Name of the Project
Etango-8 uranium project.

Location
Erongo region of Namibia, about 30 km east-south-east of Swakopmund.

Project Owner/s
The Etango project is owned by Bannerman Energy, through its 95%-owned subsidiary Bannerman Mining Resources. The remaining 5% is owned by Namibian charitable body, One Economy Foundation.

Project Description
The Etango deposit will be mined as a conventional truck-and-shovel openpit operation through contract mining over an initial mine life of 15 years.

Maximum mining rates are estimated at 27-million tonnes a year, with average ore mined of about 7.6-million tonnes a year at a life-of-mine average stripping ratio of 2.22.

Average production is estimated at 3.5-million pounds a year of uranium. Total production is estimated at 52.6-million pounds of uranium oxide.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $209-million and an internal rate of return of 17%, with a payback of 4.1 years.

Capital Expenditure
Preproduction capital expenditure is estimated at $317-millon.

Planned Start/End Date
Not stated.

Latest Developments
A final investment decision is expected in the second half of 2023.

Key Contracts, Suppliers and Consultants
Wood plc (study lead – process plant design and related infrastructure, plant capital and operating cost estimates); Qubeka Mining Consultants (geology review, mining reserve estimate, mine planning and mining cost estimates); Snowden Optiro (mineral resource estimate); Creo Engineering Solutions (engineering support for Bannerman owner’s team); MineTechnics (openpit geotechnical parameters); Lund Consulting Engineers (water supply infrastructure); Addiza Energy Solutions (external electrical supply infrastructure); A.Speiser Environmental Consultants (environmental impact assessments); Namisun Environmental Projects & Developments (conceptual mine closure plan).

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