A blockchain notice on the Nasdaq Stock Market  in New York. Photo Unsplash/Pascal Bernardon
A blockchain notice on the Nasdaq Stock Market in New York. Photo Unsplash/Pascal Bernardon

Namibian uranium to power the blockchain

Madison Metals partners with Lux
The owner of, among others, the Rössing North Uranium Project in Namibia, will be part of the first-ever uranium-backed non-fungible tokens.
Jo-Maré Duddy
Madison Metals Inc. has signed a “historic and first-of-its-kind uranium forward sales agreement” with Lux Network blockchain for up to 20 million pounds uranium oxide from its Namibian operations to be tokenised in the next 5 years.

Among others, the Canadian-based Madison Metals upstream mining and exploration company owns the Rössing North Uranium Project in Namibia. Lux is a fintech company domiciled in the Isle of Man and partnered with a regulated and licensed money transmitter business.

Bitcoin and other cryptocurrencies like Ethereum are powered by blockchain technology, but blockchain has found many uses beyond virtual currencies.

According to a statement by Madison, the fulfilment of the uranium oxide delivery would back the first-ever uranium-backed non-fungible tokens (NFTs).

“Having the ability to potentially monetise our uranium resources at a premium using innovative technology provided by industry leaders is a testament to our forward-thinking strategy to deliver shareholder value,” said Duane Parnham, executive chairman and CEO of Madison.

“We believe there are many benefits to forward selling a portion of our assets in this way. We expect it to provide non-dilutive capital to explore, develop and mine our properties while also generating additional revenue through token trading fees,” he said.

STRATEGIC ALLIANCE

Zach Kelling, CEO of Lux Partners: “We are pleased to form this strategic alliance with Madison’s resource team to support the launch of Lux Uranium and the Lux Network of blockchains, which powers the minting, trading, and staking of the NFTs.”

“Through staking, users are exposed to the upside of the uranium market while also earning additional fees from lending and liquidity. By digitising assets, Lux expects to unlock greater price discovery, asset value, and liquidity throughout the entire mineral extraction lifecycle,” Kelling said.

Parnham said the Lux team has outstanding capabilities and a proven track record launching and driving demand for the most innovative products in the world, generating billions of dollars in revenue.

Lux NFTs bring liquidity and universal access to the uranium market and usher in a new era for both the tokenization of physical assets and the distribution of the earth’s most valuable resources. Lux Uranium NFTs are to be minted exclusively on Lux Network but will be made available on every major blockchain thanks to the Lux Standard for asset-backed NFTs.

MINTING NFTs

Starting next Saturday via the Lux Market, almost anyone in the world will be able to mint Lux Uranium NFTs.

Lux will initially tokenise 7.65 million pounds of uranium oxide that Madison has contributed to the Lux partnership. This will be followed by an additional 12.35 million pounds to be minted as the market dictates.

The sales of tokens are intended to generate cash which will be returned to Madison plus royalties from trading fees. Madison’s capital proceeds of funds will be used to advance compliant resource/reserve figures, as well as for engineering and economic studies and mining, the company said.

