Bannerman Energy has committed approximately N$1.64 billion to the development of its Etango uranium project near Swakopmund, positioning the project to potentially become Namibia’s fourth uranium-producing mine.
As of June 30, 2025, the company had completed approximately A$25 million (N$309 million) in early works at the site, with an additional A$23 million (N$284 million) in contractual commitments.
To support these works and maintain project momentum, Bannerman also secured A$85 million (N$1.05 billion) in new equity funding during the first half of 2025.
These early works encompassed critical site preparation such as bulk earthworks, access road construction, and the installation of water reticulation infrastructure.
Bannerman also advanced detailed engineering and initiated the mobilisation of contractors, marking a decisive shift from feasibility to execution.
The A$23 million in committed expenditure represents contractual obligations already entered into, covering equipment, civil works, and early procurement packages required to maintain the project timeline.
The Etango project, located near Swakopmund in the Erongo Region, is one of the world’s largest undeveloped uranium deposits.
With an initial mine life of over 15 years based on the Etango-8 development model, it is expected to produce 3.5 million pounds of U₃O₈ per annum.
Bannerman has already received a mining licence and environmental clearance certificate, positioning it well for rapid advancement toward full construction.
Given the pace of development, Bannerman’s Etango project is now on track to become Namibia’s fourth uranium-producing operation after Rossing, Husab, and Langer Heinrich.
Its projected first production in 2027 could see it advance ahead of Forsys Metals’ Norasa project, which is still finalising permitting and financing.
Norasa, located further north near Usakos, has seen limited site activity and is not expected to commence full construction before 2026, suggesting Bannerman may reach commissioning first.
Deep Yellow’s Tumas project, which was once ahead of Etango in the development timeline, encountered a delay after the company postponed its final investment decision (FID) in early 2025 due to uranium price volatility and outstanding infrastructure agreements.
This unexpected deferral allowed Bannerman to overtake Tumas in execution pace, despite Tumas having secured environmental approvals and a mining licence earlier.
Etango’s progress aligns with rising global uranium demand driven by nuclear energy’s resurgence as a low-carbon power source.
Bannerman’s continued investment in Namibia also underscores the country’s growing reputation as a stable and strategic supplier of uranium to global markets.
