Name of the Project
Etango-XP/ Etango-XT projects.

Location
Namibia.

Project Owner/s
Bannerman Energy.

Project Description
Bannerman Energy released the results of a scoping study evaluating future higher throughput and operating life cases for its flagship Etango uranium project in March 2024.

Two future phase options have been evaluated:

• an after ramp-up expansion of the mine and plant throughput capacity to 16-million tonnes a year (Etango-XP), operational from Year 5, or
• an extension of operating life to 27 years (Etango-XT) with the mine and plant throughput maintained at eight-million tonnes a year.

The scoping study aims to underscore the technical and economic viability of these expansion and life extension options, after the successful construction and ramp-up of the base case Etango-8 project.

Etango-XP is expected to have uranium (U₃O₈) output of 95.2-million pounds over the 16-year life-of-mine (LoM). 

The mine’s Etango-8 definitive feasibility study (DFS) estimates production of 52.6-million pounds over 15 years. Average U₃O₈ output (after plant expansion) is estimated at 6.7-million pounds (Etango-8 – 3.5-million pounds).

In the Etango-XT option, LoM production is proposed at 95.2-million pounds over 27 years (Etango DFS – 52.6-million pounds over 15 years), with average production estimated at 3.5-million pounds a year, equalling that of Etango-8.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
From a base final investment decision, Etango-8 has a pretax net present value (NPV), at an 8% discount rate, of $369-million at $65/lbs U₃O₈. 

Etango-XP has a pretax NPV, at an 8% discount rate, of $445-million at $65/lbs U₃O₈. Etango-XT has a pretax NPV, at an 8% discount rate, of $411-million at $65/lbs U₃O₈.

Capital Expenditure
Etango-XP is estimated at $325-million (Etango-8: zero). No capital expenditure is anticipated for Etango-XT.

Planned Start/End Date
Not stated.

Latest Developments
Bannerman is advancing front-end engineering design, offtake marketing and strategic financing workstreams on its base case eight-million-tonne-a-year Etango development (Etango-8), which was the subject of a definitive feasibility study in December 2022.

Key Contracts, Suppliers and Consultants
None stated.

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