THE BOURSE WHISPERER: Vimy Resources (ASX: VMY) has established a third uranium converter account for the company’s Mulga Rock project in Western Australia.
Vimy Resources said the third converter account, this time with ConverDyn is to be the final commercial converter account the company will establish to enable interaction with utility customers.
The company explained it will be producing a high-quality uranium ore concentrate at Mulga Rock, which will be shipped to a conversion plant for further processing into nuclear fuel.
The ConverDyn plant is one of several commercial conversion plants operating globally.
Vimy declared the opening of the account, which follows the opening of two other accounts, as a further logistical and administrative milestone.
“Vimy is pleased to have cemented our relationship with ConverDyn and we look forward to continuing to work with them in the future,” Vimy Resources managing director Mike Young said in the company’s announcement to the Australian Securities Exchange.
“The establishment of this account is timely as we complete new resource models, update the Ore Reserve and assess all Final Investment Decision Optimisation studies.
“These work programs come ahead of finalising the Definitive Feasibility Study for the Mulga Rock project later in the year and moving into uranium marketing and funding activities.”