Bannerman Energy and its partner CNNC Overseas Limited have approved construction of the Etango uranium mine in Namibia’s Erongo Region, taking a positive final investment decision that clears the way for full scale construction. Forecast pre production capital is 5.82 billion Namibian dollars, about 353 million United States dollars, and first uranium concentrate is targeted in 2028.
The Etango joint venture owns 95 percent of the project. Bannerman holds 55 percent of the venture and CNOL holds 45 percent. Under the Etango 8 development plan the mine is expected to produce an average of about 3.5 million pounds of uranium oxide a year from conventional open pit mining and heap leach processing. A 2024 scoping study identified potential to expand output to 6.7 million pounds a year, but that higher case is separate from the plan now approved.
Funding is the distinctive feature. About 64 million dollars had already been spent on early works by September 30, 2026, and the remaining forecast expenditure of about 289 million dollars is covered by about 295 million dollars of cash held by the joint venture at that date, excluding funds held in its Namibian subsidiary. The project proceeds without project debt. Bannerman separately held about 175 million Australian dollars in cash, which it expects will cover its share of working capital through construction, ramp up and the start of commercial production.
Chief executive Gavin Chamberlain called the decision a defining moment after more than two decades of exploration, study and de risking. Bulk earthworks are substantially complete and detailed engineering is at an advanced stage. Bannerman also appointed Danie van Aswegen, its Namibia chief operating officer since October 2025, as chief executive of its Namibian business to lead the construction phase.