Etango uranium project in Namibia reaches final investment decision

Bannerman Energy and its joint venture partner, China National Nuclear Corporation Overseas Limited (CNNC Overseas), have reached a final investment decision (FID) to begin full-scale construction of the Etango uranium project in Namibia’s Erongo region.

The project, which is 95% owned by the joint venture (Bannerman holds 55% and CNNC Overseas holds 45%), is expected to produce approximately 3.5 million pounds of uranium oxide annually. Pre-production capital expenditure is estimated at roughly US$353 million, with approximately US$64 million already spent on early works. The project is being developed on a debt-free basis using existing joint venture cash.

Namibian Minister of Industries, Mines and Energy, Modestus Amutse, stated that the project positions Namibia to potentially become the third-largest global uranium producer once production begins, which is currently targeted for late 2028. The mine currently employs 629 workers, 99% of whom are Namibian citizens.