From an outstanding discovery to a world class uranium mine...
One of the world’s foremost emerging uranium companies, Extract Resources Limited, is focused on developing the Husab Uranium Project in Namibia, the world’s third largest known primary uranium deposit.
Headquartered in Perth, Australia, Extract is an international business, with offices in London, Swakopmund and Windhoek, Namibia, and stock market listings in Australia (ASX), Toronto (TSX) and Namibia (NSX).
Extract’s operational focus is on the 100%-owned Husab Uranium Project in Namibia, which hosts the largest and highest grade, granite-hosted uranium deposit in the country. Since the initial discovery of uranium mineralisation at the northern end of Husab in February, 2008, Proven and Probable Reserves of 320 million pounds of U308 have been defined following JORC Code guidelines. This extensive reserve is expected to form the basis of a mining operation well in excess of 20 years.
The Company also has a global resource inventory of 513 million pounds of U308 Extract expects its ongoing and future drilling programmes to continue to increase resources and reserves at Husab.
Extract plans to develop the Husab Uranium Project to produce 15 million pounds of U308 a year, a rate of production that would place Husab among the worlds largest producing uranium mines, second only to the McArthur River mine in Canada, if in operation today. The development plan includes a low risk open pit mining operation with the ore processed through a conventional tank leach plant.
The transformation from explorer to developer, and ultimately producer, is already underway with the completion of the Definitive Feasibility Study for the Husab Uranium Project in the first quarter of 2011 which demonstrated the technical and economic viability of the project.
Additional value continues to be added to Husab through our mine optimisation and resource extension programme (MORE). The most recent examples of this are the updated resource statement in June 2011, and the reserve update in August 2011. To continue to support the development of Husab Extract has assembled an accomplished executive management team with decades of experience, including developing and managing major mines in Namibia.
Extract is focused on converting the substantial uranium resource at Husab into the greatest sustainable value for all stakeholders. The company has a supportive international shareholder base including major shareholders Kalahari Minerals, Rio Tinto and Itochu Corp.
As Extract moves towards production, the company recognises the important role that its operations will play in Namibia. This includes employment, development of local and national industry and infrastructure and a direct contribution to the Namibian economy through tax and royalty payments.
Extract’s presence in Namibia continues to grow, and as that presence increases, the company intends to maintain development of appropriate social and community programmes to support its involvement in Namibia. The Company is a key stake holder in the uranium sector and will continue to take a pro-active role in seeing that the uranium industry develops in a sensitive and sustainable manner.
