BANNERMAN Energy has awarded two key early works’ contracts for essential infrastructure at Etango.
This comes after the mining company was granted a mining licence for the Etango Uranium Project.
The company announced this last week in a press statement.
Bannerman managing director and chief executive officer Brandon Munro said the milestone validates the company’s unwavering dedication to the flagship project.
“The contracts awarded to a local Namibian contractor, following a tender process undertaken earlier this year, will allow for the temporary construction of a water pipeline to ensure sufficient water is available onsite when the main earthworks and civil contracts commence,” said Munro.
The company confirmed that the contracts, totalling approximately N$36 million, are funded from Bannerman’s existing cash holding of N$458 million as of 30 November 2023.
“The grant of the Etango mining licence represents a milestone event for Bannerman and our valued stakeholders. This moment is the culmination of our unwavering focus on Etango since our initial investment in 2006, all the while maintaining our conviction in the vital role of nuclear power for a better world,” said Munro.
Bannerman’s chief operating officer, Gavin Chamberlain, said the company is on schedule in terms of its construction.
“Our overall construction schedule remains on track, with this final project permit now complete and the front end engineering and design work meeting our most optimistic expectations.”
Chamberlain added that Namibia is an ideal place to build and operate a uranium mine.
“I look forward to the next phases of building a uranium business that will deliver significant and long-lasting benefits to all of our key stakeholders, including the Namibian economy and people,” said Chamberlain.
According to Bannerman’s definitive feasibility study, pre-production capital expenditure is estimated at N$5,5 billion (US$317 million), up from the previous estimate of N$4,8 billion (US$274 million) in 2021.
With a revised target for the final investment decision in the first h
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