Deep Yellow managing director John Borshoff said the plan is to commission the Tumas Uranium Project in early 2027 and ramp up production that year to 3.6 million pounds of U₃O₈ annually.
Deep Yellow had initially planned to announce its Final Investment Decision (FID) for the Tumas Uranium Project in early March 2025, following the completion of additional engineering work and cost estimates to support the project’s upgraded ore reserve, which extended its life of mine to 30 years.
However, in April 2025, the company deferred the decision, citing uranium market prices that had not yet reached a level deemed sufficient to justify full-scale greenfield construction.
While key early works and infrastructure planning continued under a staged development approach, approval for the full processing plant build was put on hold until market conditions improved.
In his presentation at the just-ended mining expo in Windhoek, Borshoff emphasised nuclear’s unprecedented growth phase and Namibia’s opportunity to capitalise on it.
“It is in our court to do it. You just need the good people, good jurisdictions, and financiers that believe in the country and the company, and we can make it.
“Tumas is perfectly timed to deliver benefits to Namibia, the community, and our shareholders. We’re aiming for production in 2027,” he said.
Tumas itself has reserves of 80 million pounds and aims for at least 30 years of mine life, potentially extended to 40 years by converting more of its resources.
Borshoff said the project is being engineered to high standards, with scopes, costs, and schedules well defined ahead of investment.
The project’s baseline plan is to commence in early 2027, ramp up to 3.6 million pounds annually by the same year, and maintain that output.
The project has strong economics based on a uranium price of US$82 per pound.
Capital expenditure is estimated at N$8.5 billion (US$475 million).
Tumas is designed to produce uranium at competitive costs, with an estimated investment of N$8.5 billion. Skills development, abundant procurement, taxes, and royalties will flow to the Namibian state.
Based on projected pricing, annual procurement could match the N$4.4 billion revenue forecast.
At full operation, Tumas will employ around 800 people, supported by about 1,000 construction workers over a 20-month build period.
Even at a uranium price of US$83 per pound, Borshoff projected annual revenues of N$4.4 billion, plus significant procurement, skills development, and tax and royalty contributions.
Namibia, he pointed out, has some of the highest mining royalties and corporate tax rates in the world.
He explained that Deep Yellow had deferred its final investment decision earlier in 2025: “I am not going to sell uranium to these utilities at today’s prices when I know where the market is going. The utilities must understand history is finished. They have to invest in security of supply after 15 years of almost no new mine developments.”
In the meantime, Deep Yellow is “de-risking” Tumas — finalising water and power agreements, advancing off-site infrastructure, and preparing for bulk earthworks. The earthworks will be a three-month programme to level the site for civils in early 2026.
The project design incorporates environmental innovation: removing vanadium from ore, not for revenue, but to improve tailings management.
This builds on patents Borshoff’s team created at Langer Heinrich, but at an even higher technical standard.
The total investment for Tumas is N$8.5 billion, with significant auxiliary infrastructure.
Borshoff expects around 1,000 construction workers on site for 20 months, and indirect benefits through the multiplier effect, similar to how uranium mining transformed Walvis Bay and Swakopmund over the past two decades.
Borshoff set Tumas within the broader global uranium and energy picture. He called the present moment an “energy crisis,” not merely a transition, describing it as a disruptive event made harder by politicisation and ideology.
Nuclear’s re-emergence, he said, is occurring “at unprecedented speed” because it delivers massive, continuous power with near-zero emissions.
Wind and solar, he argued, will increasingly play secondary roles.
He noted that 69 nuclear reactors are currently under construction worldwide — approximately half in China, the rest in other countries.
By 2040, annual uranium demand will reach about 300 million pounds, up from today’s 180 million. By 2065, demand could rise to 500 million pounds as the global reactor fleet grows toward 1,000 units.
Existing production is approximately 150 million pounds per year, but is expected to decrease to 80–100 million by the 2030s–2040s as older mines close.
New supply will have to cover both this loss and the additional amount required for new reactors.
He said there are few greenfield uranium projects globally: in Namibia, Bannerman’s Etango, CGN’s Husab, and Tumas; in Canada, NexGen and Denison; and a handful of small “rats and mice” projects.
Together, these could add 40–50 million pounds a year — far below what will be required.
Namibia, with roughly 8% of the world’s uranium resources, faces a grade disadvantage.
Typical ore grades range from 200 to 500 ppm, compared to up to 3% in Australia and 10–15% in Canada. This means Namibian mines must move far larger volumes of rock to produce the same amount of uranium, making efficiency critical.
“Every cent counts,” Borshoff said. Water supply, tailings dam costs, and power infrastructure are major challenges.
Despite these disadvantages, Namibia competes globally because of its jurisdictional stability and predictable laws.
With proper pricing and ongoing exploration, Borshoff estimates that Namibia could sustain annual production of 31–41 million pounds from Husab, Langer Heinrich, Tumas, Valencia, Trekkopje, and other mines. Mine lives in this group, ranging from 10 to 50 years.
He stressed the need for “huge exploration” to support long-term supply.
He pointed to Husab’s current 680,000-metre, seven-year drilling programme as an example of what is required.
Deep Yellow’s strategy, developed over eight years, is to acquire high-quality deposits, develop them with a proven and credible team, and maintain strong governance and financial trust while staying debt-free. The company’s portfolio includes Tumas in Namibia, Mulga Rock in Western Australia (the only WA uranium project with full environmental approvals), the Alligator River exploration project in northern Australia, and the Omahola exploration licences surrounding Tumas.
In Namibia, Deep Yellow’s team has been active since 2006.
The workforce currently stands at about 40, with 41% women and only three non-Namibians.
Sixteen are professionals, and the company holds an “A” rating for affirmative action.
Following Tumas, the Mulga Rock project in Australia is scheduled to come online, with the engineering team transitioning from one project to the next.
