Bannerman Energy, in collaboration with its Chinese partner CNNC Overseas Limited (CNOL), has approved the US$353 million development of the Etango uranium mine in Namibia’s Erongo Region. This decision clears the way for full-scale construction, with the first uranium concentrate expected in 2028. The final investment decision, announced on 23 October 2026, represents a significant milestone after more than two decades of preparation and study.
The Etango joint venture is owned 55% by Bannerman and 45% by CNOL, holding a 95% interest in the Etango project. The project is expected to produce an average of approximately 3.5 million pounds of uranium oxide (U3O8) annually under the Etango-8 development plan. This positions it as a major uranium operation in Namibia’s established Erongo mining region.
The construction program is fully funded without the need for project debt. Bannerman’s share of working capital through construction, commissioning, and transition to commercial production is covered by existing cash resources. The estimated pre-production capital requirement is approximately US$353 million, with about US$64 million already spent on early works by September 30, 2026. This leaves approximately US$289 million in forecast pre-production expenditure, against joint venture cash of US$295 million at the end of September, excluding funds already held in the Namibian subsidiary.
Bannerman’s managing director and CEO, Gavin Chamberlain, highlighted the investment decision as a defining moment for the company, its Chinese partner, and Namibia. The project is set to become a major greenfield uranium project globally. Chamberlain emphasized that the construction is fully funded on a debt-free basis, with a strategic partner in CNOL and a cornerstone offtake framework on market-based terms.
Significant preparatory work has been completed, including bulk earthworks and detailed engineering design. Supporting infrastructure is either completed or significantly progressed, allowing construction to begin from an established project site. Chamberlain stated that the early works program has been delivered safely, tracking to budget and schedule.
Danie van Aswegen has been appointed as CEO of Bannerman Mining Resources Namibia, strengthening local leadership as construction approaches. Van Aswegen brings over 25 years of mining industry experience. He will work alongside Chamberlain, bringing leadership experience from Namibia’s established mining operations.
The Etango project offers potential for future expansion beyond the initial production plan, although the current investment decision specifically relates to Etango-8. Bannerman envisions Etango as a long-life producer contributing to Namibia’s mining industry for decades.
The approval comes as uranium producers position themselves to supply electricity utilities seeking secure nuclear fuel sources. Bannerman believes Namibia’s established uranium mining industry and the project’s location in Erongo provide a strong foundation for development. The entry of CNOL as a major joint venture partner provides financial backing, ensuring a commitment to construction.
Etango is set to be a significant contributor to the global uranium supply, responding to increasing demands for secure and diversified sources of nuclear fuel.
