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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.”

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.