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Bannerman secures Etango Mining Licence – Commences early project works

Bannerman secures Etango Mining Licence – Commences early project works

Bannerman Energy has announced the successful acquisition of the Mining Licence (ML) for its flagship Etango Uranium Project (Etango) in Namibia, marking a significant milestone. Alongside this achievement, the company has initiated the early works program by awarding initial contracts for the Etango project.

The Ministry of Mines and Energy granted the ML, formally confirmed through the receipt of signed documentation numbered ML 250, with all associated conditions deemed standard.

The acquisition of the ML has propelled Bannerman to swiftly award two crucial contracts for the early phases of the Etango project. These contracts involve constructing a temporary water supply system for construction needs and establishing the site access road. Valued at approximately N$36 million (around US$2 million), these contracts were secured through a competitive tender process conducted earlier this year and awarded to a local Namibian contractor.

These early works contracts, funded from Bannerman’s existing cash reserve of approximately A$37.3 million (as of 30 November, 2023), are pivotal in maintaining the current construction schedule for Etango.

Brandon Munro, Managing Director, and CEO of Bannerman expressed his satisfaction, stating, “The grant of the Etango Mining Licence represents a pivotal achievement for Bannerman and all our stakeholders. This marks the culmination of our sustained dedication to Etango since our initial investment in 2006 while underscoring our commitment to the essential role of nuclear power for a better world.”

Munro continued, “With Etango now fully permitted, we can focus on driving critical project aspects toward a Final Investment Decision, coinciding with the ongoing strengthening of uranium market fundamentals. I extend my gratitude to the Ministry of Mines and Energy for their continuous support towards Etango’s success.”

Gavin Chamberlain, Chief Operating Officer at Bannerman, added, “Our project’s overall construction schedule remains on target. With the final project permit secured and the Front End Engineering and Design work meeting our highest expectations, we anticipate site establishment to commence in January. The initiation of early works construction will run in parallel with other project facets over the next four to six months.”

Chamberlain also expressed delight in awarding the initial contracts to a Namibian construction services firm, emphasizing Namibia’s suitability for constructing and operating a uranium mine. He concluded, expressing anticipation for the project’s advancement and promising outlook.


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