Nuclear Blockchain

Namibia: Madison Metals, Lux to create first non-fungible tokens for uranium finance

By David Whitehouse

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Posted on October 3, 2022 10:20

A logo showing an entrance to the Rio Tinto owned Rossing Uranium Mine in the Namib Desert near Arandis REUTERS/Siphiwe Sibeko

Canada-listed Madison Metals has reached a first of its kind agreement to secure funding for its uranium projects in Namibia through the sale of non-fungible tokens (NFTs), Duane Parnham, executive chairman and CEO, tells The Africa Report.

The company has reached a forward sales agreement with blockchain operator Lux Partners to deliver up to 20m pounds of U308 uranium oxide from Madison’s projects in Namibia. Fulfilment of the delivery would back the first-ever uranium-backed NFTs, and sales of the tokens will generate cash for corporate use.

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