Neo Energy Metals (LSE:NEO), the uranium and gold development company, said its South African subsidiary Desert Star Uranium has had its mining right application for the Henkries Node in the Northern Cape accepted for processing by the DMPR.
The application covers multiple farms in the Namaqualand administrative district and lists antimony, cobalt, copper, kieselguhr, lead, molybdenum, nickel, tin, uranium and zinc, with uranium the primary target, the company said.
Acceptance begins a statutory 300‑day window for a ministerial decision and does not itself permit mining, and as a condition, Desert Star must submit evidence of a minimum 30% Black Economic Empowerment shareholding within 60 days and lodge a notice of intent to apply for a Water Use Licence, both of which Neo Energy says are in hand.
Henkries hosts JORC‑compliant resources of 4.7 million pounds of uranium at an average grade of 399ppm with 25km of palaeochannel remaining undrilled, Anglo American ran a pilot plant that processed more than 200 test pits at a cost in excess of US$30 million, and a 2024 feasibility study modelled c.580,000lb pa production at cash costs of c.US$33/lb, an NPV(8%) of US$60 million, an IRR above 25% at US$85/lb and initial capital of c.US$65 million.
