- Friday, 20 July 2012 15:26
- Published Date
- Staff Reporter
- Hits: 1618
Bannerman Resources, developer of one of the worldâ€™s top ten uranium projects, announced this week that it is ready to apply for a mining licence after getting environmental approval from the Ministry of Environment and Tourism for its Etango Uranium Project located in the Erongo region.
The latest approval for the emerging uranium development company follows completion of the Etango Project Definitive Feasibility Study in April and lodgement of the Environmental and Social Impact Assessment and associated Environmental Management Plan.
CEO Len Jubber said the environmental approval is a necessary step in obtaining a mining licence for the Etango Project. He, however, could not give a definite time frame in which the mining licence application will be made.
He said: â€śReceipt of the environmental approval is a key milestone for the Etango Uranium Project and reflects over three years of specialist environmental and social impact studies, as well as an extensive public consultation process.
â€śWe recognise and accept the responsibility associated with being granted an environmental approval and commit to continuing our activities in a manner which respects the environment and local communities. Receipt of the environmental approval takes us one step closer to the substantial stakeholder benefits which will stem from development of this globally significant uranium project.â€ť
Bannerman owns 80% of the project which will become the third largest uranium mine in the country after RĂ¶ssing and Langer Heinrich, while state-owned mining company, Epangelo recently signed an agreement to acquire a 5% stake in the project that has a mine life of at least 16 years.
Epangelo has an option to acquire another 5% shareholding. Etango has the potential to produce between seven million and nine million pounds a year of U3O8 uranium for the first five years, and then between six million and eight million pounds annually according to the projectâ€™s Definitive Feasibility Study.
In addition to the mining licence application and the finalisation of the Epangelo transaction, Bannerman says it will step up engagement with potential development partners of the US$870 million project before the end of this year.
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