Zambia attracts fresh uranium investment as Australian firm acquires significant interest in Sitwe project

Australian mining company, Atomic Eagle Limited, has strengthened its position in Zambia’s growing uranium sector after signing a binding option agreement to acquire a 100 percent interest in the large-scale Sitwe Uranium Project located in the Luangwa Valley.

The move comes at a time of rising global demand for uranium projects as countries increasingly embrace nuclear energy to support clean energy transitions and improve long-term energy security.

In its latest project announcement issued on Tuesday, the company said the acquisition significantly expanded its uranium exploration footprint in Zambia and aligned with its strategy of establishing a district-scale uranium portfolio in the country.

According to the company, the 429-square-kilometre Sitwe Uranium Project will increase Atomic Eagle’s tenement holdings in Zambia by 38 percent and complement its flagship Muntanga Uranium Project.

Read more: Zambia positions itself in global green energy shift with Muntanga Uranium project–Kayumba

Atomic Eagle Chief Executive Officer, Phil Hoskins, said the acquisition represented another major milestone in consolidating the company’s presence in one of Africa’s emerging uranium jurisdictions.

“The addition of the Sitwe Uranium Project materially expands Atomic Eagle’s uranium footprint in Zambia and further consolidates our position as a leading uranium explorer and developer in the country,” Hoskins said.

He added that Zambia continued to attract mining investment due to its supportive regulatory framework and increasing potential for uranium development.

Hoskins noted that the Sitwe project was situated within the prospective Luangwa Valley Karoo Basin and lies along a regional geological trend associated with the Kayelekera uranium deposit in Malawi, enhancing the project’s exploration potential.

The company disclosed that historical drilling results from the Sitwe North area produced encouraging shallow uranium intercepts, including one metre grading 1,620 parts per million uranium from 35 metres and six metres grading 735 parts per million uranium from 61 metres.

Atomic Eagle further stated that the licence area hosted several untested radiometric anomalies, presenting significant exploration upside across the largely underexplored project area.

Under the terms of the option agreement, the company would initially invest US$200,000 towards exploration and statutory obligations, while retaining the right to fully acquire the licence for US$400,000.

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