The joint venture of Australia’s Bannerman Energy and China’s CNNC Overseas took the final investment decision on the Etango uranium mine in Namibia on Friday, 23 October, paving the way for large-scale construction and a first concentrate targeted for 2028.
Pre-production expenditure is estimated at $353 million, with an accuracy margin of 10% in both directions, according to the statement published by the Namibian Stock Exchange. About $64 million had already been committed to preparatory work as at 30 September.
The joint venture held about $295 million in cash as at 30 September to cover the remaining construction balance. Bannerman separately held nearly A$175 million for its share of working capital. The current plan does not provide for project debt.
Etango targets average production of 3.5 million pounds of uranium oxide per year. The decision of 23 October opens a new stage after preparatory work began in January 2024.
Bannerman holds 55% of the joint venture and CNNC Overseas holds 45%. The joint venture owns 95% of the project, with the remaining 5% held by the Namibian foundation One Economy Foundation. The mining licence had been granted in December 2023.
The site is in the Erongo region, about 30 kilometres south-east of Swakopmund. Namibia exceeded 10,000 tonnes of uranium oxide produced in 2025 and ranked third globally, according to Reuters.
The Rössing uranium mine and the town of Arandis, in the Erongo region, seen by satellite EO-1 on 8 March 2013. Illustrative archive image with no direct link to the Etango project or to the decision of 23 October 2026. NASA Earth Observatory, Jesse Allen and Robert Simmon, EO-1 ALI data. Public domain. Dedicated WebP variant.