extract's january 2011 'swakop vission' , page-2

And from The Economist, Namibia on Friday

The Economist, Namibia http://www.economist.com.na/index.php?option=com_content&view=article&id=23134:swakop-uranium-receives-environmental-approval&catid=586:headlines

Swakop Uranium receives environmental approval
Written by Nyasha Francis Nyaungwa
Friday, 04 February 2011 08:22

Swakop Uranium,100% owned by the Australian (ASX), Toronto (TSX) and Namibian (NSX) listed Extract Resources has received an environmental approval from the Ministry of Environment and Tourism for its Husab Uranium Project mining licence area.

The environmental impact assessment (EIA) and Management Plan (EMP) for the proposed mining licence area were lodged with the ministry in late November last year. As part of the process, both studies were made available to the public between 27 October and 22 November and public consultation meetings were held in Windhoek, Arandis and Swakopmund.

Approval of the EIA and EMP is a necessary step for obtaining a mining licence for Husab. The mining licence application was lodged with the Ministry of Mines and Energy during December 2010.

Commenting on the approval, Extract managing director, Jonathan Leslie said: ?Receipt of this environmental approval is a key milestone as we develop the world-class uranium mine at Husab.

?We have undertaken extensive specialist environmental studies and we are committed to ensuring our environmental standards adhere to international best practice. Our environmental commitment and clearance supports the tremendous work that the team is doing to support the completion of the DFS (Definitive Feasibility Study) and is reflective of the positive regulatory and investment environment in Namibia.?
With the Husab Uranium Project seen as the most important uranium discovery of recent years, Swakop Uranium is positioned to develop and construct the second largest uranium mine in the world with the potential to produce 15 million pounds (6 820 tonnes) uranium oxide per annum. This is more than the total current uranium production of the country and will elevate Namibia past Australia and Canada to the second rung on the world ladder of uranium producers.

Swakop Uranium recently announced that at the current uranium spot price, a production rate of 15 million pounds per annum and an exchange rate of N$7 to the US dollar, it will have an annual turnover of N$5 billion.

?An independent analysis furthermore shows that the Husab Uranium Project will contribute 5% to the Namibian Gross Domestic Product, 20% to the country?s merchandise exports and will add 20% (N$ 150-million) in royalty payments to the Namibian Government, ? the company said in a statement.
The Husab Mining project is expected to create more than 3000 temporary jobs during construction and about 1 200 permanent operational job opportunities.


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