Closing the sale of the Churchrock and Crownpoint properties will continue URI proactive M&A strategy, and the closing will represent the company second asset monetization transaction in the past 12 months. While maintaining a very significant inventory of non-reserve mineralized material which provides the foundation for its future production growth, URI is focused on improving its portfolio alignment with its production experience and expertise in In-Situ Recovery of uranium, targeting operations that fit into the lowest quartile of operating costs. The proceeds from the completion of this sale to Laramide will strengthen the financial position of URI, and assist in funding development of the high-grade, low-cost Temrezli ISR Project in Central Turkey.
URI estimates that it will complete its updated economic analysis on the high-grade, low-cost Temrezli in-situ recovery (ISR) project by the fourth quarter of 2016. The sales will enable the URI to finalize and submit permit applications at that time. Because much of the permitting process runs parallel with the Company technical work, URI currently expects permit approvals by mid-year 2017, with final investment decision in the second half of 2017, subject to the receipt of permits, land access and project financing.
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