Bannerman Energy has invested nearly N$800 million to date in its Etango uranium project in Namibia for operational and exploration activities.
Bannerman Energy Namibia Managing Director, Werner Ewald, explained that the company is now focusing on a strategic financing plan to secure capital for the construction of the mine.
“We are working on final investment decisions and placing major earthworks contracts, aiming for production and commissioning by late 2026 or early 2027. We are also exploring expansion options to extend the mine life,” Ewald said at the recent Mining Expo.
The development of the Etango project has been underway since Bannerman submitted its mining license application in mid-2022.
He noted that the license was granted on December 14, 2022, and on that same day, contracts were issued for the construction of a water pipeline and access road.
“The formula also includes costs, with over N$800 million invested so far. Despite not having a mine yet or selling any uranium, we remain committed to the project,” Ewald noted.
Meanwhile, the current infrastructure for the Etango project includes the construction water pipeline and access road.
“Bannerman is focused on finalising investment decisions and securing major earthworks contracts, with a target for production and commissioning by late 2026 or early 2027. The company is also considering expansion options to extend the mine’s operational life,” he said.
Ewald highlighted the company’s commitment to safety, stating “for eight years, we have maintained a record without lost-time injuries. Our goal is not only to be successful but also to operate safely, considering environmental aspects and community engagement”.
He also emphasised the importance of building strong relationships with various stakeholders, including the Ministry of Mines and Energy, the Ministry of Environment, Forestry and Tourism, and the Namibia Investment Promotion and Development Board (NIPDB).
“Since 2011, Bannerman has worked to integrate the tourism and mining industries, undertaking projects such as park rehabilitation and skills development for conservancy rangers and lodge staff. This initiative has facilitated a better understanding between the two sectors regarding their challenges and opportunities,” he added.
This announcement comes as Bannerman Energy states it would require over US$320 million in pre-production funding after a definitive feasibility study (DFS) into its Etango uranium project in Namibia confirmed the project’s economic viability.
According to the DFS, pre-production capital expenditure (capex) is estimated at US$317 million, up from the US$274 million estimated in 2021.
The Australian-listed uranium development company’s all-in-sustaining costs (AISC) for the project have dropped from the US$40.3/lb estimated in the PFS to $38.10/lb.
Based on a nameplate processing capacity of eight million tonnes a year, the Etango project is expected to have a mine life of 15 years, producing 52.6 million pounds of uranium oxide, averaging 3.5 million pounds of uranium a year.
