Mining Intelligence and News
Namibia

Etango-8 Project

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Overview

Mine TypeOpen Pit
StagePermitting
Commodities
  • Uranium
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotIn December 2022, DFS was completed on the Etango-8 Project, confirming to a definitive-level the strong technical and economic viability of conventional open pit mining and heap leach processing of the Etango deposit at 8Mtpa throughput (for average annual output of 3.5 Mlbs U3O8). In March 2024, a scoping study3 demonstrated the capacity to expand annual production to 6.7 Mlbs U3O8.

All Environmental Clearance Certificates and National Heritage consents have been received and the Etango Project is fully permitted in this regard. Bannerman was awarded the Mining Licence for Etango in December 2023.

June 14, 2024 - Completion of FEED and the Control Budget Estimate (CBE) refined the outcomes of the Definitive Feasibility Study (DFS) undertaken in late 2022, delivering enhanced accuracy and recency to key cost estimates.

Bannerman is currently undertaking early works construction activities for Etango-8, in parallel with offtake marketing and strategic financing workstreams.

Owners

SourceSource
CompanyInterestOwnership
Bannerman Energy Ltd. 95 % Indirect
The Etango Project is owned by Bannerman Energy Ltd, through its 95%-owned subsidiary Bannerman Mining Resources (Namibia) (Pty) Ltd.

Contractors

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Deposit type

  • Intrusion related

Summary:

Primary uranium mineralisation in the Etango-8 Project area is related to uraniferous leucogranites, locally referred to as alaskites. The alaskites are often sheet-like, and occur both as cross-cutting dykes and as bedding and/or foliation-parallel sills, which can amalgamate to form larger, composite granite plutons or granite stockworks, made up of closely-spaced dykes and sills. These alaskite intrusions can be in the form of thin cm-wide stringers or thick bodies up to 200 m in width.

The alaskite bodies have intruded into the metasediments of the Nosib and Swakop Groups of the Damara Supergroup. These metasediments and alaskite intrusions flank the Palmenhorst Dome which is cored by Mesoproterozoic (1.7 2.0 Ga) gneisses, intrusive rocks and meta-sediments of the Abbabis Metamorphic Complex.

Uranium mineralisation in the Etango-8 Project area occurs almost exclusively in the alaskite intrusives. Minor uranium mineralisation is also found in the metasedimentary sequences close to the alaskite contacts, probably from metasomatic alteration and in minor thin alaskite stringers within the metasediments.

The dominant primary uranium mineral is uraninite (UO2), with minor primary uranothorite ((Th,U)SiO4) and some uranium in solid solution in thorite (ThO2). The uraninite is commonly associated with chloritised biotite in the alaskites and with ilmenite and magnetite within foliated alaskites. The primary uranium mineralisation occurs as microscopic disseminations throughout the alaskite, at crystal interfaces, and as inclusion within other minerals. Secondary uranium minerals such as coffinite (U(SiO4)(OH)4) and betauranophane (Ca(UO2)2(SiO3OH)2 5H2O) occur as replacements of the primary minerals or as coatings along fractures.

QEMSCAN analysis indicates that about 81% of the uranium present is in primary uraninite, while 13% is in secondary coffinite and 5% is in secondary betauranophane (Freemantle, 2009). The remaining 1% of the uranium occurs in various minor phases including brannerite, betafite and thorite. Very minor amounts of uranium are also present in solid solution in monazite, xenotime and zircon. A very minor amount of primary betafite (Ca,U)2(Ti,Nb,Ta)2O6(OH) is also present.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityUnitsAvg. AnnualLOM
Uranium M lbs 3.553
All production numbers are expressed as yellow cake.

Operational metrics

Metrics
Annual ore mining rate  ....  Subscribe
Annual processing rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Stripping / waste ratio  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2022 study.

Production Costs

CommodityUnitsAverage
Cash costs Uranium (U3O8) USD  ....  Subscribe
Total cash costs Uranium (U3O8) USD  ....  Subscribe
All-in sustaining costs (AISC) Uranium (U3O8) USD  ....  Subscribe
Assumed price Uranium (U3O8) USD  ....  Subscribe
* According to 2022 study / presentation.

Operating Costs

Currency2022
OP mining costs ($/t mined) USD 2.36 *  
OP mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2022 study.

Project Costs

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 785
G&A costs $M USD 134
Total OpEx $M USD  ......  Subscribe
Total Taxes $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 8% $M USD  ......  Subscribe
After-tax NPV @ 8% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Required Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNamePhoneProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jan 18, 2024
....................... Subscription required ....................... Subscription required Subscription required Jan 18, 2024
....................... Subscription required ....................... Subscription required ........... Subscription required Subscription required Jan 18, 2024

Total WorkforceYear
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Aerial view:

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