Lotus Resources to sell uranium to North American utility

Australia’s Lotus Resources said on Monday its subsidiary Lotus Africa had signed a binding contract to sell 600,000 pounds (272 metric tons) of uranium from 2026 to 2029 from its Kayelekera project in Malawi to a North American power utility.

Lotus said the buyer, whose name it did not disclose, is one of the largest energy companies in North America.

US President Donald Trump’s 25% tariffs on some imports from Mexico and Canada took effect on March 4, which also include 10% tariffs on energy imports from Canada. He granted some exemptions but those expire on April 2.

In 2023, Canada was the largest source of uranium for the US, supplying 27%, according to data from the US Energy Information Administration.

Lotus’ Kayelekera project produced around 11 million pounds of yellowcake between 2009 and 2014 before the mine was shut down due to a sustained low uranium price, according to the company’s website.

Lotus said it is now on track for production of its first uranium from Kayelekera in the third quarter of 2025.

The company added it has now entered into sale agreements for up to 3.2 million pounds of uranium to be produced from the project from 2026.

(By Nikita Maria Jino; Editing by Lisa Shumaker and Jamie Freed)