Extract: BFS for World's second largest Uranium mine in 2011


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A month or so I opined it was time to get back into Extract. It seems that the market agreed and those of you that bought in are now being rewarded….

Extract Resources has told investors they will have to wait an extra three months for the long-awaited bankable feasibility study over its Namibian uranium mine.

Extract chief executive Jonathan Leslie told shareholders at today’s annual meeting that the feasibility study would not be released this year as planned but in the first quarter of 2011 instead.

But he said the three-month delay did not mean much, given the scope of the project.

“It’s been a very aggressive timetable,” he told reporters on the sidelines of the meeting.

“I don’t think shareholders will mind the delay. It’s a very large project and a slip of a quarter is nothing.”

He said Extract hoped to start commissioning Husab – formerly known as the Rossing South project – in early 2014 and it would be about an 18 month ramp-up to full production.

With forecast annual production of 15 million pounds of uranium, Husab would be the second biggest uranium mine in the world.
Extract shares were up 25 cents, or 3.17 per cent, to $8.15 shortly before market close.


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