Yellowcake search continues at Marenica

WEST Australian Metals (WME) has received two more years on its exclusive exploration licence (EPL) for its Marenica uranium project in the Namib.

The renewal, effective from November last year, ‘marks a key milestone for WME, ensuring security of tenure at Marenica as it completes the current intensive phase of resource in-fill and extension drilling, scoping study and embarks on a feasibility study next year’, the Australian Stock Exchange listed company said in a statement on Monday.WME is the majority shareholder in Marenica through its Namibian subsidiary. A black economic empowerment (BEE) component has been structured into the project as part of the latest renewal of the EPL.WME has signed a memorandum of understanding (MoU) with Millennium Minerals, which is the fully owned subsidiary of Millennium Investment Holding Group of local businessman Mathew Hamutenya.Under the MoU, Millennium Minerals is to acquire a five-per cent interest in the Marenica Project.A BEE Trust will also be established under the wing of Hamutenya and WME Chairman Graham Woolford.According to the WME statement, the trust ‘is to benefit previously disadvantaged Namibians and especially also the marginalised communities resident in the relevant mining area’s vicinity. The trust will specifically aim at, amongst others, assisting with further training and educating of students within the relevant communities with a focus on the mining area.’To this end, Millennium Minerals has agreed to contribute 40 per cent of its profits to the trust. WME has agreed to initially fund the establishment of the trust with a transfer of N$1 million. This brings the total spend up to date by WME on the Marenica project to N$104 million, the statement said.