mining licence

The question now needs to be asked as to why is it possible that EXT can apply for their mining license 12 months later than BMN and be granted the license first. The license hasnt been granted just yet but the Minister of Mines has made it clear that it will be granted. Its obvious that the Husab mine will generate more income for the Namibian government and that they have a greater chance of funding the construction costs, but I do not think that the funding of the mine is a major requirement of the mine license application.

So the question needs to be asked when will BMN receive their notice of preparedness? A 2 year wait with no indication of how much longer we need to wait for, rings a lot of alarm bells.


MINING LICENCE APPLICATION - UPDATE
November 30, 2011: Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract") is pleased to announce that the Ministry of Mines and Energy of the Republic of Namibia has provided to Swakop Uranium, a wholly owned subsidiary of Extract, a notice of preparedness to grant a Mining Licence for the Husab Uranium Project.
Swakop Uranium has accepted the terms and conditions contained within the notice of preparedness. Therefore, in accordance with the Minerals (Prospecting and Mining) Act, 1992, the Minister of Mines will now direct the Mining Commissioner to issue a Mining Licence to Swakop Uranium.
The area covered by the Mining Licence (ML171) is contained within Extract’s existing exploration concession, EPL3138, and includes reserves defined to date within Zones 1 and 2 of the project, mineral resources defined within Zones 1 to 5, and the Middle Dome and Salem prospects (see Figure 1).
Extract intends to maintain its resource definition drilling and exploration programme throughout EPL3138 and within the neighbouring EPL3439.
Extract CEO and Managing Director Jonathan Leslie said:
“We are delighted to receive the notification of preparedness to grant a Mining Licence. This marks the final step to achieving all of the permits that we need in order to begin the development of the Husab Uranium Project.
“Discussions with potential debt financiers of the project are well underway, and the company continues to evaluate offtake arrangements and opportunities for investment in the project by strategic partners. Plans for delivery of access, power and water infrastructure are well advanced. Meanwhile, the MORE programme continues to deliver results that increase the mine life through definition of further reserves, and that optimise the design of the processing plant and mining operations.
“I would like to acknowledge the support shown for the development of the Husab Project by the Namibian Government, in particular the Ministry of Mines and Energy, and the Ministry of Environment and Tourism.”