Uranium Resources looks for partner at its Mtonya project

(MENAFN- ProactiveInvestors)Uranium Resources (LON:URA) has decided to delay drilling at its Mtonya project in Tanzania until the uranium market picks up. The company said it is waiting until 'the true potential of the project can be recognised by the wider market'. The company has taken the project from an exploration opportunity to a resource stage it said and is now looking at a number of options including joint ventures mergers and partnerships to develop it. It added that the weak market may impinge on further exploration and development at Mtonya in the future. Uranium Resources made the comments in its annual results which showed losses for the year to June were in line with the previous year around £400000. The company does not generate any revenue but said its major shareholder Estes remains supportive and has hinted that it will invest further in the Mtonya project if appropriate. Shares sank 31% to around 0.3p today.