By Emma Kakololo
WINDHOEK
Xemplar Energy Corporation, a Canadian uranium explorer on Wednesday started trading on the Namibian Stock Exchange (NSX).
Xemplar became the first foreign company to list on the Development Capital Board, which will be branded the DevX.
Xemplar which acquired Namura, the Namibian owner of three uranium-exploration licences, in May last year, believes it has effectively discovered a new uranium province in the Warmbad area of Namibia, with over 14 distinctly mineralised alaskitic bodies distributed over an area of approximately 40 km by 28 km.
“In terms of exploration targets, there exists the possibility of a Rossing equivalent,” said the company’s President and Chief Executive Officer, Gennen McDowall.
“It has been found that the Houms River Alaskites demonstrate a clear uranium channel response. These bodies appear to be identical to the uraniferous Alaskites that occur at Rossing.”
Namibia is Africa’s second-biggest uranium producer, after Niger, while Canada is the world’s biggest producer of the fuel. Rossing is classified as the fifth largest producer of uranium in the world accounting for approximately eight percent of world production.
According to McDowall, drilling has already commenced to test the depth of the alaskite and the extent to which it is mineralised.
With the kind of interest being shown in the mining ventures in Namibia, Minister of Mines and Energy, Erkki Nghimtina, could not have been happier with the dual listing of the company.
“I believe there are other possible listings in the pipeline and we look forward to other mining companies following the example set by Xemplar.”
Nghimtina said for the country to achieve its development objectives such as Vision 2030, it is crucial to develop its minerals.
While it creates employment, it creates all sorts of other opportunities for Namibians to invest. It also creates investment and an international
awareness of Namibia, its mineral resources, its policies and its people.”
Nghimtina noted that Xemplar, through its subsidiary Namura, has spent far more than what was expected from them.
Namura has created a Trust into which certain individuals aligned with Xemplar would invest seed capital of N$2 million.
NSX’s Vice Chairperson, David Nuyoma, at the ceremony on Wednesday said the counter could add over N$2 billion to the N$1.3 trillion market capitalisation of the NSX.
“I hope Namibians will use the opportunity to invest on the NSX in companies like Xemplar and become part of nation building and wealth creation.”
The company’s current cash deposit is $11 million (N$74 million) while its share price was N$23 yesterday.