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Bannerman Newsletter | NO 3 | MAY 2024

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News from the People Powering a Cleaner Future

MAY 2024

Construction 3

Executive update 6

Industry news 12

development of the current Etango-8 project,

which is a highly attractive standalone project.

“Developing the world-class Etango Project at an

initial 8 Mpta throughput scale is our core focus,”

says Bannerman Energy’s Chief Executive Officer,

Gavin Chamberlain. “We undertook the Etango-

XP/Etango-XT Scoping Study to demonstrate

the ready technical and financial viability of

expanding or extending our base case Etango

after its successful construction and ramp-up.”

The Definitive Feasibilty Study for Etango-8

deemed the project viable at US$ 65/lb of U

deemed the project viable at US$ 65/lb of U3O8. .

Current uranium spot prices are in the region

ccording to a recently completed Scoping

Study, the Etango Uranium Project can

produce double the quantity of uranium, for a

longer life-of-mine period.

The Scoping Study considered two future phase

options: increasing throughput capacity to

16Mtpa and extending the operating life to 27

years.

But the executive team is not getting ahead

of itself. While the results of the Etango-XP

(increasing capacity) and Etango-XT (extending

operating life) studies are encouraging,

Bannerman remains fully committed to the timely

of US$ 90-95/lb of U

of US$ 90-95/lb of U3O8. “While the XP and XT

. “While the XP and XT

cases are readily viable at our base case price

assumption of US$ 65/lb for Etango-8, their

economics are clearly supercharged in higher

price scenarios,” informs Brandon Munro,

Bannerman Energy’s Executive Chairman.

“What the Scoping Study emphatically shows

is the significant underlying value residing in

Etango’s huge leverage with higher uranium

price outlooks. The ability to enact either the

XP or XT options, after delivery of the initial

Etango-8 development, affords Bannerman

substantial real value across a range of long-term

uranium price outcomes,” he concludes.

WE CAN GO

HIGHER

AND

LONGER

The Scoping Study has categorically demonstrated further growth, and the long-term

scalability of the world-class Etango resource remains highly robust.

Gavin Chamberlain, Bannerman Energy Chief Executive Officer

Scoping Study

BANNERMAN

MINING RESOURCES NAMIBIA

Omasa is the newsletter for the Etango Uranium Project managed by the following companies:

We want to hear from you!

Omasa

Omasa intends to keep you informed about progress on the Etango Uranium Project,

intends to keep you informed about progress on the Etango Uranium Project,

its people and its activities. What else would you like to read more about?

Send your comments, compliments and suggestions to:

Emma Culver: newsletters@bmnenergy.com.

Editorial team: Gavin Chamberlain, Emma Culver

Gavin Chamberlain, Emma Culver Production: Words’Worth

Words’Worth

Construction Update

wo important steps towards constructing the Etango Project have

been taken. “The early works contracts for the Etango temporary

water pipeline and the access road were placed in December 2023 and

construction works were commissioned at the end of January 2024,” informs

Andre Alberts, Technical Project Manager at Bannerman Mining Resources

Namibia.

Namibbeton, a local Namibian contractor, is the appointed contractor with

construction supervision being done by Creo Engineering Solutions.

Water pipeline

The temporary water pipeline installation covers a 24km stretch from the

B2 down to the Swakop River valley and up to the Etango site. It will mostly

run underground and consists of High Density Polyethylene (HDPE) pipe

sections welded together and will terminate at a steel reservoir on site.

“This pipeline will ensure that all construction work on site for building

the processing plant can continue while the permanent water pipeline will

be constructed,” says Andre. “Installation of the first half of the pipeline is

complete and the first performance testing took place in April. Completion

of the pipeline installation is planned for end of July 2024 and is well on

track.”

Access road

An access road consisting of a 4km engineered gravel road will connect the

Etango site to the C28 road. Materials for construction are being borrowed

from selected sites on the Etango mining license. The roadbed and cut-to-fill

work has been completed, with the subbase and base layers installed. The

road construction work is on track to meet the completion deadline of end-

May 2024.

