Bannerman Energy will source or import its acid supply locally for the Etango operation through the Walvis Bay port.
The Etango Project is one of the world’s largest undeveloped uranium deposits in Namibia’s Erongo uranium mining region, which hosts the Rössing, Husab, and Langer-Heinrich mines.
The company has an existing memorandum of understanding with a local acid supplier.
The acid company railed to a planned storage facility within the Walvis Bay port and then trucked to the site.
The facility in the port will also receive sulphuric acid from multinational markets.
Namport has already approved Bannerman’s proposal to lease a site at the Walvis Bay port for the planned acid storage and import/export facility.
Bannerman has also completed this facility’s Environmental and Social Impact Assessment (ESIA) process and applied for an Environmental Clearance Certificate to the Ministry of Environment, Forestry & Tourism.
On October 15, 2024, Bannerman signed a letter of intent with NamWater, covering complete water supply requirements for the operation of the Etango mine and process facility over its initial expected life of 15 years.
The water will be sourced from NamWater and supplied from desalinated sources to the base reservoir in Swakopmund.
From there, the planned permanent Etango water supply infrastructure consists of a pipeline and pumping system to transport the water to the Etango site and an on-site terminal water storage system.
The next step in this commercial process is the execution of a take-or-pay agreement between NamWater and Bannerman, which is planned to be signed upon the taking of a favourable Final Investment Decision on Etango.
Bannerman intends to source power from the 220 kV national grid through NamPower’s Kuiseb substation.
The company has accepted an offer from NamPower for Etango’s permanent operational power.
According to the March 5, 2025, final report for the half year ended December 31, 2024, a final commercial proposal based on this definitive supply method is expected to be obtained from NamPower in the coming weeks.
The Group’s net loss before tax of US$2.7 million, attributable primarily to corporate and administrative expenses and non-cash share-based compensation expenses, a share of losses in an equity-accounted investment of US$99,532, and impairment of equity-accounted investments being US$1.4 million.
Interest income for the half year ended December 31, 2024, was US$2,257,291, while cash and cash equivalents were $81 million, compared with US$24 million as of June 30, 2024.
