Prospective uranium producer granted mineral deposit licence
22 December 2016 – Marenica Energy recently announced on the Namibia Stock Exchange, that the Ministry of Mines and Energy (MME) has granted a Mineral Deposit Retention Licence (MDRL) on its Marenica Uranium Project in Namibia.
According to a statement, the licence replaces the current Exclusive Prospecting License (EPL) and the MDRL shall endure for a period of five (5) years from the date of issue (December 2016) with no
exploration expenditure obligations.
The uranium producers said the period provides the Company certainty and confidence to move forward with the project over the next five years.
Meanwhile, adding on the statement said, MDRL´s are applicable to projects, such as the Marenica Uranium Project, which are not profitable at the current market conditions but will become profitably exploitable when conditions change for the better and the commodity price reaches a certain level.