Bannerman-CNNC JV takes FID on USD353 million Etango uranium mine
The JV targets commissioning and production in 2028, with the Etango-8 design set to produce 3.5 million pounds U3O8 a year.
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Key facts
- USD64 million of pre-production capital already spent on early works; remainder funded from JV cash
- Resource base 207 million pounds U3O8 (79,622 tU) at a 100 ppm cut-off
- Bannerman holds 55% of the Etango JV and CNNC Overseas 45%; JV holds 95% of the project
- 2024 scoping study showed capacity to lift annual output to 6.7 million pounds U3O8
- Bulk earthworks 99% complete at end-September; first-phase water pipeline about 90% complete
Bannerman Energy said on October 23 that the Etango joint venture had taken a positive final investment decision (FID) for the Etango uranium project in Namibia and approved the move into full-scale construction. Commissioning and production are targeted for 2028, the company said.
The JV — Bannerman 55% and CNNC Overseas Limited 45% — holds a 95% interest in the project. Bannerman gifted a 5% loan-carried shareholding to Namibian social welfare organization the One Economy Foundation in 2017. CNNC Overseas Limited is a subsidiary of China National Uranium Corporation, part of China National Nuclear Corporation.
Etango is in the Erongo Region, 30 kilometers southeast of Swakopmund, with an estimated mineral resource of 207 million pounds U3O8 (79,622 tU) at a 100 ppm cut-off. The FID is based on the Etango-8 design, with a base case of 3.5 million pounds U3O8 per year. Bannerman said pre-production capital expenditure is forecast at about $353 million, of which about $64 million has been incurred through early works, with the residual to be funded from existing JV cash.
Early works have been under way since January 2024. At the end of September, bulk earthworks were 99% complete and the first phase of the permanent water supply pipeline was about 90% complete. Bannerman reached a definitive permanent water supply agreement with state-owned water utility NamWater in June. It also appointed Danie van Aswegen, COO (Namibia) since October 2025, as CEO of Bannerman Mining Resources Namibia.