Bannerman Energy has approved the construction of its N$5.82 billion Etango uranium mine in Namibia’s Erongo Region, paving the way for the project to begin production in 2028.
The final investment decision (FID), announced on Friday, 23 October 2026, clears the way for full-scale construction of the mine, which is expected to produce an average of 3.5 million pounds of uranium oxide annually.
Bannerman Chief Executive Officer and Managing Director Gavin Chamberlain said the decision follows more than two decades of exploration, feasibility studies and project development.
“Today’s FID by the Etango JV is a defining moment for Bannerman, for our partner, CNOL, and for Namibia. It is the culmination of more than two decades of exploration, study and disciplined de-risking, and it formally commits the JV to full-scale construction of the world-class Etango Uranium Project,” Chamberlain said.
The company said the project is fully funded and will be developed without debt through a joint venture between Bannerman, which holds a 55% stake, and CNNC Overseas Limited (CNOL), which owns the remaining 45%.
Of the estimated N$5.82 billion (US$353 million) required before production, approximately N$1.05 billion (US$64 million) had already been spent on early construction works by 30 September 2026.
The remaining capital expenditure will be financed through existing cash reserves held by the joint venture.
Bannerman said its share of working capital requirements during construction, commissioning and the transition to commercial production is also fully funded through its existing cash balance of approximately A$175 million.
Chamberlain said early construction activities had progressed according to schedule and within budget, with bulk earthworks substantially completed and detailed engineering design at an advanced stage.
“We take this decision from a position of real strength on the ground. Our early works program has been delivered safely and has tracked to budget and schedule,” he said.
He added that supporting infrastructure had either been completed or was at an advanced stage, positioning the project for the next phase of construction.
The investment represents a major addition to Namibia’s uranium mining industry and is expected to strengthen the country’s position as a global uranium producer once operations commence.
Bannerman said the mine is being developed as a long-life operation, with potential to increase production beyond the initial target of 3.5 million pounds of uranium oxide annually.
Chamberlain said the project was advancing at a time when international demand for secure and diversified uranium supplies was increasing.
“Etango is set to be a long-life, large-scale producer in Namibia’s Erongo region, a highly established uranium province, at a time when the world’s utilities increasingly need secure, diversified supply,” he said.