“Meeting the Environmental and Social Impact Assessment’s guidelines

and requirements has been a key focus for all stakeholders involved,” says

Andre. This includes a careful exercise of locating and demarcating sensitive

environmental and archaeological areas.

“Successfully executing the works without any lost-time injuries is a

testimony of Bannerman’s high safety standards.” Andre attributes this to

good collaboration between the Bannerman team, Creo, and Namibbeton.

The construction water pipeline is positioned.

Andre Alberts, Technical Project Manager at Bannerman Mining Resources Namibia

BUILDING A GIANT

FROM THE GROUND UP

Length of temporary

water pipeline

Lost-time injuries

on site

Length of access

gravel road

Completion of the

pipeline installation

24 km

4 km

Zero

July 2024

We can go higher and longer (cont)

Key Physical Parameters: Etango-8, -XP and -XT Projects

Key Physical Parameters

Etango-8

Etango-XP

Etango-XT

Life of Mine U

Life of Mine U3O8 output:

output:

52.6 Mlbs over 15 years

95.2 Mlbs over 16 years

95.2 Mlbs over 27 years

Annual average U

Annual average U3O8 output:

output:

3.5 Mlbs

6.7 Mlbs (after plant expansion)

3.5 Mlbs

Expansion capex:

US$ 0

US$ 325 million

US$ 0

Sustaining cash cost:

US$ 38.1/lb of U

US$ 38.1/lb of U3O8

US$ 42.5/lb of U

US$ 42.5/lb of U3O8

US$ 45.3/lb of U

US$ 45.3/lb of U3O8

THE MAN WHO HAS STUDIED IT ALL

erner Moeller, Director of Qubeka Mining

Consultants, has had a 15-year association

with the Etango Project, taking it through the

different study phases of the 8 Mtpa business

case and optimising it to advance Etango to the

construction stage.

“Towards the end of 2023 we started evaluating

potential life-of-mine extension scenarios from

the current 15 years by increasing the Etango

Project’s plant throughput to 16 Mtpa. From

a mining engineering perspective, I ran and

evaluated the different production schedule

BANNERMAN ENERGY | MAY 2024

scenarios.” This culminated in two alternate

future expansion options for the XP and XT

Scoping Study to the current Etango-8 Mtpa

Project.

“We are delighted with the XP and XT

Scoping Study results, which demonstrate

that Etango is a long-life, low-cost and

economically robust open pit uranium project

with significant upside. It is geologically

consistent, metallurgically simple and

technically low risk with a low capital intensity

and significant future upside.”

LOOK WHO’S BLOWING

OUT CANDLES

The following celebrate their

birthdays in the coming weeks.

MAY

• Emma Culver, Communications Coordinator

• Alison Terry, Non-Executive Director

•• Werner Ewald, Managing Director

JULY

• Steve Herlihy, Chief Financial Officer

•• Imelda Naobes, Office Administrator

• Bannerman Energy Ltd (Australia)

•• Bannerman Mining Resources Namibia

LEGEND

Investors

n March 2024, the full Bannerman Energy executive team travelled from

three continents – Nambia, South Africa and the United Kingdom – to share

a project update with Perth investors.

A live panel discussion explored the challenges of building a uranium mine

in Namibia, a country many of the investors had never visited.

It was an opportunity for them to meet the team leading the Etango Uranium

Project and hear first-hand about the next stage of development.

Comments from those in attendance reveal it was a valuable investment in

time for all concerned:

or the first time in five years, Cirrus Capital, a financial services company,

hosted the Namibia Investor Conference in Namibia itself. Bannerman

Energy CEO, Gavin Chamberlain, attended the conference in Swakopmund

and held productive meetings with institutions across the two days.

The conference brings together a range of Namibian entities, such as listed

companies and agencies like the Ministry of Finance and Bank of Namibia,

and local and international investors.

Gavin was also invited to be a panellist on the uranium panel and he shared

his knowledge and experience of building a uranium mine in Namibia. He

was joined by Dr Gabi Schneider (Namibia Uranium Institute) and Dr Detlof

von Oertzen (VO Consulting).

Robert McGregor, Head of Research at Cirrus Capital, commented: “The

insights shared by Bannerman Energy and Gavin during the panel discussion

were encouraging and informative, and there’s been good feedback from the

meetings. Looking forward to your future here in Namibia!”

TWAPEWA

CHAIRS A NEW

CHAPTER

Appointments

BANNERMAN ENERGY | MAY 2024

PROJECT UPDATE

FROM PERTH

NAMIBIAN INVESTORS ENCOURAGED

Twapewa was certainly entertaining, and it was great to hear of all the good you and

the team are doing on the ground as well.

It was great to meet the broader team and hear of all the progress. Bannerman

certainly looks well placed to capitalise on the strength in the current uranium

market and get the project funded and into production.

Congratulations on the progress and looking forward to following and supporting

you and the team going forward.

My vision is for Bannerman to be a

conscious and conscientious mining

company, prioritising governance,

environmental sustainability,

community development, and

delivering value.

Twapewa Kadhikwa,

Chairperson of BMRN

Mike Leech has played a pivotal role in preparing Twapewa Kadhikwa to take over

as Chairperson of BMRN.

ne of Windhoek’s best-known

businesswomen, Twapewa Kadhikwa, has

been appointed as the new Chairperson of

Bannerman Mining Resources Namibia (BMRN).

She succeeds Mike Leech, who has been

Chairperson for the past seven years.

Twapewa and Mike have travelled a long journey

together, from the time he invited her to join the

Trust of the Rössing Foundation to handing over

the Chair position of BMRN. Twapewa credits

Mike for the mentorship role he has played in

her career and recalls his advice fondly: “Always

do your best. You don’t have to do

do your best. You don’t have to do the

the best, but

best, but

do your

your best”.

best”.

As one of the few female Chairpersons in the

Namibian corporate landscape, Twapewa has

taken this advice to heart. With over 14 years of

business experience, Twapewa has acquired a

wealth of knowledge in board affairs, corporate

governance, and uranium mining, and brings a

unique perspective to her new role.

“My vision is for Bannerman to be a

conscious and conscientious mining

company, prioritising governance,

environmental sustainability, community

development, and delivering value to

stakeholders and shareholders,” she

says.

Entrepreneurial qualities

According to Mike: “The appointment

of Twapewa as Chairperson signifies

a new chapter for Bannerman Mining

Resources Namibia. Her outstanding

contribution to our company over the last seven

years merits her elevation to Chairperson.

Our business benefits from her outstanding

qualities of entrepreneurialism – most notably

anticipation, innovation and resilience – which

are perfectly balanced by her deep commitment

to integrity and governance.”

Growing up in Gemeente, in the heart of

Katutura (a township in Windhoek), she built

her extended business group from scratch to

become a formidable player in various industries

and services. Entrepreneurship thus lies close to

her heart. She is passionate about developing

economically challenged entrepreneurs who

display both the entrepreneurial spark and the

potential to be polished to reach their destinies.

“Bannerman is proud to have a person of

Twapewa’s calibre as Chairperson leading us

through the next strategic steps, as Bannerman

moves into constructing the Etango Project,”

adds Mike. “Bannerman knows the importance

of great role models and understudy, two things

that have been pivotal to Twapewa’s successful

career and two things Bannerman endorses as

they grow their team in this next phase.”

Executive update

BANNERMAN ENERGY | MAY 2024

y his own admission, Gavin Chamberlain

is “filling some big shoes” as he steps into

the role of Chief Executive Officer previously

occupied by Brandon Munro. Fortunately for

Bannermann Energy, Gavin admits that “building

projects and companies is in my blood” and he

has already left deep footprints at entities such

as the Husab Uranium mine, which is next door

to Etango.

Building successful businesses has taught Gavin

the power of teamwork and it is evident that

expanding the right team will be one of his

priorities as CEO. “I am really looking forward to

finalising the financing solution with Brandon so

that we can start on the construction phase of the

project and see our dream project take shape.

While we enter this phase we will also need to

keep our eye on the ball as we start to grow

the operational company in Namibia. This is a

challenge Werner Ewald, Managing Director, and

I aim to tackle together.”

He credits Werner for having laid a solid

foundation in Namibia for Bannerman. “Our

public image has been one of our success

stories, with the team under Werner achieving

a significant and obvious culture of developing

a mine while remaining aware of community,

environmental and tourist requirements. I would

like to see how we can cement this culture into

the growing business.”

Gavin has taken over as skipper of the project

with the wind at his back. The uranium market

is favourable, with higher prices presenting

a window of opportunity for the project. “We

are also in an enviable position in that we have

money in the bank, which is allowing us to do

early construction works and detail design,” he

informs. “This means we have some time to find

the optimal funding for the project. The cost of

capital can be high for a one-project company

and we are looking at various alternative funding

models at this point.”

Gavin’s deep experience in the minerals sector,

most particularly in the southern African mining

sector, gives confidence in the future of the

Etango Uranium Project. As the responsible

Project Director for the development of the

US$2 billion Husab Uranium Project in Namibia,

now one of the world’s largest operating uranium

mines, Gavin has walked this path before.

Vice President, Market Strategy – Olga Skorlyakova

Chief Executive Officer – Gavin Chamberlain

Managing Director – Namibia, Werner Ewald

Executive Leadership Strategy Day

EXPERIENCE

LEADS THE WAY

5 Qs FOR THE CEO

What keeps you awake at night?

The possibility of missing something!

Brandon is an excellent mentor, though,

and is helping me through the transition.

What changes can employees expect

to see?

I like to get employees’ opinions on

issues before acting. I am a strong

believer in servant leadership and believe

this can only be successful if employees

contribute to communications.

How do you motivate a team?

Understanding your responsibilities to a

team is key to achieve motivation. When

people have a clear understanding of

expectations, and the implications of

not delivering, they start to motivate

themselves.

What can people expect from your

leadership style?

I was influenced by Nigel Townshend,

former MD of TWP. He trusted you to do

a job with minimal interference but with

regular feedback. His style encouraged

growth as a person and was based on

trust, ownership and feedback when

things weren’t going to plan. These traits

have largely inspired me as a leader.

What has changed in your typical

working day?

From focussing 80% of my day on

operational issues and problem solving it

has changed to around 40% on investor

relationships, 40% strategic thinking trying

to identify the next issues, and 20% problem

solving. I am enjoying the challenge of

growing myself and the business by tackling

new challenges in the role.

The new executive team held a Strategy Day to ensure alignment on the immediate operational goals and values. According

to Gavin Chamberlain, CEO: “A focus on improving communications will be the first visible initiative and one that I hope will

bear productive results in the short term.”

Leadership priorities

To secure financing while continuing with early works

construction programme.

Short term:

Medium term:

To see the project built and operational in the next 2-3

years.

fter 15 years’ service, Ronnie Beevor has retired as Non-Executive

Chairman, resulting in a new executive team to drive the Etango

Uranium Project into its next stage of development. “Ronnie was

instrumental in guiding the company through

the post-Fukushima challenges that the

entire nuclear industry faced and has

steered the Etango Project to its

current position of financial strength

and shovel-readiness,” says Brandon

Munro who assumes the role of

Executive Chairman.

RONNIE HANDS OVER THE BATON

Chief Financial Officer – Steve Herlihy

MEET THE NEW EXECUTIVE TEAM

Executive update

Community engagement

TEAM BANNERMAN

UPDATES NAMIBIAN STAKEHOLDERS

Stakeholder function: Swakopmund

Photographed at the Swakopmund stakeholder function, are (from left): Werner

Ewald, Councillor Blasius Goraseb, Councillor Claus-Werner Goldbeck, Ronnie Beevor,

Her Worship Dina Namubes, Mayor of Swakopmund, and Brandon Munro.

Stakeholder function: Windhoek

Werner Ewald, MD of Bannerman Namibia, shares information on Etango with a visitor.

annerman is an ardent supporter of Mondesa Youth Opportunities (MYO) as it helps

to develop leadership skills and teaches learners to be solid citizens of the future.

One of the recent significant enhancements to this after-school learning centre saw

the computer room being upgraded to provide the young learners with a conducive

learning environment for much-needed 21st Century digital skills.

MYO focuses on educating the whole child, providing students from Grade 4-8 with

supplementary skills development in subjects including English, Mathematics, Life

Skills, Reading, Computer Science, Music and Sports.

MYO COMPUTER FACILITIES GET A REBOOT

UPDATE FROM OUR STAKEHOLDERS

ix months after the launch of the One Economy Foundation’s #BeFree Youth

Campus in Katutura, the management team officially handed over a new site for

Phase 2 of the campus in March 2024. Phase 2 will focus on life skills, innovation, skills

development and youth entrepreneurship.

The #BeFree Youth Campus is the largest public-private partnership in youth

development in Namibia and Bannerman is proud to support this initiative. The

youth campus is a one-stop solution for young people from the ages of 13 to 35 to

receive integrated multidisciplinary services aimed to help them #BeFree from what

limits their potential. Since its launch in September 2023, the campus has rolled out

a variety of after-school programmes ranging from e-learning, robotics, computer

literacy, chess club, wellness Wednesdays, majita male-engagement Mondays,

#befree fitness and self-defense programmes, as well as the booklover’s club.

OEF PREPARES FOR PHASE 2

Green moment

artmut Dichtl, mechanical engineer, won the Carbon Challenge in the first

edition of Omasa for his suggestion to alternate a “safety” moment with

a “green” moment at site meetings. When Hartmut was advised of his A$100

winnings, he said: “I will put the money where my mouth is and buy some books

that we can use to inspire our ‘green moments’ at the Swakopmund office.”

The books Hartmut bought to share with his colleagues are

featured alongside.

SHARING A GREEN MOMENT

Ministry of Mines and Energy

What stood out to me was the overwhelmingly

positive and inspiring sentiments from stakeholders

who have closely worked with Bannerman.

During a visit to the Ministry of Mines and Energy are (from left): Ms Twapewa Kadhikwa, Chairperson Bannerman

Namibia; Mining Commissioner Ms Isabella Chirchir; Mr Ronnie Beevor, former Non-Executive Chairman; Deputy

Minister Honourable Kornelia Shilunga; Mr Brandon Munro, Executive Chairman, and Ms Matjiua Hengua, Senior

Stakeholder Relations Advisor – Bannerman Namibia.

The presentation was simplified and answered most

FAQs. A great deal of respect and appreciation was

evident for the inclusive approach Bannerman has

taken in terms of staff, community and environment.

Comments from people who attended

our stakeholder functions:

n February, our new Executive Chairman, Brandon Munro, and Ronnie

Beevor, retiring Chairman, visited Namibia to inform stakeholders of the

changes in the leadership team at Bannerman Energy.

Their visit extended to the Ministry of Mines and Energy, and included two

stakeholder functions, one in Windhoek and one in Swakopmund. The

Swakopmund function was held at the Namibian Uranium Institute. Her

Worship Dina Namubes, Mayor of Swakopmund, Councillor Goraseb and

Councillor Goldbeck all enjoyed updates on the Etango Uranium Project.

These were provided by Werner Ewald, MD of Namibia, Brandon Munro,

and Ronnie Beevor.

Learners in the refurbished computer room.

On 24 March 2024, the management team officially handed over a

new site for Phase 2 of the #BeFree Youth Campus.

BANNERMAN ENERGY | MAY 2024

Competition

If there’s one thing technology can help us do is

to be more productive and efficient in the way

we use our time.

