Bannerman Energy has completed the acquisition of a 41.8% stake in listed critical minerals explorer Namibia Critical Metals Inc (NMI).
The deal which was settled through a N$83.4 million (A$7.24-million) cash payment plus, 846 337 Bannerman shares, gives Bannerman access to NMI’s advanced and fully permitted Lofdal heavy rare earths project in Namibia.
NMI’s core asset is the 95%-owned advanced and fully permitted Lofdal Heavy Rare Earths Project in Namibia, with the remaining 5% stake in the project held for the benefit of historically disadvantaged Namibians.
“Our strategic shareholding in NMI gives our shareholders exposure to heavy rare earths, in particular dysprosium and terbium. Despite being two of the most strategically important minerals on the planet, NMI’s Lofdal project is one of the very few development projects outside of China that are enriched in these metals,” said Bannerman MD and CEO Brandon Munro.
“As Lofdal moves closer to production, our partnership offers strong potential to leverage Bannerman’s extensive in-country expertise and credentials, in particular in the environment, social and governance sphere.”
The announcement comes as Bannerman announced this month that it has submitted its Mining Licence (ML) Application with the Ministry of Mines and Energy (MME) for the proposed Etango-8 uranium mine.
The development means the company will be expected to submit a Definitive Feasibility Study (DFS) for Etango-8, which it expects to be completed during the December quarter, as part of its engagement process with the Mines ministry.
Bannerman already has Environmental Clearance Certificates (ECC) for the Etango Uranium Project and linear infrastructure, which remain current and were based on an extensive Environmental and Social Impact Assessment and Environmental and Social Management Plan.
The Etango Uranium Project located in the Erongo Region, is Bannerman’s flagship asset which has benefited from extensive exploration and feasibility activity over the past 15 years.
The Etango tenements possess a globally large-scale uranium mineral resource according to the company.
