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    market news

    Gupta Family Tries to Raise $73 Million for Uranium Project in South Africa

    Investing News Network
    Nov. 21, 2014 03:12PM PST
    Energy Investing

    The Gupta family, a South African family with close ties to President Jacob Zuma, is looking to raise $73 million for a uranium mining company in northwest South Africa.

    The Gupta family, a South African family with close ties to President Jacob Zuma, is looking to raise $73 million for a uranium mining company in northwest South Africa.

    According to Bloomberg:

    Shares of Oakbay Resources & Energy Ltd., which owns 74 percent of Shiva Uranium, will begin trading on the Johannesburg Stock Exchange Nov. 28, the company said today in a statement. South Africa is planning to produce as many as 9,600 megawatts, about a quarter of installed capacity now, using nuclear power by 2030.

    A statement from Oakbay Resources & Energy Ltd. read:

    “In anticipation of the expected increase in demand for uranium, the company is in the process of commissioning a definitive feasibility study on its mineral deposits with a view to raising additional capital. At least 800 million rand will be required to bring optimum uranium production online.

    Click here for the full article.

    market newsoakbay resourcesuranium mining companynuclear power
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