Bannerman Mining Resources (Namibia) (Pty) Ltd has identified the heap leaching process as the best method to extract uranium from its highly-anticipated Etango Uranium project. What remains a concern for the Australian mining giant is to raise the initial capital injection of about US$350 million to develop the promising Etango project that has the potential to create some 800 permanent jobs during an expected mining life of 15 years. 

The Etango Uranium project consists of a world-class uranium resource endowment of 207 Mlbs of contained U3O8, which is the most stable form of uranium oxide and is an important material in nuclear power generation [WE1] industry. 

Bannerman Mining Resources Namibia is a 95% owned subsidiary of Bannerman Energy Ltd, which is an Australian-listed uranium development company. The other 5% is owned by the One Economy Foundation of Namibia. 

Recently taking this publication on an extensive tour of the inevitable Etango development, Bannerman Namibia’s exploration superintendent, Martinus Prinsloo, noted that the flagship Etango project has benefited from extensive exploration and feasibility activity over the past 15 years. 

“The water pipeline and the initial access road to the site are complete. We are now in the process of expanding the access road and bulk earthworks are scheduled to commence within the next month or two,” Prinsloo explained. He added that temporary power will be in place by the end of this year to enable the start of the actual mine’s construction.  

This includes detailed feasibility work on a large-scale development of Etango that culminated in the 2012 Definitive Feasibility Study (DFS 2012). As part of these processes, Bannerman obtained environmental permitting for the proposed Etango mine (2012) and all associated external infrastructure (2014).

“Once these aspects are in place then we will be ready to start with construction in early 2025 and we expect full uranium production to commence in 2027,” Prinsloo added. 

In 2015, Bannerman completed the construction of the Etango Heap Leach Demonstration Plant, which ran as a pilot plant until 2020. The operation of the Demonstration Plant comprehensively de-risked the proposed heap leaching processing method for Etango, allowed optimisation of processing parameters and generated a large database of processing data.

In August 2020, Bannerman completed a Scoping Study on development of Etango at an 8Mtpa throughput rate. The Etango Scoping Study was heavily informed by the detailed study work undertaken across all relevant disciplines as part of the Etango Definitive Feasibility Study (DFS) 2012 and the Optimisation Study (OS) 2015, and the operation of the Heap Leach Demonstration Plant. The Scoping Study demonstrated that this accelerated, streamlined project was strongly amenable to development, both technically and economically.

In August 2021, Bannerman finished a Pre-Feasibility Study (PFS) on Etango at 8Mtpa. The PFS confirmed the strong technical and economic viability of a conventional open pit mining and heap leach processing of the world-class Etango deposit at 8Mtpa throughput. The level of planning rigour for Etango was bolstered through the PFS process via the inclusion of dual pit ramps in the northern and central pits, detailed plant design and higher accuracy estimation.

In December 2022, Bannerman completed the Definitive Feasibility Study (DFS) on Etango at 8Mtpa. The DFS on Etango (8Mtpa) is a study of world-class quality, with input from leading experts across each facet of mining uranium in Namibia. Critically, the DFS confirmed, to a definitive level, the robust overall viability of development and operation of the Etango (8Mtpa) Project.

The Etango Mining Licence was granted in December 2023. This key milestone was followed swiftly by the commencement of early development works at Etango. 

Front End Engineering and Design (FEED) studies and Control Budget Estimate (CBE) processes for Etango-8 were completed in June this year. Completion of FEED and the CBE has refined the outcomes of the Definitive Feasibility Study (DFS) undertaken in late 2022, delivering enhanced accuracy and recency to key cost estimates.

Bannerman is currently undertaking early works construction activities for Etango-8, in parallel with offtake marketing and strategic financing workstreams. Detailed design works for Etango-8 are at an advanced stage, and initially focussed on earthworks and civils.

These activities are steadily culminating in a push towards a positive Final Investment Decision (FID) for Etango, market conditions permitting, targeted during 2024.

To reinforce the technical and commercial viability of subsequent expansion, following construction and ramp-up at Etango, Bannerman completed a Scoping Study in February 2024 outlining two future-phase development options. This includes an expansion of mine and plant throughput to 16Mtpa and a life-of-mine extension with mine and plant throughput maintained at 8Mtpa.

According to Bannerman, the Etango  Scoping Study produced robust financial metrics showing the substantial in-ground leverage and scalability of the world-class Etango resource to higher uranium price outcomes.