EXT released their annual report today with the following comment regarding their mining license;
In December 2010, Extract?s wholly owned subsidiary Swakop Uranium applied to the Ministry of Mines and Energy for a Mining Licence over the Husab project area, comprising the northern part of EPL 3138. The Ministry has confirmed that the licence is currently under active consideration. Receipt of the Mining Licence is the final approval required for the development of the Husab Mine which, once developed, will add substantially to Namibian GDP and offer significant employment opportunities.
Is it possible that EXT will obtain their mining license before Bannerman despite BMN lodging their application a year earlier? Has BMN ever come out and announced or confirmed that the Ministry is actively considering their application? It is coming up to 2 years since they lodged their application and it seems like an awefully long time to wait for approval even though they had to resubmit revised PFS data.
From the Ministry point of view, it is probably in their interest to get the Husab mine up and running as soon as possible given the size of the mine and the potential income to the state.
BMN Price at posting:
31.0¢ Sentiment: None Disclosure: Held
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