Australian firms Toro Energy and Deep Yellow have formed a joint venture to accelerate a uranium exploration campaign in Namibia.
The partnership is part of Toro's previously announced restructuring of African interests to allow the firm to focus more on its high–potential Australian uranium projects — Wiluna (WA) and Napperby (NT) – which have the potential for near-term production.
The pair will spend A$3.5m over the next two and a half years on three exclusive prospecting licences (EPLs) held by Toro's Namibian subsidiary Nova Energy Namibia. Deep Yelllow's Namibian subsidiary Reptile Mineral Resources and Exploration will then be entitled to gain a 65% share of the joint venture.
Toro will retain 25% share with Namibian Black Economic Empowerment Company, Sixzone Investments Proprietary, holding a 10% share.