The Etango open-pit uranium project is targeting completion and commissioning by the end of 2028, with first yellowcake (uranium oxide) production. The project investor Bannerman Energy and its partner CNNC Overseas (CNOL) have made a final investment decision, approving US$353 million (approximately N$5.8 billion) to develop the mine in Namibia’s Erongo Region.

Namibia’s Minister of Industrialisation, Mines and Energy, Modestus Amutse, welcomed the project at a project launch and progress briefing held last Friday. He said the mine is expected to make an important contribution to the country’s development.

Amutse said: “The mine is planned to produce approximately 3.5 million pounds of uranium oxide per year, which will increase Namibia’s uranium production capacity once operational.”

Namibia is Africa’s largest uranium producer. With diamond revenue continuing to decline, the Etango mine will add a new export revenue source for Namibia, and most of the mine’s output is locked in for Chinese buyers. Namibia accounts for 12% of global uranium production, ranking third worldwide; Kazakhstan accounts for 39% and Canada 24%, ranking first and second respectively.

The Etango mine is located 30 kilometres southeast of Swakopmund. Amutse expects that once the mine is operational, Namibia’s uranium production could surpass Canada’s.

Other major uranium-producing countries: Australia accounts for 8%–9% of the global total, and Uzbekistan 7%. Together, these five countries supply 85% of the world’s uranium ore.

Bannerman Energy Managing Director Gavin Chamberlain expressed excitement about the official launch of the Etango mine.

He said the project progress is an important milestone, and this investment decision is landmark for the company, its Chinese partner and Namibia.

“Today’s final investment decision is a pivotal moment for Bannerman, our partner CNNC Overseas and Namibia. It is the culmination of more than two decades of exploration, feasibility studies and sustained risk mitigation work, and marks the official launch of full construction of the world-class Etango uranium mine by the joint venture,” Chamberlain said.

He explained that Bannerman has supported the project’s early work through equity market financing over the years. “Project funding is now fully in place and sufficient to support the delivery of Etango mine construction, which is the core reason we were able to make the investment decision.” Amutse said Namibia has established a good reputation as a reliable uranium supplier and a preferred destination for responsible, long-term mining investment.

At present, energy security, decarbonisation and the outlook for global power supply are focal points of international discourse; uranium, as nuclear fuel, continues to receive high attention. The Minister believes this trend will help Namibia further participate in international energy markets and attract capital into the country’s real economy.

One of the government’s core priorities: the development of the country’s natural resources must genuinely benefit the Namibian people.

“We must also take into account employment, skills training, local procurement, the growth of local enterprises and the various economic opportunities derived from the entire industrial chain.”

He expressed satisfaction that 99% of the 629 people currently on site at the project are Namibian locals. Amutse also noted that local contractors and enterprises have already participated in mine construction and supporting infrastructure works, which is encouraging.

“Participation by local enterprises in large projects allows them to gain experience, enhance their capabilities and be better positioned to take on subsequent project opportunities.”

“As the Etango mine continues to advance, we must uphold our common goal: responsibly developing Namibia’s natural resources, strengthening the national economy, and always keeping the people at the centre of development.”

Project basic information:
Project name: Etango Uranium Mine
Mineral type: Uranium, open-pit mine
Location: Erongo Region, Namibia, 30 km southeast of Swakopmund (Namibia’s traditional uranium belt)
Shareholding structure: Bannerman Energy (lead party) + CNNC Overseas CNOL (joint venture partner)
FID date: October 2026 (the official announcement node for this development approval)
Total investment: US$353 million (approximately N$5.8 billion)
Production target: End of 2028, first yellowcake (U₃O₈) production
Design capacity: 3.5 million pounds per year of uranium oxide
Sales arrangements: The vast majority of output is locked in for Chinese buyers