Connected Minerals (ASX:CML) is strategically positioned in Namibia, the world’s third-largest uranium producer, amidst established mining operations. The company’s projects are near the Chinese-owned Rössing Mine, a significant uranium producer since 1976. Namibia accounted for 11% of global uranium supply in 2022. China is increasing its stake, with substantial ownership in Namibia’s mines. Connected Minerals is advancing exploration at its Etango North-East and Swakopmund projects. High-grade mineralization has been confirmed at Etango North-East, while Swakopmund holds potential for a large, low-grade deposit.
Managing Director Warrick Clent highlights Namibia’s stable political environment and government support as key factors attracting foreign investment. Connected Minerals aims to establish a robust uranium resource, leveraging existing infrastructure and proximity to major uranium operations. Despite recent uranium spot price volatility, the company is optimistic about long-term fundamentals, driven by decarbonization efforts, increasing energy demand, and supply constraints. The company anticipates demand will be bolstered by expansion in data centers and artificial intelligence.
