Toshiba invests in GoviEx Uranium and signs off-take agreement

Toshiba invests in GoviEx Uranium and signs off-take agreement

By Greentech Lead Africa: GoviEx Uranium has closed a
US$40 million strategic financing and executed an off-take agreement with Japanese industrial and
nuclear giant Toshiba to advance the development of GoviEx’s Madaouela Project, located in the heart of
Niger’s uranium-producing district.

“Toshiba’s investment is an informed gesture of
confidence, not just in our management team and our project, but also in the Republic of Niger and its
long history as a stable partner in developing and supporting uninterrupted uranium exports from one of
the world’s most prolific uranium mining districts,” said Govind Friedland, executive
chairman, GoviEx.

The off-take agreement provides for a 14-year right and
obligation to purchase up to 600,000 pounds of uranium per year, roughly equivalent to the fuel
required to operate one 1,000-megawatt nuclear power plant.

“Toshiba has long been looking for an additional
project that makes sense in terms of size and production timeline. GoviEx stood out from others and it
is significant for Toshiba to make an upstream investment to secure a long-term, stable supply for our
clients worldwide,” said Kiyoshi Okamura, corporate vice-president of Toshiba.

The partnership with Toshiba and Advance Uranium Asset
Management enable GoviEx to bring the Madaouela project into operation with reduced development
risks. The Toshiba investment increases momentum for the Madaouela Project pre-feasibility study
scheduled for completion toward the end of 2012. GoviEx plans to bring Madaouela into production
before 2018.