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According to Mining News Pro - “The Covid-19 pandemic has led to considerable global uncertainty and equity market volatility. However, we are committed to both carrying the company through these challenging times and ensuring we are well prepared on the other side to resume our core activity of producing uranium for the US domestic and global markets,” said Peninsula MD and CEO Wayne Heili.

“With this in mind, we have acted quickly to ensure the safety and wellbeing of all Peninsula employees and contractors by suspending non-essential activities.”

Heili said that the pandemic had led to an industry-wide curtailment of uranium production, and had caused wide-spread supply disruption.

“Once through this Covid-19 crisis and when uranium production activities normalise, it is my hope that the global operators of nuclear power plants once again properly recognize the value of secure supply generated by having multiple viable uranium mining operations located in diverse jurisdictions.”

In addition to halting non-essential activities at Lance, Peninsula will also implement a number of cost saving measures, including a 20% reduction in salaries and fees for the board and senior management, and start discussions with a range of stakeholders to further reduce the ongoing rate of cash expenditure.