Mining is the process of extracting mineral resources from the earth, to be used later for various purposes in day-to-day life. Africa today boasts of some of the largest reserves of mineral resources in the world. Ranked as either first or second on a global scale in terms of reserves for cobalt, bauxite, diamond and platinum, the continent also holds massive reserves of gold and uranium, opportunities which are up for grabs for the future investors in the sector. In this report, we will be looking at the continent’s prospects and scope for uranium mining.
To cite a few significant uranium mines in Africa:
- A238 Mine — Located in Mauritania with an estimated ore reserve exceeding 40 million tonnes.
- Ergo Mine — Located in Gauteng, South Africa, it has an estimated ore reserve of approximately 170 million tonnes.
- Dominion Mine — Located in Dominionville, South Africa, near Dr Kenneth Kaunda District Municipality has a reserve exceeding 100 million tonnes.
- Driefontein Mine & KDC Mine — Mines with one of the largest uranium reserves in South Africa, more than 200 million tonnes each, both located in Gauteng, South Africa.
- Hartebeestfontein Mine — This mine is also located in Gauteng, South Africa, and it has an estimated ore reserve exceeding 640 million tonnes.
- Rössing Uranium Mine — A large open pit mine located in the Namibia Desert, near a town called Arandis. Up till the year 2018, it has produced and supplied more than 135000 tonnes of uranium oxide (U3O8) to the world, with an approximate extraction capacity of 4500 tonnes of uranium oxide per year.
With the concentration of mines in South Africa, Niger and Namibia, comprising 18% of the total global uranium supply, Africa is estimated to have more than 800K tonnes of uranium reserves. Namibia holds the 5th global rank, leading its overall uranium export.
Initially demanded for production of the atomic bomb, uranium is today primarily used for the harnessing and generation of power for peaceful purposes. As per estimates, generation of 1000 megawatts (MW) of electricity requires approximately 75 tonnes of enriched uranium which can last for several years. And since many advanced and a few developing nations are using uranium for the purpose, the mineral’s global demand currently outstrips its supply. Uranium mining has, therefore, also significantly increased in Africa over the years.
In spite of all the developments, however, there are still many places in the continent where mining still remains unexplored. One such example is the open pit Etango Mine, situated in the Erongo region in Namibia.
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As for the investors or entrepreneurs who are looking for an opportunity in Africa, they can explore their options in uranium mining and make their investments accordingly. Highly positive turnarounds are being expected by industry experts in this sector, in the continent.
We will be presenting detailed information on all mining prospects in Africa going forward, and we invite you to stay connected with us for more on the topic through this space.