide with the project holding the potential to operate for decades, supplying Sweden and the global market with critical battery metals and minerals.
In March 2022, Aura appointed Diplomat Communications to liaise with the Swedish Government and other relevant stakeholders in relation to advancing the Häggån Project. Based in Sweden, Diplomat Communications is a leading strategic communications consulting firm, that works across business, politics, the financial markets and media, to build trusting relationships, and drive internal and external change.
In September 2022, the Aura team travelled to Sweden to further discussions with relevant stakeholders and political parties in the lead up to the election.
Aura also holds the Tiris Uranium Project in Mauritania an evolving major greenfields uranium discovery in Mauritania, with a total JORC Resource of 56 Mlbs (at a 100 ppm U3O8 lower cut-off grade), with the company aiming to commence production in 2024, following the final investment decision which is expected in Q1 2023.
