Posted in | Uranium | Mining Business

Extract Resources Gains Namibian Government Support for Uranium Mine

Extract Resources (ASX and TSX code: EXT), an Australian based mining company is setting up a new uranium (U3O8) project in Namibia. Extract Resources is partly owned by mining giant Rio Tinto. A feasibility study at Rossing South has provided promising results and helped gain the Namibian government’s support for a new mine.

Rossing South Location: Image Credit

The mine lies close to Rio Tinto's Rossing mine. In a statement for investors Extract Resources mentioned that it had identified an intercept at 68m at a grade of 5767 parts per million. This is much higher than the usual for Namibian uranium reserves.

Extract's aim is to explore, evaluate, develop and produce U3O8 from its advanced projects, as a source of fuel conversion for low-cost, environmentally friendly nuclear power.

There had been rumors that Russian company Rosatom had approached the Namibian government about developing the project. The Russian state owned nuclear company was prepared to spend US$1 billion on the uranium development project.

This rumour gained credibility as Russia and Namibia signed a five-year memorandum of co-operation to develop the latter's uranium resources. However Namibian Minister for Mines Joseph Iita said that there was no truth in the rumours, Rosatom had not approached the Namibian government for a mining license for Rossing South.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Rio Tinto plc. (2019, March 19). Extract Resources Gains Namibian Government Support for Uranium Mine. AZoMining. Retrieved on October 20, 2019 from https://www.azomining.com/News.aspx?newsID=102.

  • MLA

    Rio Tinto plc. "Extract Resources Gains Namibian Government Support for Uranium Mine". AZoMining. 20 October 2019. <https://www.azomining.com/News.aspx?newsID=102>.

  • Chicago

    Rio Tinto plc. "Extract Resources Gains Namibian Government Support for Uranium Mine". AZoMining. https://www.azomining.com/News.aspx?newsID=102. (accessed October 20, 2019).

  • Harvard

    Rio Tinto plc. 2019. Extract Resources Gains Namibian Government Support for Uranium Mine. AZoMining, viewed 20 October 2019, https://www.azomining.com/News.aspx?newsID=102.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit