Bannerman goes all out for construction at Etango uranium project
The Namibia project has a forecast pre-production capital cost of US$353 million, with early works largely completed and funding in place for the next phase
Bannerman Energy has reached a major milestone at its Etango Uranium Project in Namibia, with the joint venture (JV) taking a final investment decision (FID) to proceed with full-scale construction.
The project has a forecast pre-production capital expenditure of approximately US$353 million, with a margin of error of 10%. About US$64 million had already been spent on early works by September 30, 2026, including cash held by the Namibian subsidiary.
The remaining expenditure is expected to be funded through approximately US$295 million in existing Etango JV cash, based on the position at September 30, excluding cash held by the Namibian subsidiary.
Bannerman has also appointed Danie van Aswegen as chief executive officer of Bannerman Mining Resources Namibia. He previously served as the company’s chief operating officer in Namibia, a position he took up in October 2025.
Bannerman managing director and CEO Gavin Chamberlain said the investment decision marked an important step for the company, its Chinese partner CNOL and Namibia, following more than two decades of exploration and project development.
He said the project was entering construction with funding in place and a strategic partner, while early works had been completed safely and remained on budget and schedule.
Bulk earthworks are substantially complete, detailed design is well advanced, and supporting infrastructure has either been completed or made significant progress.
As construction advances, the company’s priorities will remain safety, quality and meeting the project schedule.
Located in Namibia’s Erongo region, Etango is planned as a large-scale, long-life uranium operation, with a base-case production target of 3.5 million pounds of uranium oxide (U₃O₈) a year.
The project also offers potential for increased production, as utilities seek secure and diversified uranium supplies for nuclear power generation.
Chamberlain said the company aimed to build and operate a mine that would deliver long-term value for Namibia and its stakeholders.
