Australia’s Bannerman Energy and CNNC Overseas, a unit of China National Nuclear Corporation, took a final investment decision on 23 October to build the Etango uranium mine in Namibia. The open-pit mine will cost about $353 million before production and should produce an average of 3.5 million pounds of uranium oxide a year from 2028. The joint venture, 55% owned by Bannerman, will build without project debt after the Chinese partner committed $320.4 million; in return it will buy 60% of the output. Etango gives Namibia, Africa’s largest uranium producer, a new source of export earnings as its diamond revenue collapses, and ties most of the mine’s output to Chinese buyers.
Sources
- Mining Weekly: https://www.miningweekly.com/article/etango-jv-takes-final-investment-decision-to-proceed-with-namibia-project-2026-10-23
- MINING.COM: https://www.mining.com/bannerman-pulls-trigger-on-353m-uranium-mine/
- Agence Ecofin: https://www.ecofinagency.com/news-industry/2310-60049-bannerman-energy-reaches-fid-on-353-million-etango-uranium-project-in-namibia
- Windhoek Observer (diamond revenue): https://observer24.com.na/gdp-growth-reduced-to-2-3-budget-raises-to-n88-6bn/