Forrest in uranium play
Shares in uranium explorer Energy and Minerals Australia leapt after mining billionaire Andrew Forrest sunk $12 million into the company
Mr Forrest has kicked in the cash for a 28 per cent stake in the company, which owns the Mulga Rocks uranium project, comprising four deposits east of Kalgoorlie.
The company has also reached agreement with its lenders to remove $24.5 million of debt and it says the two deals will help set it up bring the project into production.
EMA is run by Julian Tapp, a former executive at Mr Forrest's Fortescue Metals Group, and former BC Iron boss Mike Young.
"My investment is a strong vote of confidence in the executive management team of Mike Young and Julian Tapp with whom I have had a long and successful working relationship," Mr Forrest said.
Mr Forrest, who has a net worth of an estimated $5.7 billion, last week paid $40 million for Harvey Beef, which processes beef for local and overseas markets.
EMA is targeting first production from Mulga Rock by the end of 2016.
Shares in the company closed up 0.9 cents, or 19.57 per cent, at 5.5 cents.
