Etango Project strongly progressed in the last quarter of 2017 buoyed by improved uranium market, Bannerman Resources the developer has said.
“The December quarter yielded excellent improvements to the Etango Project’s projected economics with the Processing Optimisation Study confirming significant reductions in estimated capital costs and opportunities for operating cost reductions.
“The Bannerman team immediately built on this progress with an innovative Membrane Study that has delivered strong preliminary results,” said Brandon Munro, Bannerman’s Chief Executive Officer.
Munro said the timing of the achievements could not be better, with both Cameco and KazAtomProm announcing substantial curtailments in uranium supply for 2018.
Etango is adjacent to Rössing (Rio Tinto), Langer Heinrich (Paladin Energy) and Husab (China General Nuclear) uranium mines.
Bannerman commenced the Etango Processing Optimisation Study (Processing OS) in the March 2017 quarter with the objective of incorporating the favourable results obtained in the Heap Leach Demonstration Plant Program and evaluating the application of recent processing technological advances since the 2012 Definitive Feasibility Study (DFS) was completed.
Last year, Bannerman announced that the Namibian Ministry of Mines and Energy had granted the company a Mineral Deposit Retention Licence with a five year extendable term (Retention Licence) over Bannerman’s 95%-owned Etango Uranium Project.
The retention licence covers an area of 7,295 hectares, which includes the Etango ore body, two satellite deposits at Hyena and Ondjamba and all planned mine infrastructure.