Bannerman Energy has secured a landmark strategic partnership with CNNC Overseas Limited (CNOL) that will see up to US$321.5 million (about N$6.1 billion) invested to fund, develop and operate the Etango uranium project in Namibia, positioning the long-delayed project for a final investment decision and debt-free construction.
CNOL refers to CNNC Overseas Limited, the international investment and project-development arm of China National Nuclear Corporation (CNNC).
CNNC is China’s state-owned nuclear group, responsible for uranium mining, nuclear fuel supply, reactor construction and nuclear power generation inside China.
CNOL is the offshore vehicle CNNC uses to invest in, develop and operate uranium and nuclear-fuel assets outside China.
CNOL’s role typically includes: taking equity stakes in uranium projects, providing development and construction capital, securing long-term uranium offtake for CNNC’s reactor fleet, and partnering with host-country developers to bring projects into production.
The agreement establishes a joint venture under which CNNC Overseas Limited (CNOL), the international investment arm of China National Nuclear Corporation, will ultimately hold 45% of the Etango operating company, with Bannerman retaining 55% through its UK subsidiary that owns 95% of the project.
Completion of the transaction is targeted for mid-2026, subject to regulatory approvals.
Etango, located near Swakopmund in Namibia’s Erongo Region, is one of the country’s most advanced undeveloped uranium projects. While fully permitted for several years, development has been held back by financing considerations.
Bannerman said the CNOL partnership provides a funding structure aligned with long-term uranium demand, combining construction capital with a cornerstone offtake relationship linked to one of the world’s largest nuclear fuel buyers.
CNOL’s staged investment of up to US$321.5 million (N$6.1 billion) is designed to take Etango through development and into production without reliance on project-level debt during construction.
Bannerman said this significantly de-risks the project, preserves exposure to upside in a strengthening uranium market and avoids the dilution and balance-sheet strain typically associated with large-scale mine development.
The partnership also brings extensive Namibian operating experience. CNNC, through its subsidiaries, is the majority owner of the Rössing Uranium Mine, one of the world’s longest-running uranium operations. Bannerman said this local operational pedigree, combined with CNNC’s global nuclear fuel portfolio, strengthens Etango’s execution and operating credentials.
Bannerman managing director Brandon Munro said the transaction was transformational, shifting Etango from a long-dated development asset to a construction-ready project backed by a strategic end-user with long-term demand visibility.
He said the structure allows Bannerman to retain a controlling interest while aligning the project with a partner capable of supporting production through uranium price cycles.
The deal further highlights Namibia’s growing strategic importance in global uranium supply chains as utilities and state-backed nuclear groups seek secure, long-life supply from stable jurisdictions.
With Langer Heinrich already back in production and Rössing continuing to operate, Etango would become Namibia’s third large-scale uranium mine once developed.
Bannerman said work toward a final investment decision will now accelerate, including final optimisation studies, detailed engineering and joint-venture approvals.
Subject to regulatory clearance, construction is expected to follow soon after completion of the CNOL transaction.
