Bannerman granted mining licence for Etango

Friday, 15 December 2023

"The grant notification and signed ML 250 documentation was received from the Namibian Ministry of Mines and Energy yesterday," the Perth, Australia-based company said. "All attaching conditions to the ML are considered to be customary."

The granting of the mining licence has allowed Bannerman to award two key early works contracts on Etango for the building of the temporary construction water supply and the site access road. The contracts - awarded to a Namibian construction firm - have a combined value of about NAD36 million (USD2 million).

The temporary construction water pipeline will ensure sufficient water is available onsite when the main earthworks and civil contracts commence. The access road will enable controlled access to the mine site with minimal impact on the surrounding area to be achieved from the start of full construction works.

"The grant of the Etango mining licence represents a milestone event for Bannerman and our valued stakeholders," said the company's Managing Director and CEO Brandon Munro. "This moment is the culmination of our unwavering focus on Etango since our initial investment in 2006, all the while maintaining our conviction in the vital role of nuclear power for a better world.

"Etango is now fully permitted, enabling us to drive key project workstreams towards a final investment decision in parallel with the ongoing strengthening in uranium market fundamentals."

"Our overall construction schedule remains on track, with this final project permit now complete and the Front End Engineering and Design work meeting our most optimistic expectations," added Bannerman's Chief Operating Officer Gavin Chamberlain. "We look forward to site establishment commencing in January, with early works construction proceeding in parallel with other workstreams over the next four to six months."

Etango is in Namibia's Erongo uranium mining region, which hosts the operating Rössing, Langer Heinrich and Husab uranium mines. The proposed Etango mine received environmental approval in 2010 and the Namibian Ministry of Mines and Energy in 2017 granted Bannerman a five-year, extendable, mineral deposit retention licence over the project.

The Etango-8 Project is expected to deliver more than 3.5 million pounds U3O8 (1346 tU) per year over an initial operating life of more than 14 years.