October 27, 2010 / 1:18 PM / 10 years ago

Extract's Namibia uranium mine build seen in 2012

* Uranium mining could last until 2028

* Mine to be second largest global uranium operation

WINDHOEK, October 27 (Reuters) - Australian uranium explorer Extract Resources’ EXT.AX Namibian subsidiary Swakop Uranium plans to start building a new mine in 2012 with production expected two years later, a report showed on Wednesday.

The company said in an environmental impact assessment report presented for scrutiny to the government that it planned to mine for uranium up until around 2028.

It said the Husab mine project would have a throughput of 15 million tonnes per annum to produce 8,000 tonnes of uranium yellow cake with 70 percent contained uranium.

The cost of developing the reserve are estimated to be over $700 million, Swakop Uranium said.

“The final feasibility study will be completed before the end of this year. It will include many variables and recommendations,” the company’s spokesman Tom Ferreira said, adding that shareholders will decide on what route to take.

The mine is expected to be the second largest uranium operation in the world and it will create economic benefits for the country, but also have significant negative social and environmental impact, the report showed.

“Ultimately, the decision makers will be required to prioritise either the positive economic impacts or the negative environmental and social impacts,” the report added.

Extract said it expects 4,000 people to be employed during construction, with 1,200 permanent jobs to be retained when the project comes on stream. (Reporting by Servaas van den Bosch; editing by James Jukwey)

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