Bannerman Energy Ltd has received a mining licence (ML) for its flagship Etango Uranium Project (Etango) in Namibia, along with an award of initial contracts for the Etango early works programme. The grant notification and signed ML 250 documentation were received from the mines and energy ministry last week. All attaching conditions to the ML are considered to be customary.
The grant of the ML has allowed Bannerman to move immediately to award two key early works contracts on Etango for the building of the temporary construction water supply and the site access road.
The temporary construction water pipeline will ensure sufficient water is available onsite when the main earthworks and civil contracts commence. The access road will enable controlled access to the mine site with minimal impact on the surrounding area to be achieved from the start of full construction works.
These contracts hold a combined value of approximately N$36 million and have been awarded to a Namibian contractor.
The prompt award and commencement of these early works contracts enable Bannerman to ensure the current target construction schedule for Etango is maintained. Both the contracts are funded from Bannerman’s existing cash holding of approximately A$37.3 million (about N$478 million) as at 30 November 2023.
Bannerman managing director and CEO Brandon Munro commented: “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”.
“Etango is now fully permitted, enabling us to drive key project workstreams towards a Final Investment Decision in parallel with the ongoing strengthening in uranium market fundamentals. I am grateful to the Ministry of Mines and Energy for their ongoing commitment to Etango’s success.”
Bannerman chief operating officer Gavin Chamberlain added: “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. We look forward to site establishment commencing in January, with early works construction proceeding in parallel with other workstreams over the next four to six months”.
“I am delighted that we have awarded the first contracts on Etango to a Namibian construction services business. 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.”