Bannerman Energy has achieved a significant milestone in December 2023 as the Namibian Ministry of Mines and Energy granted the Mining Licence for its flagship Etango Uranium Project in the Erongo region.
The granting of the license underscores Bannerman’s unwavering commitment to the Etango Project, which has been under development since 2006. With the mining licence in hand, the project is fully permitted and poised for development. The timing aligns strategically with the tightening uranium sector, positioning Bannerman advantageously as a trusted uranium supply source and a globally significant producer.
Bannerman Energy’s Managing Director – Namibia, Werner Ewald, officially received the grant notification and signed the mining license on December 14, 2023. Bannerman CEO, Brandon Munro expressed his gratitude to the Ministry of Mines and Energy. He said: 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. I am grateful to the Ministry of Mines and Energy for their ongoing commitment to Etango’s success.
Munro is optimistic about the prospects for 2024, anticipating it to be a memorable year for Bannerman and its stakeholders.
The mining license puts the Etango project on a clear trajectory toward development. All essential environmental permits for the operation and construction of the Etango mine are secured, including secondary permits for a temporary powerline, a construction water pipeline, heritage assessments, and social requirements. With all approvals and feasibility studies completed, the project is construction ready.
Bannerman has taken the next steps by awarding two crucial early works contracts to local Namibians, totaling N$36 million (approximately US$2 million). The early works contracts focus on establishing a temporary construction water supply to ensure sufficient onsite water for the main earthworks and constructing an access road to enable controlled site access with minimal impact on the surrounding area.
Chief Operating Officer, Gavin Chamberlain, emphasized that the award of the mining licence maintains the overall construction schedule and confirmed the initiation of the first contracts. “I am delighted that we have awarded the first contracts on Etango to a Namibian construction firm. Namibia is an ideal place to build and operate a uranium mine. I look forward to the next phase of building a uranium business that will deliver significant and long-standing benefit to all our key stakeholders, including the Namibian economy and people.”
The acquisition of the mining license comes at an opportune moment with rising prices in the uranium sector and renewed interest in developing nuclear power solutions for decarbonization. Namibia is a stable and trusted uranium supply source and the third largest producer of U3O8 in the world. The country has significant uranium mines capable of contributing 10% to global mining output.
The progressive tightening of the uranium market has strategically positioned Bannerman to capitalize on the Etango opportunity. This includes the development of substantial leverage with utilities as the market power balance shifts from buyers to sellers of yellowcake. This ongoing dynamic indicates that Bannerman’s current robust position is poised to strengthen even further.
Contributed By Bannerman Energy
