[REVISION HISTORY]

Bannerman Energy Etango Uranium Project development

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2026-10-26 15:55 UTC → 2026-10-27 05:34 UTC · added ~~removed~~

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.

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