Some people swear by Grammarly to help with

writing, Todoist for to-do lists, Duolingo for

learning a new language, or Asana for teamwork.

And we can all attest to the time-saving value of

Zoom or Teams during the Covid pandemic …

and beyond.

Now we’d like to hear which App you find most

useful in your day-to-day life – and how it helps

you. Whether you use it at home to keep track of

children’s activities, at work to ensure no projects

fall through the cracks, or in your personal life to

ensure you meet your fitness or financial goals,

we would like to hear from you.

If it works for you, it may well help someone else.

We’ll publish the Top 5 Apps our readers

mention in the next edition and also reveal the

lucky winner of the A$100 cash prize.

Email your answers to:

Emma Culver

newsletters@bmnenergy.com

Don’t forget to include your full name, title, and

contact number.

See page 11 for rules and closing date.

NUCLEAR FUEL CYCLE

CHALLENGE

You’ve read how the shortage of uranium

production and rising prices are creating a

perfect opportunity for emerging uranium

developers to come on board (see page 12).

Now here’s an opportunity for you to win A$100

if you can answer these three questions:

Q1: By how much does the COP agreement

want to increase nuclear energy capacity by

2050?

Q2: How much new nuclear capacity needs to

be built every year for the next 26 years, to

meet this production?

Q3: Who is the largest uranium supplier in the

world?

All correct answers will go into a lucky draw.

Email your thoughts and suggestions to:

Emma Culver

newsletters@bmnenergy.com

Don’t forget to include your full name, title, and

contact number.

Andrea Leech has won A$100 for her suggestion on how

to improve internal communication. She suggested a

Global Coffee Break.

“Because of the time differences between Bannerman’s

various offices across the globe, set a structured time

where everyone takes a break for 10-15 minutes to have a

quick informal chat via Teams,” she says.

Challenge

Magreth Tjamuaha is the winner of the COP28

Challenge in the second edition of Omasa.

Her correct answers have won her A$100. Will you be

the next lucky draw? (Hint: there’s another challenge on

Page 11.)

RULES:

1.) Both the challenge and competition are open

to all Bannerman employees, contractors and

stakeholders.

2.) The judges’ decision is final.

The closing date for both the challenge and the

competition is

18 JUNE 2024.

Our challenge and competition rules

WHAT’S AT YOUR

FINGERTIPS?

Employee proﬁle

BANNERMAN ENERGY | MAY 2024

Main responsibility:

Management of Bannerman Energy to ensure

profitability, growth and development by

cultivating a positive company culture.

How long have been working at

Bannerman Energy:

1 year

What excites you about the Etango

Project:

The simplicity of the design and the good

work done in the past to create a world-class

project that is on the verge of being funded

and built.

One thing that surprised you about your

current role:

The number of LinkedIn requests!

Marital status:

Married to Liz for 32 years.

Children:

3 dogs (2 Bouviers and 1 mini daschund).

Favourite food:

All food, but if I must choose, it would

probably be South East Asian cuisine.

What are you currently reading:

Leaders Eat Last by Simon Sinek.

Where is your ‘happy place’:

With a camera in the “bush” or underwater, or

travelling anywhere I have not been before.

Last song you listened to:

“Paradys” by Johannes Kerkorrel (a local

Afrikaans singer). For non-Africans this would

translate as “Paradise” sung by Johannes

Churchorgan!

What are you currently binge-watching –

or reading:

Chasing The Sun 2 – the story of South Africa’s

back-to-back World Rugby Cup victory.

Any podcasts to recommend:

My absolute favourite is “Something Rhymes

with Purple”, but a good car trip one would be

“British Scandal” by Wondery.

Best way to relax:

Take my camera to the bush or underwater.

Pet peeve:

The use of “z” in English words in place of “s”.

One thing about yourself that few people

know:

I took speech and drama at school because I

could not play rugby for three years due to an

injury.

Person who inspires you and why:

I draw inspiration from people around me,

so I am always observing how people deal

with issues with a view to learning from them.

