(3 minutes read)
Uranium One, a Rosatom global mining company revealed its plan to commence uranium mining operations in Namibia by the year 2029. The uranium company’s project, known as “Wings,” is to conclude the prospecting and exploration phase by 2026.
Uranium One, a ROSATOM global mining company revealed its plan to commence uranium mining operations in Namibia by the year 2029. The uranium company’s project, known as “Wings,” is to conclude the prospecting and exploration phase by 2026
Uranium One entails an investment of N$8.8 billion (US$500 million) and is anticipated to yield an annual output of 3,000 metric tons of uranium. Positive results from exploration and prospecting, coupled with the justified utilization of In Situ Leaching (ISL), could potentially lead to an additional investment of over N$5.3 billion (US$300 million) towards the construction of a uranium mill.
The project had already made a substantial impact on the Namibian economy, with over N$880 million (US$50 million) already invested in the country since its initiation. Furthermore, the project has generated 500 employment opportunities for local residents. During the ongoing exploration activities, the project’s contractors have been engaging local professionals, with over 150 local residents working on the project last year.
Read Also:
https://trendsnafrica.com/irans-dividend-in-namibian-rossing-uranium-mine-accumulated-to-n331m/
https://trendsnafrica.com/extensive-resource-drilling-programme-at-namibian-uranium-project/
The exploration efforts for the Wings project began back in 2010, and extensive geological studies conducted between 2018 and 2021 have confirmed the existence of a substantial sandstone-type uranium deposit in the region. The projected lifespan of the venture stands at 25 years, and its progression to the next development stage is dependent on essential data collection, conducting an environmental impact study, and assessing the costs involved.
