Name of the Project
Etango-8 uranium project.

Location
Erongo region of Namibia, about 30 km east-south-east of Swakopmund.

Project Owner/s
The Etango project is owned by Bannerman Energy, through its 95%-owned subsidiary Bannerman Mining Resources. The remaining 5% is owned by Namibian charitable body, One Economy Foundation.

Project Description
The Etango deposit will be mined as a conventional truck-and-shovel openpit operation through contract mining over an initial mine life of 15 years.

Maximum mining rates are estimated at 27-million tonnes a year, with average ore mined of about 7.6-million tonnes a year at a life-of-mine average stripping ratio of 2.22.

Average production is estimated at 3.5-million pounds a year of uranium. Total production is estimated at 52.6-million pounds of uranium oxide.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $209-million and an internal rate of return of 17%, with a payback of 4.1 years.

Capital Expenditure
Preproduction capital expenditure is estimated at $317-millon.

Planned Start/End Date
Not stated.

Latest Developments
Bannerman Energy is hoping to make a final investment decision on its Etango project in the first half of 2024.

The company has reported that overall front-end engineering design activities for the project are progressing to plan and on budget, and that all environmental clearance certificates and national heritage consent have been received, with the project now fully permitted.

The company has also started the early phases for the financing process and is evaluating funding options, including conventional project debt, potential offtake and joint venture opportunities.

Key Contracts, Suppliers and Consultants
Wood plc (study lead – process plant design and related infrastructure, plant capital and operating cost estimates); Qubeka Mining Consultants (geology review, mining reserve estimate, mine planning and mining cost estimates); Snowden Optiro (mineral resource estimate); Creo Engineering Solutions (engineering support for Bannerman owner’s team); MineTechnics (openpit geotechnical parameters); Lund Consulting Engineers (water supply infrastructure); Addiza Energy Solutions (external electrical supply infrastructure); A.Speiser Environmental Consultants (environmental impact assessments); Namisun Environmental Projects & Developments (conceptual mine closure plan).

Contact Details for Project Information
Bannerman Energy, tel +61 8 9381 1436 or email info@bmnenergy.com.