Mining magnate Andrew Forrest has invested $12 million in a prospective West Australian uranium miner aiming to be in production by the end of 2016.
Mr Forrest has paid Energy and Minerals Australia (EMA) $12 million for a 28 per cent stake in the company, which owns land in central Western Australia containing four deposits of uranium.
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 to get its Mulga Rock project underway.
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.
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