Europe’s Nuclear Ambitions Drive New Interest in Italian Uranium Exploration
Renewables Hit Record 58% Share of Germany's Power Consumption Russia’s worsening gasoline shortage has… CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and… A firm planning to mine uranium in northern Italy has drawn up plans for a London float as it seeks to capitalise on renewed interest in nuclear technology.
Reveille Resources, which will be operated by Ippolito Ingo Cattaneo alongside his father, Andrea Cattaneo, is preparing to join London’s small-cap Aquis exchange as soon as this week.
The firmsaidits initial focus will be on two historical uranium deposits in Lombardy, northern Italy, known as Novazza and Val Vedello, for which licence applications were submitted last year.
Evidence of uranium at the locations was first identified as far back as 1912, before exploration began in the 1950s as part of Italy’s first nuclear energy programme.
Exploration at the sites was suspended in the 1980s after the Chornobyl disaster triggered widespread environmental concerns over nuclear energy.
But now, with warnings over Europe’s energy dependency on Russia andgovernments scrambling to invest in small modular reactor (SMR) technology, Reveille Resources hopes to be able to reopen the sites for further uranium mining.
“Against a backdrop of increasing concerns regarding energy security and access to natural gas supplies from Russia and the Middle East, together with the growing recognition of nuclear energy as a source of low-carbon baseload electricity, European governments, including Italy, are demonstrating renewed interest in nuclear energy, particularly in the development of small modular reactor technologies,” Reveille said.
“Concurrently, there is an increasing strategic focus on securing domestic and Western-aligned sources of critical and strategic minerals, including uranium.” The Cattaneos are set to own around one-fifth of the company following its float, while other mining companies they are involved in will also have shares, along with participation by New Jersey-based Yorkville Advisors Global, which has financed other energy-related firms, including London-listed Fermi.
The company expects to be admitted to Aquis on Thursday.
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