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Extract Resources Ltd (ASX:EXT) says that a feasibility study of its Husab uranium deposit in Namibia has confirmed that the project is viable at a cost of around $1.6 billion.
CEO Jonathan Leslie says results of the study demonstrates that Husab is capable of being developed into one of the largest uranium mines in the world with a low-risk conventional open pit mine.
The company says it has been talking with potential customers to assess demand for production, and, has identified several possible opportunities for strategic contracts.
Production from Husab is scheduled 33 months after the project receives approval.
Extract’s largest shareholder, Kalahari Minerals, is currently at the centre of a proposed $1.2 billion takeover bid from Chinese state-owned CGNPC Uranium Resources Co Ltd.
In the six months to the 31 December 2010, Extract Resources booked a net loss of $33.6 million.
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