Bannerman Energy secures $320M investment for Namibia uranium project

Bannerman Energy has finalized a strategic investment and joint venture transaction with China National Uranium Corporation Overseas Limited (CNOL) for the Etango Uranium Project in Namibia. The total transaction is valued at US$320.4 million, which includes a US$294.5 million investment into the joint venture company, Bannerman Energy (UK) Ltd, and a US$25.9 million reimbursement to Bannerman.

Under the agreement, CNOL holds a 45% interest in the joint venture, which owns 95% of the Etango Project. This results in an underlying economic ownership of 42.75% for CNOL and 52.25% for Bannerman, with the remaining 5% held by the One Economy Foundation.

As part of the deal, CNOL has secured rights to purchase 60% of the project’s uranium production over its operating life. The offtake agreement uses market-based pricing with no fixed floors or ceilings, allowing Bannerman to market the remaining 40% of production. The partnership is expected to provide Bannerman with access to technical expertise, technological knowledge, and broader global nuclear fuel markets.