Etango has been on Namibia’s mining horizon for decades, but the project is now edging closer to reality.
According to the Ecofin Agency, Bannerman Energy will make its Final Investment Decision on the project in late 2025, after postponements in 2023 and 2024.
That decision will unlock the capital needed to build a mine expected to produce 3.5 million pounds of uranium a year across a 15-year life span, backed by a 2022 feasibility study that estimated initial costs at 317 million US dollars.
The story of Etango is one of patience. First discovered during the uranium exploration boom of the 1970s and 1980s, the deposit was acquired by Bannerman in 2005. Years of drilling and study led to feasibility work in 2012 and again in 2022, confirming Etango’s viability as a conventional open-pit mine with heap leach processing.
That decision will unlock the capital needed to build a mine expected to produce 3.5 million pounds of uranium a year across a 15-year life span, backed by a 2022 feasibility study that estimated initial costs at 317 million US dollars.
The story of Etango is one of patience. First discovered during the uranium exploration boom of the 1970s and 1980s, the deposit was acquired by Bannerman in 2005. Years of drilling and study led to feasibility work in 2012 and again in 2022, confirming Etango’s viability as a conventional open-pit mine with heap leach processing.
Unlike many projects that linger in the pipeline, Etango already holds both a mining licence and environmental approvals, setting it apart as a development-ready uranium project.
Momentum has picked up in 2025. In early September, Bannerman signed its first uranium supply agreements with two major North American utilities.
The contracts cover one million pounds of uranium to be delivered between 2029 and 2033 under flexible, inflation-linked pricing terms.
These agreements not only demonstrate Etango’s ability to secure customers but also provide crucial validation for financiers weighing investment in the project.
The timing is auspicious.
Uranium demand is surging as more countries turn to nuclear power to achieve energy security and carbon neutrality.
Prices have strengthened, and analysts see Etango as one of the few large-scale, fully permitted uranium projects capable of meeting the coming supply crunch. By delaying the investment decision in 2023 and 2024, Bannerman positioned itself to step forward at the right moment.
For Namibia, Etango carries national significance. Situated in the Erongo Region, about 30 kilometres southeast of Swakopmund, it will join the country’s established uranium cluster of Rössing, Husab, and Langer Heinrich.
Its development promises jobs, procurement opportunities, and fiscal revenues, while contributing to the government’s NDP6 goals of deepening mining’s role in economic growth.
For Bannerman, the wait is nearly over. With offtake agreements in place, financing preparations advancing, and the Final Investment Decision set for late 2025, Etango is poised to move from a project on paper to a mine under construction.
After decades of exploration and study, Namibia’s uranium province is preparing to welcome a new player on the global stage.
Momentum has picked up in 2025. In early September, Bannerman signed its first uranium supply agreements with two major North American utilities.
The contracts cover one million pounds of uranium to be delivered between 2029 and 2033 under flexible, inflation-linked pricing terms.
These agreements not only demonstrate Etango’s ability to secure customers but also provide crucial validation for financiers weighing investment in the project.
The timing is auspicious.
Uranium demand is surging as more countries turn to nuclear power to achieve energy security and carbon neutrality.
Prices have strengthened, and analysts see Etango as one of the few large-scale, fully permitted uranium projects capable of meeting the coming supply crunch. By delaying the investment decision in 2023 and 2024, Bannerman positioned itself to step forward at the right moment.
For Namibia, Etango carries national significance. Situated in the Erongo Region, about 30 kilometres southeast of Swakopmund, it will join the country’s established uranium cluster of Rössing, Husab, and Langer Heinrich.
Its development promises jobs, procurement opportunities, and fiscal revenues, while contributing to the government’s NDP6 goals of deepening mining’s role in economic growth.
For Bannerman, the wait is nearly over. With offtake agreements in place, financing preparations advancing, and the Final Investment Decision set for late 2025, Etango is poised to move from a project on paper to a mine under construction.
After decades of exploration and study, Namibia’s uranium province is preparing to welcome a new player on the global stage.
