Australian uranium developer acquires stake in Lofdal project
Australian uranium development company, Bannerman Energy signed an agreement to acquire a 41.8% stake in Namibia Critical Metals, according to a statement released last week.
Bannerman will buy 82,290,680 common shares in the Canada-based company from PhilCo 192 and Adventure Resources. The deal consideration includes A$7.24 million in cash and the issuance of 8,463,367 Bannerman fully paid ordinary shares.
Namibia Critical Metal’s asset is the Lofdal Heavy Rare Earths Project in Namibia. Bannerman MD and CEO, Brandon Munro in the statement said the company’s investment comes at a time when the Lofdal Project is on a path to produce dysprosium and terbium, two of the most strategically important metals on the planet.
“Our exposure to this future production, through a strategic shareholding in Namibia Critical Metals, is, therefore, a strong fit with Bannerman’s Etango Project, a near-term supplier of uranium at a globally significant scale. I have followed the Lofdal Project and worked with its management since living in Namibia in 2010, and am personally delighted to formalise these strong in-country working relationships,” Munro added.
Darrin Campbell, Namibia Critical Metals President and CEO said he expects Bannerman’s development experience, plus downstream industry and broader marketing experience, will be highly advantageous as they progress Lofdal towards being a globally significant supplier of dysprosium and terbium to the burgeoning permanent magnets sector.