Bannerman passes major milestone in Etango development

Bannerman advances Etango project

Bannerman board and executive team visit Etango Demonstration Plant in February 2023

Bannerman Mining Resources (Namibia) took a major step forward in the development of its Etango uranium project with the publication of a Definitive Feasibility Study (DFS) in December 2022. The DFS confirmed strong technical and economic viability of conventional open pit mining and sulphuric acid heap leach processing of the world-class Etango deposit at 8Mtpa throughput.

The DFS was undertaken by global engineering giant Wood plc, with input from leading experts in each facet of mining uranium in Namibia, including Qubeka Mining Consultants, Creo Engineering Solutions, MineTechnics, Lund Consulting Engineers, Addiza Energy Solutions, A.Speiser Environmental Consultants and Namisun Environmental Projects & Developments.

Bannerman’s focus for 2023 will be securing almost N$6 Billion (US$317M) for the construction of Etango, including signing long term uranium contracts that support project debt. As a sign of their determination to move Etango into construction, Bannerman have commenced Front End Engineering and Design, work often undertaken only after completion of financing. The proposed Etango mine has been granted the necessary Environmental Clearance Certificates and a Mining Licence application was submitted in August 2022 to the Ministry of Mines and Energy.

The Etango DFS anticipates an initial 15 year mine life, however the Etango ore body has sufficient resources to be a multi-decade mine. The Bannerman team are moving firmly down the path towards production at the precise moment the world wakes up to the essential role of nuclear power.

To support their goal of becoming Namibia’s next uranium producer, Bannerman have appointed industry veteran Gavin Chamberlain as Chief Operating Officer. Gavin is a deeply experienced minerals sector leader and project manager with over 30 years within the global mining industry. This includes a substantial and successful track record in construction, engineering and project management, most particularly within the southern African mining industry. He was most recently Chief Operating Officer of Kore Potash, who are building a mine in the The Republic of the Congo and before that Regional Director, Mining and Minerals Africa of AMEC Foster Wheeler (now Wood plc).

Gavin is no stranger to Namibia – he was Project Director for the construction of the US$2 billion Husab uranium mine, building the mine on behalf of the EPCM joint venture between AMEC Foster Wheeler (now Wood plc) and Bateman.

The new year has started well for the Bannerman team. Bannerman was a winner of the highly prestigious 2023 ESG Forum Award at the African Mining Indaba in Cape Town. The Award, in the coveted category of Community Engagement, was won by Bannerman for its Early Learner Assistance Program in Namibia which has benefitted 3,300 Namibian learners since 2011. African Mining Indaba, in its 29th year, is the largest African Mining conference globally, ranking its ESG Forum Award as one of the most important Environment Social Governance (ESG) awards in the world.

Judges cited several reasons for Bannerman’s selection as winner of the award, including the fact that Bannerman has made the Early Learner Assistance Program “open source”, inviting other Chamber of Mines members to duplicate the program in their own host communities. This has enabled the broader industry to utilise Bannerman’s learnings in deploying the program over more than a decade and expands its benefits to a greater number of disadvantage Namibian school children.

Contributed by Bannerman Resources Namibia