The Rössing uranium
mine open pit
expansion in Namibia
Swakopmund, Namibia — MININGREVIEW.COM — 01 February 2010 – Australian-based Extract Resources Limited “’ a company focused on the exploration, evaluation, development and production of uranium in Namibia “’ is set to close submissions from companies proposing to partner its Rossing South project on March 18.

“We don’t need partners right now, but we might need them in three years time, depending on the uranium market,” chairman Steve Galloway said in an interview here with Bloomberg News. “Asian utilities have shown interest in the project,” Galloway revealed, adding that it was “not for sale.”

“Rossing South may be able to produce more than 15 million pounds of uranium oxide a year,” Galloway said.

“There’s no question that we are going to develop this operation,” Galloway continued. “An estimate of the development cost can’t be given, however, until the feasibility study has been completed, he added. “By mid-March we will have decided whether to close the study or keep it going.”

Extract “’ 15% owned by the Rio Tinto Group “’ has more than quadrupled in the past 12 months as investors became convinced that countries will turn increasingly to nuclear power, using fuel derived from uranium, in response to climate change.

Some 440 commercial nuclear power reactors operate in 30 countries, with a further 30 under construction and another 90 planned, the World Nuclear Association says on its Web site.