Peninsula Energy Suspends Development of Karoo Project

摘要

ASX-listed Peninsula Energy hasrnconfirmed its decision to suspend anyrnfurther development activities for thernKaroo Projects in South Africa.rnThe company's decision is based onrnprevailing weak uranium marketrnconditions, which it believes are notrnsupporting the ongoing developmentrnof the project. In addition, Peninsularnpointed to the limited duration and costrnstructure associated with holding SouthrnAfrican mineral retention rights, whichrnquickly becomes cost prohibitive. Asrna result, the company has suspendedrnall financial support for developmentrnactivities including progressionrnof mining and prospecting rightrnapplications, according to reports today.