Peninsula Energy (ASX:PEN) announced that it has entered into a long term uranium concentrate sale and purchase agreement with a major European utility and nuclear industry leader.
As quoted in the press release:
The agreement is for the sale and purchase of 4.0 million pounds of U3O8 from the Lance Projects over a 10 year p eriod beginning at the end of 2020 and contemplates increasing this to 50% of annual mine production from 2026 onwards.
Peninsula Energy Managing Director and CEO, Gus Simpson, stated:
Peninsula is very pleased to execute this contract as it adds geographical diversity to our sales portfolio. It is an important vote of confidence in our projects, management and ability to deliver uranium well into the future. In addition we have worked with the utility for several years during the evaluation period and we anticipa te a long and mutually beneficial relationship.
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