If a person shows a skill, creative flair, calm

demeanour, high EQ, great insight or any

attribute that stands out as different, these

are the things that inspire me. I have found

you do not need to search too far in life to

find inspiration, you just need to be open to

receiving it.

One thing on your bucket list:

A photographic trip to the Antarctica.

FACE TO FACE WITH...

GAVIN CHAMBERLAIN

Chief Executive Officer,

Bannerman Energy

OUR NEWEST WINNERS

Industry news

eeting pledges to triple nuclear capacity

by 2050 will mean opportunities for

all stages of the nuclear supply chain, from

mining to enriching to fuel fabrication. These

opportunities – and associated challenges – were

widely discussed at the World Nuclear Fuel Cycle

2024 conference which took place in Almaty,

Kazakhstan in April.

Bannerman Energy Executive Chairman, Brandon

Munro, and Vice President of Market Strategy,

Olga Skorlyakova, attended the conference,

with Brandon visiting the Baiken ISR uranium

mine, a joint venture between Kazatomprom and

Japanese company Marubeni. Kazatomprom is

the world’s leading uranium miner, accounting

for over one-fifth of the world’s production.

Nuclear and climate change

For the first time ever, in December 2023,

nuclear energy was formally specified as one

of the solutions to solving the climate change

fall-out in a COP agreement, with a multinational

ministerial declaration to triple nuclear energy

capacity by 2050.

But even if the world extends the operating lives

of many existing reactors to 60 or even 80 years,

this will still require the construction of about

tangible risk of encountering supply shortages.”

It is estimated that by the early to mid-2030s, all

sources of current uranium supply will not be

adequate to meet requirements, he said.

According to Cameco Vice President: Marketing,

David Doerksen: “There is ample uranium

(resources). The challenge is that uranium is

going to be still in the ground and will require

time – and investment – to get it into the fuel

cycle.” This need to build capacity presents

a great opportunity for emerging uranium

developers that are now coming back into play.

1 000GWe of new nuclear in the next 26 years.

This is the equivalent of 1 billion watts of electric

capacity. “We need to build 40 GWe of new

nuclear capacity every year for the next 26 years,”

stated World Nuclear Association Chairman

Bohdan Zronek. “This would be about twenty

1 000 MWe large reactors, and seventy 300MWe

small modular reactors, every year.”

Just how players in the front end of the fuel cycle

are responding to this challenge was the focus

for the first panel session of the conference.

Pricing incentivises new production

After many years dominated by low prices,

the nuclear fuel industry has now entered

into a “distinct and promising phase marked

by a pricing environment that is much more

conducive to incentivise new production,” said

Dastan Kosherbayev, chief commercial officer of

Kazatomprom, in the keynote address.

Rising prices act as “a vital catalyst” to encourage

new producers into the market, and the

participation and success of these newcomers

are imperative for the continued growth and

long-term sustainability of nuclear, he said:

“Without active involvement and the subsequent

expansion of new operations, the industry is at a

THE NEED TO

SUPERCHARGE

THE NUCLEAR FUEL CYCLE

BANNERMAN ENERGY | MAY 2024

Brandon Munro (third from right) used the time in Almaty to strengthen friendships

within the industry. The Kazatomprom team, pictured here, were excellent hosts.

Amount of new nuclear capacity needed

every year for the next 26 years, to triple

global nuclear energy capacity by 2050

Kazakhstan produces almost half of the

world’s uranium supply

43%

40 GWe

To prepare uranium for use in a nuclear reactor,

it undergoes the steps of mining and milling,

conversion, enrichment and fuel fabrication.

These steps make up the ‘front end’ of the

nuclear fuel cycle.

Front end:

After uranium has spent about three years in a

reactor to produce electricity, the used fuel may

undergo further steps, including temporary

storage, reprocessing, and recycling before the

waste produced is disposed. These steps are

known as the ‘back end’ of the fuel cycle.

Back end:

Nuclear fuel cycle explained

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