where is yesterday players , page-23

The problem is there is no sign of any grant of a mining licence for Etango soon!

Namibia's mining commissioner stated recently that three MLs had been granted in the past two months- including a uranium one for a Chinese outfit Zhonghe Resources which has published no info about a resource- and over 20 were pending without mentioning Etango.

The company's understandable decision last year not to sign a deal for equity participation with Epangelo- the Namibian state mining firm- may have backfired. It did not want to give Epangelo (which could not come up with the funding for the commercial transaction Bannerman wanted) a free carry. But this has left it exposed and without leverage to get a mining licence. In contrast the Chinese have cut Epangelo in to the larger and higher-grade Husab deposit, (formerly owned by Extract Resources) whose development is proceeding.

With that underway, why do the Namibians need Etango?

Part of the problem also is that Bannerman only owns an 80% stake in Etango- 20% is directly owned by an individual director- so had little leeway to give up more equity without payment.