Name of the Project
Etango-8 uranium project.

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

Project Owner/s
Australian- and Namibian-listed uranium development company Bannerman Energy, through its 95%-owned subsidiary Bannerman Mining Resources. The remaining 5% is owned by Namibian charitable body One Economy Foundation.

Project Description
A definitive feasibility study was completed in December 2022. This confirmed to a definitive level the strong technical and economic viability of conventional openpit mining and heap-leach processing of the Etango deposit as an eight-million-tonne-a-year throughput operation – for average output of 3.5-million pounds a year of triuranium octoxide (U3O8).

In March 2024, a scoping study showed the capacity to increase production to 6.7-million pounds a year of U3O8.

Total production is estimated at more than 15 years, with total production estimated at 52.6-million pounds of U3O8.

Two future-phase development options have been proposed: 

• an expansion of mine and plant throughput to 16-million tonnes a year – Etango-XP; and 
• a life-of-mine extension with mine and plant throughput maintained at eight-million tonnes a year – Etango-XT.

Potential Job Creation
The project will create about 760 Namibian jobs and a multiplier effect of up to 5 000 indirect jobs.

Net Present Value/Internal Rate of Return
The project has an estimated after-tax net present value, at an 8% discount rate, of $390-million and an internal rate of return of 21.1%.

Capital Expenditure
Preproduction capital expenditure is estimated at $353.5-millon.

Planned Start/End Date
A final investment decision (FID) is targeted in 2025.

Latest Developments
Bannerman Energy has reported that early works construction activities are tracking in line with budget and are on schedule.

Construction power has been commissioned within the mining licence boundary and detailed design work on the Etango process plant is progressing in line with schedule, with dry plant engineering now about 86% complete.

The factory acceptance test of HPGR, or high-pressure grinding rolls, tertiary crusher has been successfully completed.

Further, Phase 1 of the concrete contract has been placed as has the blasting and crushing contract for the heap-leach drainage material.

Both contracts have been awarded to Namibian contractors, with contractors now establishing on site.

Bannerman Energy CEO Gavin Chamberlain has said the company’s strong balance sheet provides strong support for its corporate strategy as it advances through stage gate approvals for ongoing early works and maintains tight capital control.

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, mineral 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.