In November 2012 construction started at Swakop Uranium’s Husab Project; a deposit discovered in February 2008. The investment of US$2.5 billion will see the construction of one of the largest uranium mines in the world.
First production is planned for 2015 with the mine ramping up to full capacity by 2017. The life of mine, which lies only 7ks from Rio Tinto’s massive Rossing Uranium mine in Namibia, is put at 20 years. The operation is 10% owned by Namibian state-owned mining company Epangelo. The rest is held by Chinese company, China General Nuclear Power Company (CGNPC), the world’s 2nd biggest builder of nuclear plants. CGNPC is securing its future supply of uranium through its 90% stake in the giant Husab project in Namibia.