N$12 billion Husab project gets mining licence
Extract Resources has been awarded a mining licence for the US$12 billion Husab project that will enable the project to move into its production phase, establishing Husab as one of the three largest uranium mines in the world.
Husab is expected to produce 15Mlb of U3O8 per annum via conventional open pit mining placing Namibia amongst the top three uranium producing countries in the world.
Kalahari Minerals which holds a 42.74% stake in Extract through its subsidiary, Kalahari Uranium limited said it was delighted after receiving the mining licence. Executive chairman Mark Hohnen, said: “This is truly fantastic news for all parties as it both underpins Husab’s position as one of the most exciting new uranium projects in the world today and highlights Namibia as an excellent investment destination.
“The granting of the mining licence removes a potential development barrier and ensures Extract can move forward with this globally significant uranium asset, enabling the process of identifying strategic investors and project debt to begin in earnest.”
He added: “With a current resource in excess of 500 M.lbs U3O8 and considerable scope for further upside through the Mine Optimisation and Resource Extension (MORE) programme and newly delineated areas of high grade mineralisation in the wider Husab area, I believe that Husab’s position as a world-class globally strategic asset is undeniable.”
Extract CEO and managing director Jonathan Leslie was equally ecstatic. He said: “We are delighted to have received the mining licence for the Husab Project so soon after the Notice of Preparedness. This is the last stage to achieving all of the permits we need in order to develop Husab, the world’s fourth largest primary uranium deposit. Extract looks forward to developing its world class asset with Namibians, for Namibia.”