Bannerman Energy Limited (Stock Symbols – ASX: BMN, OTCMKTS: BNNLF, NSX: BMN) (formerly Bannerman Resources Limited) engages in the exploration and development of uranium properties in Namibia, Southern Africa.
Bannerman Energy is a near term producer
The company’s principal property is its 95% owned Etango Project located in the Erongo uranium mining region of Namibia near Rio Tino’s Rossing mine.
The Company is focused on the development of a large open pit uranium mining operation at Etango.
It has completed both the definitive feasibility study (DFS) in 2012 and environmental permitting on the Etango Project.
The Etango Uranium Project is situated on the flat Namib Desert sands, approximately 38 kilometers east of the thriving coastal town of Swakopmund, Namibia.
For more than 45 years, Namibia has been a premier uranium investment jurisdiction. With excellent infrastructure and support from both government and communities for mining uranium, it offers an ideal development environment with political stability and security as well as a strong rule of law that is assertive in its development agenda to make this country one of the world’s leading producers of raw uranium.
How much Uranium does the Etango Project have?
The project has a JORC compliant ore reserve of 130 million pounds of uranium. This figure can be broken down into 14 million pounds of proven and another 116.1 of probable reserves.
The project’s total mineral resource including measured, indicated, and inferred resource builds to a total of 271 million pounds of uranium.
The proposed production for this uranium mining operation once developed is an initial 10 million pounds per year for the first four years of operation and an average of over 7 million pounds per year for the mine life of nearly 16 years.
What are the project financials?
The cash costs for production during the first five years is $33 USD per pound.
The cash cost for production over the life of the mine is $38 USD per pound.
The Etango license area (EPL 3345) is approximately 193 square miles.
Remarkably, this project will place the company among the top 10 producers globally once in production.
The amount of production from this asset could power approximately 17 nuclear power reactors.
The Etango project is anticipated to be at full production within three years of the company making an investment decision to proceed.
Bannerman Energy Limited was incorporated in 2005 and is based in Subiaco, Australia. The company was formerly named Bannerman Resources Limited, and changed its name in July 2021.
Registered & Principal Office
Suite 7, 245 Churchill Ave
Subiaco Western Australia 6008
PO Box 1973
Subiaco Western Australia
Telephone: +61 8 9381 1436
Email: [email protected]
45 Mandume Ya Ndemufayo Street
PO Box 2854
Telephone: +264 64 416 200
Facsimile: +264 64 416 240
Email: [email protected]
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