Australian uranium explorer Extract Resources' Namibian subsidiary Swakop Uranium plans to start building a new mine in 2012 with production expected two years later. 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 de-veloping the reserve are estimated to be over $700 million, Swakop Uranium said. The mine is expected to be the second largest uranium operation in the world and it will create economic benefits for the country. It expects 4,000 people to be employed during construction, with 1,200 permanent jobs to be retained when the project comes on stream.

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