Global Atomic Signs Uranium Marketing Agreement with Fuel Link Ltd
TORONTO, Feb. 24, 2021 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FSE: G12) is pleased to announce it has entered into an Agreement with Fuel Link Limited ("Fuel Link"), to provide uranium marketing services to the Company.
Fuel Link was founded by Mr Bahi Sivalingam in 2005, subsequent to his departure from Rio Tinto Plc. While at Rio Tinto, Bahi was a Board member and Marketing Director of Rio Tinto Mineral Services Limited and responsible for the sales from the Rössing Uranium Mine, a 10 million pound per year uranium operation located in Namibia, Africa. Post Rio Tinto, Bahi was Director of Business Development for TradeTech, one of the Uranium industry's leading market analysis and price reporters. For the eight years to 2020 he held the position of Commercial Director for TradeTech Energy, a US-based trading company, providing nuclear fuel supply solutions to the global market.
Over the past 23 years, Bahi has gained extensive knowledge of the uranium market and has developed commercial relationships with counterparties in all the major trading regions covering Europe, America and Asia.
Based in the UK, Fuel Link is well positioned to provide the Company with the global marketing reach it requires as the Dasa Project is readied for production. Fuel Link joins Global Atomic at a pivotal time with Dasa having recently obtained its Mining Permit and Environmental Compliance Certificate.
Stephen G. Roman, Global Atomic President & CEO stated, "Bahi brings years of uranium sales and marketing experience to Global Atomic. As our operations team plan the development of the Dasa Mine, Bahi will be introducing our Company to nuclear power utilities around the world. We expect this focused marketing strategy will make Global Atomic a household name in the nuclear fuel business and a go-to Company for reliable yellowcake supplies."
Bahi Sivalingam, Fuel Link Principal stated, "Following a due diligence exercise it was clear that the Dasa Mine will be an excellent fit for Fuel Link and the industry. There is no other asset in Africa that boasts the same premium ore grades and associated economics. As new reactor builds accelerate and world inventories diminish the market will transition towards new production. Utilities will be seeking viable projects of sufficient scale to provide valuable diversity and competition and the Dasa Project checks all the boxes. I am delighted to be associated with this Project and look forward to supporting the Global Atomic team."
Global Atomic also announces the appointment of Igor Kraev, CPA, CGA, MBA as Controller effective February 16, 2021.
Igor Kraev comes to Global Atomic after 10 years with Uranium One, one of the world's largest uranium producers, where he held the positions of Manager, Marketing and Contracts Admistration for 7 years and prior to that, Senior Corporate Analyst. He specializes in mining and metals, energy, accounting and finance.
President and CEO Stephen Roman commented, "We are very pleased to have Igor join Global Atomic. Not only will he add valuable financial expertise, he also brings a wealth of knowledge about uranium marketing having played a key role in Uranium One's marketing team that managed a $2 billion sales and purchases portfolio. His accounting acumen will also be helpful in the management of our budgets for the feasibility study due for completion in Q3 this year, as well as the contruction of the Dasa Project which we expect to begin early next year."
Igor Kraev shared his thoughts about joining the Company, "Global Atomic is a perfect fit for my knowledge and experience of uranium production and marketing. I am excited to join this team with its long history of mining, working knowledge of uranium and familiarity with operating in West Africa. With its high-grade low-cost Dasa Project advancing rapidly towards construction, underpinned by the long-term cash flow from its recycling business, Global Atomic is well positioned to take advantage of rising global demand for uranium."
About Global Atomic
Global Atomic Corporation (www.globalatomiccorp.com) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger, the Dasa Project is fully permitted and final design in support of the Company's Feasibility Study is on-going.
Global Atomics' Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates a new, state of the art zinc production plant, located in Iskenderun, Turkey. The plant recovers zinc from Electric Arc Furnace Dust ("EAFD") to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. ("Befesa") listed on the Frankfurt exchange under 'BFSA', holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe and Asia.
The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomic's development potential and timetable of its operating, development and exploration assets; Global Atomic's ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Global Atomic's annual and interim MD&As.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Global Atomic Corporation
Key contacts: Stephen G. Roman, Chairman, President and CEO, Tel: +1 (416) 368-3949, Email: [email protected]; Bob Tait, VP Investor Relations, Tel: +1 (416) 558-3858, Email: [email protected]
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