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US firm scouts for minerals in southern Africa

US firm Bancroft Uranium Inc is scouting in the southern African region, particularly Namibia, South Africa and Zimbabwe, for uranium, gold, platinum, manganese and coal.

The uranium giant, with mining interests specifically in north America, said Monday that it was in the process of reviewing potential acquisition opportunities in southern Africa.

Bancroft president Paul Hammond said in a media statement that the company’s engineering team had just returned from a three-week ‘property evaluation trip’ to Africa.

During the trip, he said Bancroft officials were reviewing the potential for participation in a uranium development project in Namibia.

In addition, the company also reviewed the possibility of entering into other commodity projects in South Africa and Zimbabwe.

These commodity projects are related to gold, platinum, manganese and coal, the company said.

Hammond said that he had been pleased with the quality and quantity of opportunities presented to the company in southern Africa.

“The overall potential to acquire a large project at a reasonable cost is excellent. The uranium prospects in Namibia are exceptional and Namibia is forecast to be the world’s leading exporter of uranium by 2015,” Hammond said.

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