(Ecofin Agency) - Australian company Lotus Resources holds two African uranium projects in Botswana and Malawi. It aims to leverage these resources to become a major global uranium producer.

Lotus has upgraded the mineral potential of its Botswana project, Letlhakane, now estimated to produce 80 million pounds of uranium over its lifespan, up from 67.5 million pounds previously. With its Kayelekera project in Malawi, Lotus could achieve an annual production of 6 million pounds.

Letlhakane has a total mineral resource of 155.3 million tonnes at 345 ppm U3O8 grade, translating to 118.2 million pounds. Lotus bases its 80 million pound production potential on a 70% recovery rate.

"Since the acquisition of Letlhakane last year, we have spent a lot of time evaluating over ten years of historical work conducted on the site. This analysis has led to the project's potential significantly exceeding our initial expectations, with a clear capacity to become a major uranium production asset for the long term," commented Lotus CEO Keith Bowes.

Lotus acquired its Letlhakane project by purchasing another Australian company, A-Cap, in a merger that occurred amid rising demand and prices for uranium due to the resurgence of nuclear energy

Lotus plans to focus on regulatory studies, including an exploratory study this year. It aims to restart production at Kayelekera in Q4 2025. According to estimates, Kayelekera could produce 2.4 million pounds annually over its first seven years of activity, out of a 10-year lifespan.

Louis-Nino Kansoun