Development of the Etango Project will, based on the DFS, deliver the following significant direct and indirect economic benefits to Namibia:
- Creation of substantial new jobs in both the construction and operating phases. In the former, an average of 800 new jobs, with a maximum of 1,500 jobs, is anticipated. In the operating phase, an average of 1,000 new on-site jobs will be created. The majority of employees are expected to be recruited in Namibia;
- Education and skills development of Namibians working in the operation, with the annual training and education budget incorporated in the DFS capital and operating cost estimates;
- The economic “multiplier effect” of mine and employee expenditure in the local communities and in Namibia generally. Economic modelling by independent experts has indicated that the mine operating phase will create approximately a further 1,500 indirect jobs in the local communities;
- Mineral royalties to the Namibian Government equal to 3% of net revenues, equating to approximately US$14-20 million (N$100-150 million) per year at a base case uranium price of US$75/lb U3O8;
- Company taxes of over US$0.5 billion (N$4 billion) over the life-of-mine at a base case uranium price of US$75/lb U3O8;
- Employee PAYE taxes of at least US$8 million (N$60 million) per year over the life-of-mine;
- Other taxes including import duties;
- An expansion of Bannerman’s existing reputable corporate social responsibility program which focusses on education and tourism related activities at regional and national levels.
Commencement of the Etango Project, along with other new uranium mining developments in the region, would be expected to lift Namibia to the world’s third largest uranium producing and exporting nation.