anti climax , page-5

Its not being manipulated at all. Its just that the market has discounted the possibility that current managment team actually developing the deposit (i.e. they don't think they will). Shame.

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Extract’s Husab mining licence approved
Thursday, 1 December 2011

THE mining licence for Extract Resources’ $A1.6 billion Husab uranium mine in Namibia has been granted, paving the way for activities to start once financing for the project is finalised.

The licence, which is valid for 25 years, covers an area of 110.1 square kilometres incorporating Zones 1-5, the Salem and Middle Dome prospects on the property and sits within Extract’s existing exploration concession in the country.

The company has previously flagged a 33-month construction timeline once the development go ahead is given for work at the world’s fourth largest uranium deposit.

Extract managing director and chief executive Jonathan Leslie said discussions with potential debt financiers were well underway, and the company continued to evaluate offtake arrangements and opportunities for investment by strategic partners.

Earlier this week, Extract confirmed state-owned China Guangdong Nuclear Power Company and Namibian state-owned Epangelo Mining Company were progressing talks in a bid to secure a minor stake in the property.

Both parties have entered into a working agreement to try and obtain a 10% stake in the deposit which is expected to produce 15 million pounds of uranium oxide per annum from an open pit, with cash costs expected to be $US32/lb, including royalties, marketing and transport costs.