Extract Progressing Husab Financing Negotiations
02 September 2011 - 4:49PM
Dow Jones News
Extract Resources Ltd. (EXT.AU) said Friday negotiations to
secure funding for its US$1.66 billion Husab uranium project in
Namibia, one of the world's largest unmined deposits of the fuel,
are progressing well.
Andrew Penkethman, manager of projects at the Australian
company, said Extract is confident a study of Husab's resource will
further extend the expected life of a mine on the site from an
estimated 20 years and operating costs will decline.
"Project financing discussions are going well and there is a
real appetite out there to be involved in this giant, large-scale,
low-risk, high-grade project," Penkethman said in a statement
released following a presentation at an Africa-focused mining
conference in Perth. "Once we get the mining license, we will be
able to accelerate those financial negotiations."
Husab, which has a total resource inventory of 513 million
pounds with a further resource upgrade scheduled for the first half
of next year, is expected to produce 15 million pounds of uranium
oxide a year, Extract said.
Extract is almost 43% owned by Kalahari Minerals PLC (KAH.LN)
and 14% by Rio Tinto PLC (RIO).
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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