By the end of this decade, Namibia could host six operating uranium mines, exporting nearly 40 million pounds a year into a market hungry for clean, reliable baseload energy.
From Rössing’s legacy pits to the greenfield pads of Etango-8, uranium is reshaping Namibia’s desert once again — and this time, the stakes are higher than ever.
The next wave of producers
Three advanced projects in the Erongo Region are preparing to join Namibia’s uranium portfolio. Bannerman Energy’s Etango-8 is the most advanced.
The project is 95% owned by Bannerman Energy Ltd of Australia, through its Namibian subsidiary, Bannerman Mining Resources Namibia, with 5% held by the One Economy Foundation as a Namibian empowerment partner. Etango-8 has already seen more than N$400 million invested in early infrastructure, including a 25-kilometre water pipeline and a 14-kilometre power line. The mine is designed to process eight million tonnes of ore annually, yielding 3.5 million pounds of uranium per year. A 2022 definitive feasibility study assigned the project a post-tax net present value of US$390 million, with first production expected in 2028.
Further north, Forsys Metals Corporation of Canada is progressing with its wholly owned Norasa project, which consolidates the Valencia and Namibplaas deposits into one of the country’s largest undeveloped uranium resources.
With a combined 106 million pounds in resources, Norasa could increase its annual production by more than five million pounds.
Forsys has completed a Definitive Feasibility Study, but financing and permitting remain the following milestones before construction can begin.
A comprehensive feasibility review is underway to optimise mine design and processing, with development costs estimated at several hundred million US dollars.
Deep Yellow Limited, listed in Australia, owns 100% of the Tumas project through its Namibian subsidiary Reptile Uranium Namibia.
Tumas is backed by proven and probable reserves of nearly 80 million pounds, confirmed by a 2023 Definitive Feasibility Study.
The project is estimated to have a development cost of US$474 million, with economics including a post-tax net present value of US$577 million and an internal rate of return of 19%. Construction is scheduled to begin in 2027, with first output expected by 2029. Once in operation, Tumas will produce about 3.6 million pounds annually for more than two decades, making it one of Namibia’s longest-running uranium operations.
Together, Etango-8, Norasa, and Tumas could deliver more than 12 million pounds annually.
At today’s uranium price of around US$75 per pound, that translates into nearly US$930 million (N$17 billion) in export value each year before costs, with uranium’s direct GDP contribution expected to exceed three per cent once all three are in steady production.
Building on a legacy
The Rössing mine, majority-owned by China National Uranium Corporation since 2019, has been in continuous operation since 1976, producing over 140,000 tonnes of U₃O₈ throughout its lifespan. Swakop Uranium’s Husab mine, 90% owned by China General Nuclear Power through Taurus Minerals, is among the world’s largest uranium producers.
Paladin Energy of Australia controls 75% of the Langer Heinrich mine, with the Namibian government holding the balance through Epangelo Mining; the mine restarted operations in 2024 after a lengthy care-and-maintenance period.
These three mines together produce around 20 million pounds annually.
With the addition of Etango-8, Norasa, and Tumas, Namibia’s total uranium output could nearly double, reinforcing its role as the world’s third-largest producer — and potentially challenging Canada for second place by 2030.
The global race for supply
Namibia’s uranium surge comes at a time when nuclear power is regaining momentum worldwide. Dozens of reactors are being commissioned in China, India, and the Middle East, while Europe and the United States are extending the lives of existing fleets to meet decarbonisation and energy security goals.
Canada’s NexGen Energy is advancing Rook I, Denison Mines is preparing Wheeler River, and Global Atomic is bringing Niger’s Dasa project online.
But in terms of scale and timing, Namibia’s three greenfield projects stand out.
If all proceeds as planned, Namibia could be exporting nearly 40 million pounds a year by 2030, positioning the country as one of the world’s most significant uranium suppliers.
Challenges beneath the promise
Water and power constraints in the Namib Desert remain significant, requiring multi-billion-dollar pipelines, reservoirs, and transmission upgrades.
Etango-8, Norasa, and Tumas together require more than US$1.2 billion in upfront investment.
Uranium’s history of price volatility also raises risks, despite current demand trends being bullish.
Governance remains a concern.
Industry voices at the 2025 Mining Expo cautioned that Namibia still lacks a dedicated mine closure fund and a robust enforcement framework, raising fears about repeating past mistakes at abandoned mines.
Balancing investor appetite with stronger regulation will be crucial if Namibia is to fully benefit from its uranium windfall.
