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Laramide Resources Acquires Uranium Licences in Sweden After Reform
Laramide Resources (ASX:LAM) snapped up exploration licences in Sweden after the country ended its decades-long uranium mining ban, opening a new European supply source.
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The S&P/ASX 200 is set to open lower this morning, with SPI futures pointing to a 0.4% decline to around 9,038 points after the index fell 0.8% on Friday. Wall Street slid into the weekend on softer-than-expected July retail sales and a drop in consumer sentiment. The Dow lost 107 points. Global markets also tracked persistent Middle East tensions affecting energy routes.
Against that backdrop, Laramide Resources (ASX:LAM) announced it had acquired exploration licences in Sweden after the country completed legislative reforms to permit uranium mining. The company said the licences cover "one of Europe's most prospective uranium jurisdictions." Sweden had banned uranium mining since the 1980s.
The reform opens a new frontier for uranium development in Europe. Sweden hosts several known deposits, and the new licensing regime could attract other miners to the region. Laramide's acquisition positions it early in a jurisdiction that has been closed to exploration for decades.