Bannerman?s Etango not ready yet - by John Ekongo 17 Febuary 2011 SWAKOPMUND ? Australian outfit, Bannerman Resources, says its Namibian mine, Etango, would hit full-scale production by 2015, two years later than initially anticipated. New finds of ore deposits in the Goanikontes area, which, according to new feasibility studies, would lengthen the life of the mine to 20 years, have delayed opening of the mine. The mine was initially set for production phase by 2012. The company completed a feasibility study in December of 2009 and has confirmed the deposits.
Bannerman gained entry into the lucrative uranium market in 2006. Etango deposits lie in the uranium rich Goanikontes area, some 35 kilometres south- east of Swakopmund in the Erongo Region.
It is one of the world?s largest undeveloped uranium deposits located in a region swamped by uranium mines. They include the 40-year-old Rio Tinto R?ssing Uranium, Paladin Resources Langer Heinrich and Areva?s Trekkopje currently in the last phase of construction.
At development stages are Canadian firm Forsys Metal Valencia Uranium Mine, Bannerman?s Etango Projects and the R?ssing South development Construction of the mine would start in 2014 and production a year later, according to General Manager, Brundon Munro.
Once operational, Bannerman says it would pay about US$12 million to US$15 million in government royalties per year, in addition to a total pay-as-you-earn (PAYE) tax to the value of US$50 million annually.
It is anticipated that its export value could total nearly US$500 million annually. Munro said during the construction phase, the company would offer employment to nearly 2 000 people and upon completion 1 000 direct jobs.
It estimates employment through indirect job creation to be as high as 6 000. ?There would be a lot of service providers procured to the mine to provide catering and any other essential services outside our scope,? said Munro.
Bannerman is listed on the Australian, Canadian and Namibian stock exchanges.
BMN Price at posting:
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