Deep Yellow Limited is targeting about 1,800 jobs for Namibians during the construction and operational phases of its Tumas uranium project as the company advances towards a final investment decision (FID) expected in the fourth quarter of 2026.
The company plans to employ around 1,200 people during construction and approximately 600 during operations, with a target of 98% Namibian participation across both phases.
Deep Yellow Managing Director and Chief Executive Officer Greg Field said developing a predominantly local workforce would provide skills, continuity and local ownership around a mine expected to operate for decades.
“Our target is 98% Namibian participation across construction and operations, with around 1,200 people employed during construction and approximately 600 during operations,” Field said.
“That is good for Namibia, but it is also good for business. A locally based workforce gives us capability, continuity and ownership around a mine we expect to operate for decades.”
The employment plans come as Deep Yellow progresses development work at Tumas ahead of the anticipated FID.
According to the company, earthworks are complete, engineering is 79% finalised and procurement has reached 76%, while optimisation work continues.
Deep Yellow is also finalising its funding package, with options under consideration including debt, equity, strategic capital, government participation, bonds and convertible instruments.
The company is progressing project financing approvals and discussions with potential uranium offtake partners.
Field said several agreements considered critical to reducing development risks have also been completed, including arrangements for water supply and Namibian participation in the project.
“Importantly, we have now completed key agreements required for the project. These are not isolated announcements. They are pieces of the same puzzle. Each one removes another uncertainty between us and execution,” he said.
“Water is one of the most critical long-term operating inputs for Tumas, and we now have that agreement in place. We have also formalised 5% Namibian ownership, something we are genuinely pleased about because we want Tumas to be built with Namibia, not simply built in Namibia.”
Deep Yellow said it is working to address key uncertainties before committing significant shareholder capital to the project.
Current workstreams include mining optimisation, operational readiness, cost model reviews, contractor onboarding and further project optimisation.
Beyond Tumas, the company is assessing opportunities to expand its Namibian uranium portfolio through nearby deposits, including Tumas 3, Tubas and S-Bend.
Field said the proximity of some of these deposits to Tumas could allow them to be developed as lower-capital additions to the planned operation.
“Tumas is not the end of the Namibian story. Immediately around Tumas, we have Tubas and S-Bend,” he said.
“Those are particularly interesting because their proximity creates the potential for relatively capital-efficient additions to an existing operation.”
Deep Yellow also holds longer-term exploration assets and the Omahola project, which the company says has the potential to support a standalone development.
