World’s 4th Largest Uranium Mine to Begin Operation in Namibia by 2015

Uranium mining in Namibia
Namibia, the world’s 4th largest Uranium producer

AFRICANGLOBE – Namibia’s Husab uranium mine will begin production by the end of 2015, owner of the mine China Guangdong Nuclear Power Corp. (CGNPC) reveals.

Speaking at a mining conference in Tianjin, China, on Tuesday, CGNPC Uranium Resources Co Ltd Executive Deputy Director Deng Ping told attendees that construction of the plant would be completed in time to begin output in 2015.

Deng Ping disclosed the time frame for the uranium project, saying: “We plan to start construction on the Husab mine around the end of this year and complete construction in three years.”

He also confirmed that the company has already secured a mining licence from the Namibian government; as such the uranium project has the necessary approvals to enable production to go ahead as soon as completion of the plant is finalized.

The Husab uranium mine is thought to house the fourth largest uranium-only deposit in the world, boasting measured resources of 84 million pounds of uranium; with indicated resources promising much higher levels of output, in the region of 280 million pounds of uranium.

CGNPC – which is a Chinese state-owned entity – achieved its targeting of the Husab uranium mine earlier this year, as it acquired London listed Kalahari Minerals, which in turn was the largest shareholder of Extract Resources.  With Extract being the 100 percent owner of the Husab operation, CPNPC subsumed Kalahari and Extract under a new group known as Taurus Minerals Limited.

The Group now controls the Husab mine and hopes to begin development in the coming months in order to enable production to commence in line with the 2015 target, however, it has been estimated that construction and development of the plant will cost in the region of $1.5 billion before mine could become operational.

Namibia is currently the fourth largest uranium producer in the world.