WINDHOEK: Bannerman Resources and the State-owned Epangelo Mining Company have cancelled a previously announced deal that would have allowed Epangelo to own a stake in Bannerman’s Etango Uranium Project.

Etango is located 38 kilometres east of the coastal town of Swakopmund in the Erongo Region.

Bannerman’s Chief Executive Officer (CEO) Len Jubber announced in a media statement issued and published on its website last Thursday that the deal was called off after the companies could not reach a common acceptable agreement regarding the commercial substance of the term sheet.

The term sheet, which outlines the material terms and conditions of a business agreement, required that certain conditions be satisfied within four months (ending last Thursday).

These included a condition that Epangelo complete its due diligence investigations and obtain its acquisition finance.

Jubber noted that since that time, Epangelo has completed technical due diligence investigations to its satisfaction and confirmed its recognition of the importance of the Etango Project to Namibia, adding that parties have been unable to complete a mutually acceptable agreement reflecting the commercial substance of the term sheet.