Globe acquires projects in Zambia and Tanzania

Globe Uranium has entered into a joint venture with Central Energy Limited to....

  Globe Uranium has entered into a joint venture with Central Energy Limited to acquire up to 90 percent of the uranium rights over three projects in Zambia, totalling approximately 18,000sqkm, and one in Tanzania, covering approximately 880sqkm.The rights include highly prospective uranium projects in Karroo sandstone in the Kariba Valley, in southeast Zambia, and the Ruvuma Basin, in southwest Tanzania. Globe Uranium’s Managing Director, Mark Sumich said the company had acquired a strategic landholding in three of the most prospective and actively explored sandstone uranium provinces of southern Africa, positioning itself as a leading uranium explorer in the region.“The three countries in which we operate – Malawi, Zambia and Tanzania – are all English speaking, politically stable and proximate to each other. This will enable us to carry out our business effectively from our central regional base in Lilongwe, Malawi,” Mr Sumich said. Central Energy is an African coal bed methane explorer, with interests in Tanzania, Zambia and Botswana. In southern Africa, many prospective horizons for coal bed methane lie immediately beneath the coal measures, which in turn are overlain by the Karroo sandstones, which are prospective for uranium. The separation between the favourable host geology for coal bed methane and for uranium in this stratigraphy enables exploration and production for both commodities to be carried out simultaneously on the same tenement.