Bannerman granted five year extendable term over its 95% owned Etango Uranium Project
Bannerman Resources Limited was granted a Mineral Deposit Retention Licence with a five year extendable term over its 95% owned Etango Uranium Project, by the Ministry of Mines and Energy.
The prospective miner announced a fortnight ago that the Retention Licence covers an area of 7,295 hectares, which includes the Etango ore body, two satellite deposits at Hyena and Onjamba and all planned infrastructure. Accordingly, 100% of the project’s uranium resources are secured under long term tenure.
Bannerman’s Chief Executive Officer, Brandon Munro, in a statement said, “A retention is the ideal tenure for the highly advanced Etango project. It ensures this world class project can move quickly to a mining licence when the uranium price recovers and gives us maximum flexibility in the meantime.”
“We are grateful for the continued support Bannerman receives from the Namibian Government, the grant of the Retention Licence being the latest example,” he added.
The Retention Licence provides strong and exclusive rights to tenure and the right to continue with exploration or development.
Under the Namibian mineral s Act 1992, a mineral deposit Retention Licence may be granted to a project where all feasibility and other work has been completed to enable mining, however the commodity price does not currently support profitable development of the project. The applicant must demonstrate that the relevant commodity price is expected to improve sufficiently to enable profitable mining.