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Bannerman Resources continues to progress uranium project in Namibia

Last updated: 02:35 30 Apr 2018 BST, First published: 02:27 30 Apr 2018 BST

uranium on the elementary table
Uranium demand is strengthening with Japan restarting its seventh reactor

Bannerman Resources Limited (ASX:BMN) is continuing to make steady progress at its Etango Uranium Project in Namibia, successfully completing a membrane study during the March quarter.

The Etango project is situated near Rio Tinto’s (ASX:RIO) Rössing uranium mine, Paladin Energy’s (ASX:PDN) Langer Heinrich uranium mine and CGNPC’s Husab uranium mine.

Notably, it is one of the world’s largest undeveloped uranium deposits where a definitive feasibility study has confirmed the viability of a large open pit and heap leach operation.

READ: Bannerman Resources membrane study delivers cost savings to Etango

Bannerman chief executive officer Brandon Munro said: “During the March quarter Bannerman continued to sensibly and efficiently progress the Etango Uranium Project.

“The membrane study was completed, confirming at a definitive level that established nano-filtration technology could be applied to reduce reagent costs and generate potential capital savings.

“This study was completed largely using internal resources and sunk costs, in particular, the Etango Heap Leach Demonstration Plant, resulting in an outstanding return on the modest external expenditure.”

Definite feasibility study update progressing

The membrane study tested the effectiveness of five different membrane types on two different solution streams, both generated from the Etango heap leach demonstration plant.

Bannerman’s membrane test work successfully demonstrated the ability of the nano-technology to recover acid for re-use and upgrade the uranium concentration in the solution almost ten-fold.

The data obtained through the membrane study also provides valuable input into the definitive feasibility study update, which is being progressed through 2018.

Favourable jurisdiction for uranium development

Namibia’s president recently confirmed that the New Equitable Economic Empowerment Bill will not include a requirement for 25% project equity to be owned by previously disadvantaged Namibians (PDNs).

Namibia remains an ideal jurisdiction for uranium development and a premier African investment destination.

Uranium market

The uranium spot price has not yet responded to supply cuts announced late 2017 by Cameco and KazAtomProm.

However, demand continues to strengthen with Japan restarting its seventh reactor (with a further two restarts expected during the June quarter) and China announcing the intention to commence construction of 6-8 additional reactors during 2018.

Bannerman continues to expect a significant improvement in the uranium spot price during 2018.

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