The Namibian Competition Commission (NaCC) has approved Chinese nuclear giant CNNC Overseas Limited’s acquisition of a stake in the Etango Uranium Project, clearing a key regulatory hurdle for a US$321.5 million investment that could unlock a final investment decision later this year.
The approval allows CNNC Overseas to acquire a 45% stake in Bannerman Energy (UK) Limited, the company that owns 95% of the Etango Uranium Project, one of the world’s largest undeveloped uranium deposits.
The transaction marks one of the most significant recent foreign investments in Namibia’s uranium sector and strengthens China’s position in the country’s rapidly expanding nuclear fuel industry.
While the Competition Commission found no competition concerns arising from the deal, it imposed conditions aimed at ensuring Namibia derives broader benefits from the project.
The conditions require commitments to employment creation, skills development and transfer, as well as increased participation of Namibian companies, including small and medium enterprises, throughout the uranium value chain.
The approval comes as Bannerman Energy works towards completing the strategic funding transaction by mid-2026, a milestone expected to pave the way for a final investment decision on Etango later this year.
Under the deal, CNNC Overseas will inject up to US$321.5 million into Bannerman Energy (UK) Limited.
Following completion of the transaction, Bannerman Energy will retain an effective 52.25% interest in the project, while CNNC Overseas will hold 42.75%.
The investment significantly de-risks the development of Etango and provides a major funding boost as Bannerman advances one of Namibia’s next potential uranium mines towards construction.
Etango is widely regarded as a strategic uranium asset and forms part of a growing pipeline of projects expected to strengthen Namibia’s position as one of the world’s leading uranium-producing nations.
The project has attracted increasing attention from international investors as global demand for uranium continues to rise on the back of renewed investment in nuclear energy, energy security concerns and efforts to reduce carbon emissions.
