Lotus inks binding uranium offtake with N American power utility
Australia’s Lotus Resources has announced the signing of a binding contract with a major North American power utility for the sale of 600 000 lb of uranium from the Kayelekera mine in Malawi.
The contract covers deliveries between 2026 and 2029.
MD Greg Bittar described the offtake arrangement as an important milestone for Lotus as the company continued to progress production plans at Kayelekera towards its goal of restarting output in the third quarter of 2025.
Despite recent declines in spot prices, Bittar said ongoing discussions with customers, particularly North American utilities, reveal the continued strength of the long-term contracting market.
“Uranium customers continue to secure long-term contracts and actively seek to support new supply,” he stated.
The agreement features a fixed dollar price linked to the published long-term prices from leading nuclear market research firms, with a minor discount. Additionally, the contract includes a fixed-price escalation percentage for future deliveries, aligned with the Reserve Bank of Australia’s long-term inflation target.
In addition to the deal with the North American utility, Lotus has formalised its agreement with Curzon. The ‘take-or-pay’ contract guarantees a minimum sale of 700 000 lb of uranium from 2026 to 2029, with potential to increase to one-million pounds by 2032.
Including the Public Sector Enterprise Group offtake term sheets announced earlier, Lotus now has agreements for up to 3.2-million pounds of uranium (with a minimum of 2.9-million pounds) to be produced at Kayelekera between 2026 and 2032. 
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