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Forte Energy pulls out of Slovakia joint venture, reviews West Africa operations

Edward Swift

LONDON (ShareCast) - (ShareCast News) - Forte Energy (Hamburg: NUU.HM - news) has decided to end its partnership with European Uranium Resources (CDNX: EUU.V - news) . The AIM listed company has forfeited its 50% interest in Ludovika Energy and Ludovika Mining, which run the Kuriskova and Novoveska Huta uranium projects in Slovakia.

It (Other OTC: ITGL - news) follows an announcement in April (LSE: 0N69.L - news) from the Ministry of Environment in Slovakia its intention to deny an application to extend the existing uranium licence over the Kuriskova area, as well as legal action from the company.

Forte Energy said it felt the majority of expenditure in the medium term would be for administrative costs and not for the project, and has decided to focus on other opportunities.

It is also reviewing its uranium exploration operations in West Africa. Due to the prolonged downturn in the uranium market and limited funding options, Forte (LSE: 0O9E.L - news) has not carried out significant exploration activities there for some time.