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Katima Mulilo: 9° | 27° Rundu: 10° | 26° Eenhana: 13° | 28° Oshakati: 13° | 27° Ruacana: 12° | 28° Tsumeb: 12° | 24° Otjiwarongo: 9° | 22° Omaruru: 11° | 25° Windhoek: 8° | 20° Gobabis: 8° | 21° Henties Bay: 17° | 31° Wind speed: 37km/h, Wind direction: E, Low tide: 10:52, High tide: 04:51, Low Tide: 23:20, High tide: 17:25 Swakopmund: 18° | 26° Wind speed: 33km/h, Wind direction: SE, Low tide: 10:50, High tide: 04:49, Low Tide: 23:18, High tide: 17:23 Walvis Bay: 19° | 32° Wind speed: 33km/h, Wind direction: SE, Low tide: 10:50, High tide: 04:48, Low Tide: 23:18, High tide: 17:22 Rehoboth: 7° | 21° Mariental: 10° | 23° Keetmanshoop: 12° | 23° Aranos: 9° | 22° Lüderitz: 15° | 31° Ariamsvlei: 12° | 24° Oranjemund: 12° | 19° Luanda: 21° | 23° Gaborone: 10° | 22° Lubumbashi: 9° | 25° Mbabane: 10° | 21° Maseru: 6° | 17° Antananarivo: 11° | 19° Lilongwe: 12° | 25° Maputo: 17° | 26° Windhoek: 8° | 20° Cape Town: 12° | 17° Durban: 14° | 23° Johannesburg: 10° | 18° Dar es Salaam: 21° | 28° Lusaka: 11° | 23° Harare: 10° | 22° Currency: GBP to NAD 22.96 | EUR to NAD 19.45 | CNY to NAD 2.5 | USD to NAD 18.15 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.7 | ZWL to NAD 0.04 | BRL to NAD 3.35 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 134.06 | USD to AOA 853.63 | USD to BWP 13.53 | USD to EGP 48.27 | USD to KES 127.98 | USD to NGN 1479.51 | USD to ZAR 18.15 | USD to ZMW 25.45 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1783.38 Down -0.16% | Casablanca Stock Exchange (CSE) MASI 13140.91 Up +0.02% | Egyptian Exchange (EGX) 30 Index 27062.37 Up +2.44% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 329.45/OZ UP +0.44% | Copper US$ 4.42/lb UP +0.16% | Zinc US$ 2 851.60/T DOWN -0.51% | Brent Crude Oil US$ 85.94/BBP UP +1.44% | Platinum US$ 995.13/OZ UP +0.97% Sport results: Weather: Katima Mulilo: 9° | 27° Rundu: 10° | 26° Eenhana: 13° | 28° Oshakati: 13° | 27° Ruacana: 12° | 28° Tsumeb: 12° | 24° Otjiwarongo: 9° | 22° Omaruru: 11° | 25° Windhoek: 8° | 20° Gobabis: 8° | 21° Henties Bay: 17° | 31° Wind speed: 37km/h, Wind direction: E, Low tide: 10:52, High tide: 04:51, Low Tide: 23:20, High tide: 17:25 Swakopmund: 18° | 26° Wind speed: 33km/h, Wind direction: SE, Low tide: 10:50, High tide: 04:49, Low Tide: 23:18, High tide: 17:23 Walvis Bay: 19° | 32° Wind speed: 33km/h, Wind direction: SE, Low tide: 10:50, High tide: 04:48, Low Tide: 23:18, High tide: 17:22 Rehoboth: 7° | 21° Mariental: 10° | 23° Keetmanshoop: 12° | 23° Aranos: 9° | 22° Lüderitz: 15° | 31° Ariamsvlei: 12° | 24° Oranjemund: 12° | 19° Luanda: 21° | 23° Gaborone: 10° | 22° Lubumbashi: 9° | 25° Mbabane: 10° | 21° Maseru: 6° | 17° Antananarivo: 11° | 19° Lilongwe: 12° | 25° Maputo: 17° | 26° Windhoek: 8° | 20° Cape Town: 12° | 17° Durban: 14° | 23° Johannesburg: 10° | 18° Dar es Salaam: 21° | 28° Lusaka: 11° | 23° Harare: 10° | 22° Economic Indicators: Currency: GBP to NAD 22.96 | EUR to NAD 19.45 | CNY to NAD 2.5 | USD to NAD 18.15 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.7 | ZWL to NAD 0.04 | BRL to NAD 3.35 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 134.06 | USD to AOA 853.63 | USD to BWP 13.53 | USD to EGP 48.27 | USD to KES 127.98 | USD to NGN 1479.51 | USD to ZAR 18.15 | USD to ZMW 25.45 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1783.38 Down -0.16% | Casablanca Stock Exchange (CSE) MASI 13140.91 Up +0.02% | Egyptian Exchange (EGX) 30 Index 27062.37 Up +2.44% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 329.45/OZ UP +0.44% | Copper US$ 4.42/lb UP +0.16% | Zinc US$ 2 851.60/T DOWN -0.51% | Brent Crude Oil US$ 85.94/BBP UP +1.44% | Platinum US$ 995.13/OZ UP +0.97%