# Bannerman Energy Etango Uranium Project development

> Live situation record from CLSTR: https://clstr.news/situations/bannerman-energy-etango-uranium-project-development
> Updated: 2026-10-26T04:09:19.000Z. Sources: 12. Developments: 4.

Bannerman Energy has reached a Final Investment Decision to begin full-scale construction of the Etango Uranium Project in Namibia’s Erongo region, with first production targeted for 2028.

In late September 2026, the company finalized a US$320.4 million transaction with China National Uranium Corporation Overseas Limited (CNOL). This included a US$294.5 million investment into a joint venture, Bannerman Energy (UK) Ltd, and a US$25.9 million reimbursement to Bannerman. The joint venture owns 95% of the project, with an underlying economic ownership of 42.75% for CNOL and 52.25% for Bannerman, while the One Economy Foundation holds 5%. Under the agreement, CNOL secured rights to purchase 60% of uranium production at market-based pricing, leaving Bannerman to market the remaining 40%.

To fund development, Bannerman launched a fully underwritten A$124 million institutional equity placement. Pre-production capital expenditure is estimated at approximately US$353 million; as of September 30, 2026, roughly US$64 million had been spent on early works, such as bulk earthworks. The remaining US$295 million will be funded through existing joint venture cash, allowing construction to proceed without debt.

Regarding local impact, Bannerman reported spending over N$428.2 million on local procurement and contractor services during the 2026 financial year. As of June 30, 2026, 99.4% of the project's contractor workforce was Namibian, and Namibians comprised approximately 90% of permanent employees. The company has also secured long-term electricity and desalinated water supply agreements with NamPower and NamWater.

Following the FID, the project is expected to produce approximately 3.5 million pounds of uranium oxide annually. 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. The mine currently employs 629 workers, 99% of whom are Namibian citizens.

## Timeline

### 2026-10-26: Etango uranium project in Namibia reaches final investment decision

Bannerman Energy and CNNC Overseas have approved the Etango uranium project in Namibia, targeting production of 3.5 million pounds of uranium oxide annually by 2028.

4 sources. https://clstr.news/cluster/bannerman-energy-approves-etango-uranium-project-in-namibia

### 2026-10-12: Bannerman Energy spends N$428.2 million on local procurement for Etango project

Bannerman Energy spent over N$428.2 million on local procurement for its Etango uranium project in Namibia during FY2026, maintaining a workforce that is over 99% Namibian for contractors.

3 sources. https://clstr.news/cluster/bannerman-energy-spends-n4282-million-on-local-procurement-for-etango-project

### 2026-09-28: Bannerman Energy secures $320M investment for Namibia uranium project

Bannerman Energy has secured a $320.4 million investment from China's CNOL for Namibia's Etango uranium project, granting the Chinese firm a 42.75% economic interest and rights to 60% of production.

3 sources. https://clstr.news/cluster/bannerman-energy-secures-320m-investment-for-namibia-uranium-project

### 2026-09-10: Bannerman Energy raises A$124 million for Etango Uranium Project

Bannerman Energy has raised A$124 million through an institutional placement to fully fund the construction and ramp-up of its Etango Uranium Project in Namibia.

4 sources. https://clstr.news/cluster/bannerman-energy-raises-a124-million-for-etango-uranium-project

---
Cite as: Bannerman Energy Etango Uranium Project development. CLSTR, https://clstr.news/situations/bannerman-energy-etango-uranium-project-development