The company said that the reserves will ensure the continuation of production for at least another five years.

The reserves are expected to be worth CZK3bn ($156.5m), reports ceskapozice.cz.

Diamo currently extracts around 600 tons of uranium annually, mainly from the Rožná mine where extraction commenced in 1956.

The clean-up of the Rožná mine is expected to cost around CZK15bn ($782.97m).