Namibia, a country rich in uranium resources, is witnessing a surge in mining activity as global demand for carbon-free energy grows. One of the companies at the forefront of this uranium boom is Elevate Uranium, an Australian-based exploration company that has a large portfolio of projects in Namibia.
Elevate Uranium announced that it has accelerated its growth strategy in Namibia by launching a 2024 drilling program with four reverse circulations (RC) drill rigs and plans to add a fifth rig by the end of the March quarter. The company’s primary focus is the Koppies project, which aims to expand the existing uranium resource and upgrade the resource confidence level from an inferred to an indicated category.
According to Elevate Uranium’s managing director Murray Hill, the completion of the current resource growth stage for Koppies will trigger a new era for the company. “The focus will change to advancing the Koppies uranium project through infill drilling and metallurgical test work that will underpin technical studies and a future pilot plant. And all this is happening with the U 3 O 8 price shooting through $100/lb, its highest level for 15 years,” he said.
Elevate Uranium will also collect ore samples from Koppies for a comprehensive metallurgical test work program. These samples will be sent to Perth for analysis using the company’s proprietary U-pgradeTM beneficiation process, which can produce a high-grade concentrate with lower capital and operating costs.
In addition to Koppies, Elevate Uranium has three other projects in Namibia: Marenica, Hirabeb, and Namib IV. The company has a combined resource of 81 million pounds of U 3 O 8 in Namibia, contributing to its total resource of 142.4 million pounds.
Namibia is one of the world’s top uranium producers, with three operating mines: Rössing, Langer Heinrich and Husab. The country also hosts several advanced projects, such as Trekkopje, Norasa, Etango, and Tumas, that could potentially increase its uranium output in the future.
Namibia’s uranium industry is supported by a stable political and regulatory environment, a well-developed infrastructure, and a skilled workforce. The country also has a favorable geological setting, with uranium deposits occurring in various types of host rocks and mineralization styles.
The global uranium market is expected to benefit from the growing demand for nuclear power, especially in Asia, where countries such as China, India, and South Korea are expanding their nuclear fleets. Nuclear power is seen as a reliable and low-carbon source of electricity that can help reduce greenhouse gas emissions and combat climate change.
Elevate Uranium is well-positioned to take advantage of this opportunity and become a significant uranium supplier to the nuclear energy industry. With its large and diverse portfolio of projects in Namibia, the company is poised to deliver value to its shareholders and stakeholders.
Source: Mining Weekly
Word count: 500
