Uranium in South Africa's Karoo May Be 10 Times Estimate
- Australian explorer says resources may be 600 million pounds
- Peninsula Energy aims to start mining uranium by 2020
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Peninsula Energy Ltd., an Australian listed uranium explorer and producer, said deposits of the nuclear fuel buried in South Africa’s semi arid Karoo region may be 10 times greater than the 57 million-pound resource it has already found.
Peninsula is building upon exploration work done by Esso Minerals in the 1970s, which indicated resources of 450 million pounds to 600 million pounds, Chief Executive Officer John Simpson said in an interview in Cape Town on Feb. 10. About 200 million pounds of uranium are consumed globally each year, he said.