Uranium concentrate · U3O8

Concentrate from the Republic of Fluid, sold for civil use

Maasdelta buys drummed concentrate from the mill at Ferrista, takes delivery at the northern port of Lindoma, and sells to converters and utilities in the European Union and to buyers beyond it. The company was formed in 2026 to take a licence under the new Constitution, and it began trading on the day that Constitution came into force.

Handled to date: 341.9 tFour consignments since 7 July 2026
Contracted to 2029: 2,150 tThree counterparties
Content, weighted: 84.1%U3O8 by dry mass
Licence term: 2029Renewal decided on the terms then in force

A consignment

Concentrate moves in lots. Each lot is drummed at the mill, then sealed, weighed, sampled and tested for its uranium content before ownership passes. The lot below is an example of what is recorded when ownership passes.

Lot LIN-2026-014 Status Loaded, in transit Safeguards Declared

Origin: Ferrista mill

Drums: 212

Dry mass: 86.4 t

Uranium content: 85.1%

Delivery term: FOB Lindoma

Vessel: MV Kelvaqui

Destination: Converter, France

End use: Civil power, declared

What the company does

Maasdelta buys the concentrate outright and resells it. A broker would introduce both ends of a sale and take a fee for doing so, leaving the goods the seller's until they became the buyer's. This company stands between the two ends instead: it becomes the owner of the concentrate, and it becomes the seller to the converter.

Ownership passes to Maasdelta as the drums are loaded aboard at Lindoma. From that moment the company holds the goods, pays for them whether or not it has yet found a buyer, and carries every risk attaching to them. If the price of concentrate falls between loading and delivery, the loss is the company's. If a cargo is lost or damaged at sea, the loss is the company's and its insurers'. If a buyer refuses a lot, the company is left holding it. The export cooperative of the Republic has been paid and is out of the matter.

Maasdelta operates no mine, no mill and no vessel, and it holds no property in the Republic at any point: what it owns is the concentrate, from the moment of loading until the moment of delivery.

Price is settled against the published long-term reference for U3O8, adjusted for the uranium content shown on the certificate and reduced by the deductions set out on the specification page.

The route

Mine

Uplands above Ferrista; the Kelvaqui moor at Torvena

Mill and drumming

Ferrista, in the valley below the workings

Inland leg

Upland freight line from Ferrista and the Torvena branch, both onto the Lindoma main line. Electric traction, cooperative operator

Load port

Lindoma, the northern port. Container and break-bulk quays

Sea leg

Chartered tonnage, class-approved for Class 7 packaged cargo

Discharge

Rotterdam, Dunkerque, Sillamae, Ningbo

What the licence permits, and what it withholds

The licence covers trade in concentrate and the brokerage attaching to it. It confers no ownership of property in the Republic, no right to hold a public function, and no right to arbitration outside the courts of the Republic. It is granted for a term and may be revoked before that term ends.

The technique the company brings to the trade passes into the knowledge commons of the Republic as a condition of holding the licence. The company publishes the register of its consignments for the same reason.

The full conditions and what the company is obliged to disclose.

The term of this trade

The Republic classes fission as transitional and lapses each reactor authorisation on a certified date. Its own demand for fuel therefore falls on a published schedule, and the surplus available for export rises for a period before the mines themselves reach the end of their authorised life.

The company gives no assurance about supply beyond the term of its licence, which ends on 31 December 2029.