Bannerman shuffles deck ahead of Etango development
As Bannerman Energy approaches the targeted construction and long-term operation of its uranium mine at Etango, Namibia, the company has announced changes to its key executive roles from March this year.
After almost 15 years of service, Ronnie Beevor will be retiring from the board as nonexecutive chairperson. He will be replaced by current MD and CEO Brandon Munro as executive chairperson, leading the financing workstream for Etango, general corporate affairs and capital markets interface.
Gavin Chamberlain, currently COO, will become the new CEO of Bannerman. He was project director for the $2-billion Husab uranium mine, in Namibia, now one of the world’s biggest operating uranium mines.
Alison Terry will be appointed lead independent director.
“I would like to congratulate Gavin on his elevation to CEO. Over the past year I have seen first-hand his talents and expertise in action – he is the ideal individual to assume the role and Bannerman is in the best of hands as a consequence,” commented Munro.
Bannerman Energy is hoping to take a final investment decision on its fully permitted Etango project in the first half of next year.
A 2022 definitive feasibility study (DFS) estimated that, based on a nameplate capacity of eight-million tonnes a year, the Etango project is expected to have a mine life of 15 years, producing 52.6-million pounds of uranium oxide, averaging 3.5-million pounds a year.
The DFS estimated a pre-production capital expenditure of $317-million, up from the $274-million estimated in the 2021 prefeasibility study (PFS), while all-in sustaining costs for the project have dropped from the $40.3/lb estimated in the PFS to $38.10/lb.
The project’s net present value is now estimated at $209-million, down from the $222-million estimated in 2021, while the internal rate of return has also decreased from 20.3% to 17%.
The DFS was based on a uranium price of $65/lb.
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