First Uranium Says New Process Cuts Plant Cost by 27 Percent

First Uranium Corp., a Toronto-based developer of uranium deposits in South Africa, said a change to the way it will process uranium-from-waste at its Buffelsfontein project could cut plant investment costs by 27 percent.

The change to ``atmospheric pressure leaching'' to extract uranium from mine waste could also lower production costs by as much as 9 percent and boost the value of the project by 15 percent, First Uranium said today in an e-mailed statement.

The company expects to produce its first uranium from June next year, it added.

To contact the reporter on this story: Stewart Bailey in Johannesburg Sbailey7@bloomberg.net

To contact the editor responsible for this story: Justin Carrigan at jcarrigan@bloomberg.net

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