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14:39 29 Jul 2020

International experts estimate uranium reserves in Ukraine: NESU is exploring its deposits under the JORC code

For the first time in Ukrainian history, a uranium deposit resource report was compiled under international requirements, in this case, under the JORC code (Australia).

A Ukrainian company NESU, owned by the famous entrepreneur Hennadiy Butkevych, has reached this level.

They discuss it on the official website of NESU (Nuclear Energy Systems of Ukraine).

"This step underlines the ambition for business development and seriousness of intentions and also opens the way for dialogue at the international level. These reports are labor-consuming and expensive but clear for any foreign institutions and companies," Yurii Bakarzhyiev, NESU chief officer and Ukrainian expert of the IAEA.

"International experts have estimated the reserves of this deposit even higher than we estimated ourselves. It speaks of the careful and professional work of our team," he also stressed.

They carried out the study on the Safonivske deposit according to the JORC code. The deposit is small on the scale of Ukraine, but also rather large. It is ideal for the in-situ leaching method. Smaller deposits are also actively exploited all over the world because the cost of metal mining is low and environmentally friendly. Neither it destroys the earth nor the environment.

They estimated the reserves in the Safonivske deposit at 4,700 tons. "Our goal is to help the state implement the declared energy security program. Now our nuclear power plants need 2,400 tons of uranium per year, and Ukraine produces only 600. And we buy the rest under external contracts for foreign currency, including in Russia. Again, atomic energetics is like blood for the Ukrainian economy. It occupies 52% of the total energy balance," Yurii Bakarzhyiev says.

In terms of its uranium reserves, Ukraine is in the top ten countries in the world. But most of the deposits are unexplored. Data about them needs arranging.

"Reports are prepared for individual deposits. We will continue to draw up similar reports for our other objects," the company's chief officer stated.

In the long term, NESU is considering the possibility of an IPO. At this stage, the company is engaged in design and preparation.

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