Thor Energy (ASX:THR,LSE:THR,OTCQB:THORF) has a binding agreement with US-based DISA Technologies to treat abandoned uranium mine waste in Colorado and also recover salable uranium and other crucial minerals.
Under the agreement, DISA will deploy its patented High-Pressure Slurry Ablation (HPSA) technology at Thor’s uranium projects in Colorado, which are operated through its US subsidiary Standard Minerals. The company owns 25 percent of the uranium mineral rights, while the remaining 75 percent is owned by London-listed Metals One (LSE:MET1).
Thor said it will receive a share of gross revenues from the sale of uranium and critical mineral concentrates recovered from the sites, without requiring any capital or operating expenditure on its part.
“This agreement finalizes the details under which Thor will potentially generate revenue from recovering uranium and critical metals from its Colorado projects,” said Andrew Hume, director and CEO of Thor.
“It is also exciting to report that the US Nuclear Regulatory Commission has granted DISA a license for service providers to remediate abandoned uranium mine waste. DISA is now the first company in the US to receive such approvals.”
DISA’s recently granted Service Providers License (SPL) from the U.S. Nuclear Regulatory Commission (NRC) allows it to continue remediation of aging uranium waste sites across the country.
The license, obtained after a multi-year review process that began in 2021, allows DISA to operate modular mobile treatment plants using HPSA technology, a process designed to recover valuable resources from waste while limiting environmental hazards.
Under the agreement, DISA will act as project executor and will be responsible for all costs associated with evaluation, permitting, treatment and remediation.
Meanwhile, Thor, through Standard Minerals, will receive between 2.5 and 4 percent of gross product sales, depending on market conditions.
In addition to resource recovery, the process is also expected to deliver environmental benefits by improving water quality and making old mine sites productive again.
The project is closely aligned with recent U.S. policy efforts to unlock domestic mineral resources from existing locations. The Secretariat of the Ministry of the Interior Order no. 3436issued earlier this year, directs agencies to accelerate the recovery of critical and strategic minerals from mine waste and streamline permitting processes.
The next steps for Thor and DISA include conducting a detailed characterization program using tests and gamma probes to determine the amount of recoverable minerals in the waste dumps.
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Securities Disclosure: I, Giann Liguid, have no direct investment interest in any company mentioned in this article.
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