Uranium hopeful races against the clock

Vimy Resources has taken a step towards starting early works at Mulga Rock in a bid to achieve substantial commencement of the project before an approval expires in weeks.

Today, the ASX-listed uranium hopeful told markets it had received Department of Mines, Industry Regulation and Safety approval for a mining proposal and mine closure plan.

That means the company has received three of four approvals to start mining.

Earlier this week, Vimy said it had reopened the mining camp, reestablished water infrastructure and refurbished the landing strip.

Vimy needs to ensure it has “substantially commenced” work at the project by December 16 or its ministerial approval from 2016 will expire.

The company is planning a final investment decision next year.

The uranium price has recently surged to be close to $US44 per pound after nearly eight years of subdued prices.

In late August, Mike Young stepped down after seven years at the company.

FTI Consulting managing director of corporate finance Steve Michael was appointed interim chief executive.