Bannerman Resources, which is developing the Etango Uranium Project in Namibia, has appointed Gavin Chamberlain as CEO.
Chamberlain, who takes over from Christopher Munro, now the executive chairperson, comes when Bannerman has begun evaluating and progressing various funding sources for the Etango Uranium Project.
A civil engineer with over 30 years of experience, Chamberlain is familiar with Namibia since he was the project director responsible for developing the US$2 billion Husab Uranium Project, now one of the world’s largest operating uranium mines.
He was also Kore Potash Ltd.’s chief operations officer, responsible for advancing its large-scale potash projects in the Sintoukola district of the Republic of Congo.
Chamberlain was the Regional Director, Mining and Minerals Africa, of AMEC Foster Wheeler (now Wood plc).
Bannerman Resources, whose licence 250 for Etango was granted in December 2023, is looking for partners, including conventional project debt and potential offtake and joint venture opportunities with strategic counterparties who can add value to the Etango Project. The company has appointed Azure Capital and Vermilion Partners (both global affiliates of French financial services institution Natixis) to advise on and assist with executing the optimal funding mix for Etango.
Bannerman Group’s net loss before tax for the half-year ended December 31, 2024, was $6,175,188, up from $2,994,624 for the same period in the previous year.
The company attributed this primarily to corporate and administrative expenses and non-cash share-based compensation expenses, a share of losses in an equity-accounted investment of $897,396, and impairment of equity-accounted assets of $3,568,253.
Bannerman reported cash and cash equivalents of $35,143,700 as of December 31, 2023, compared with $42,588,696 as of June 30, 2023.
The Etango Project, which neighbours the Husab uranium mine, the Rössing uranium mine, and the Langer Heinrich uranium mine, is one of the world’s largest undeveloped uranium deposits.
Etango has benefited from extensive exploration and feasibility activity since 2006 and boasts a globally large-scale uranium mineral resource.
A 20 Mtpa development at Etango was the subject of a definitive feasibility study completed in 2012 and an optimisation study completed in 2015.
The definitive feasibility study confirmed the viability of a large open pit and heap leach operation at one of the world’s largest undeveloped uranium deposits.
From 2015 to 2017, Bannerman conducted a large-scale heap leach demonstration program to provide further assurance to financing parties, generate process information for the detailed engineering design phase, and build and enhance internal capability.
On August 2, 2021, Bannerman announced the completion of a pre-feasibility study for an 8 Mtpa development of the Etango.
The pre-feasibility study on the Etango-8 Project provides an alternate, streamlined development model for the 20 Mtpa development assessed at the definitive feasibility study level in 2015.
In December 2022, Bannerman concluded a definitive feasibility study for the Etango Project, establishing its strong technical and economic feasibility for conventional open pit mining and heap leach processing at a throughput of 8 Mtpa with a precision of ±15%.
Bannerman was granted the Etango mining license in December 2023.
Bannerman constructed and operated a Heap Leach Demonstration Plant at Etango, which comprehensively de-risked the acid heap leach process to be utilised on the Etango ore.
Etango has environmental approvals for the proposed mine and external mine infrastructure based on a 12-year environmental baseline.
Initial early works contracts for the “temporary construction water pipeline” and “site access road” were placed on December 14, 2023, following the receipt of the mining licence.
The temporary construction water pipeline contract will ensure sufficient water is available onsite when the prominent earthworks and civil contracts commence.
The access road will enable controlled access to the mine site with minimal impact on the surrounding area from the start of the construction work.
These contracts, with a combined value of approximately A$2.8 million (N$36 million), were awarded to a local Namibian contractor and followed a tender process undertaken earlier in the year.
