Namibian companies are building Bannerman Energy’s Etango Uranium Project, where more than 560 contractor personnel are now working on site, and bulk earthworks have reached approximately 92% completion as the company advances towards a final investment decision and completion of its strategic financing transaction with a Chinese nuclear group.
Bannerman said in its Quarterly Activities Report for the period ended 30 June 2026 that four Namibian contractors were delivering earthworks, civil construction, aggregate production and infrastructure works at Etango, where the workforce had also achieved more than 1.1 million lost-time injury-free hours since project activities began.
Tulela Mining & Construction (Pty) Ltd is undertaking the blasting, crushing and screening of drainage aggregate required for the heap leach pad.
The company had produced approximately 29% of the total aggregate requirement by the end of June, with the material being stockpiled ahead of placement during construction of the leach pad.
K Neumayer Civil Contractors (Pty) Ltd is responsible for major concrete construction packages across the dry processing plant.
Its work includes the primary crusher structure, stockpile tunnel, secondary and tertiary crushing and screening facilities, fine ore silo and associated conveyor infrastructure.
Bannerman reported that approximately 10,800 cubic metres of concrete had been cast, representing about 60% of the Phase 1 and Phase 2A concrete packages.
AN Construction cc is installing the permanent water supply pipeline for the project under a contract that was approximately 87% complete at the end of the quarter. Work included underground pipeline installation, concrete thrust blocks and structural works, while fabrication of the bridge carrying the pipeline across the Swakop River had commenced.
Windhoek Consulting Engineers is undertaking engineering and design work for the acid storage and handling facility planned for the Port of Walvis Bay.
The detailed design was approximately 69% complete, while geotechnical investigations and associated site development work were also progressing.
Bannerman has additionally subcontracted construction of the Etango gatehouse and other non-critical works to Namibian-owned small and medium enterprises, which it said formed part of its commitment to local procurement and economic development.
The company’s June quarterly report shows that the local contracting work is taking place across a project whose permanent infrastructure is already becoming visible, despite the formal final investment decision still being outstanding.
Foundations for the primary crusher have been completed, concrete structures have advanced above ground, the stockpile tunnel is taking shape and work is continuing on the wet plant terraces, process ponds and heap leach pad.
Civil and mechanical design for the dry plant was approximately 94% complete, while detailed engineering of the wet plant had reached about 28%.
has also signed definitive water and electricity supply agreements with NamWater and NamPower, respectively, as it prepares the project for full construction.
Bannerman Managing Director and Chief Executive Officer Gavin Chamberlain said the June quarter demonstrated the company’s disciplined approach to bringing Etango into production.
“The June quarter further demonstrated the discipline and methodical approach being applied to the development of Etango. Early works continue to track to overall schedule and budget, reflecting the capability of our project team and contractors, and the strong focus on execution risk that underpins every stage of the development programme.
“At the same time, we continue to make good progress towards completion of the CNOL strategic investment and joint venture transaction. Our engagement with CNOL has been highly constructive and collaborative, reinforcing the strong alignment between the parties and our shared commitment to the successful development of Etango.
“With the project footprint increasingly visible on site, engineering and infrastructure activities advancing to plan, and a clear pathway towards transaction completion and FID, Etango continues to build momentum from a position of strong project readiness.”
The progress comes as Bannerman works towards completing its strategic investment and joint venture transaction with CNNC Overseas Limited, a subsidiary of China National Uranium Corporation and part of China National Nuclear Corporation.
Under the binding agreement announced in February 2026, CNOL will invest an initial US$294.5 million in the Etango joint venture and may provide a further US$27 million to reimburse Bannerman for CNOL’s 45% share of eligible project expenditure incurred from 1 July 2025 until completion of the transaction.
The total potential investment is therefore US$321.5 million.
Following completion, Bannerman will hold 55% of the incorporated joint venture and CNOL will hold 45%.
The joint venture company holds a 95% interest in the Etango Project, meaning Bannerman’s effective interest in the project will be diluted when the transaction is completed.
The transaction is intended to provide a debt-free pathway for funding construction while preserving Bannerman’s exposure to the project and reducing the financing risk that has historically delayed the development of large new uranium mines.
CNOL will also receive a life-of-mine entitlement to purchase 60% of Etango’s actual uranium production at arm’s-length, market-based prices linked to a combination of prevailing spot and long-term uranium price indices.
Bannerman will retain responsibility for marketing the remaining 40% of production and said it was engaging utilities, financial institutions, traders and other market participants to place these volumes progressively with a diversified group of buyers.
The company said this marketing programme built on initial uranium offtake agreements signed with Tier 1 utilities in September 2025, indicating that Etango’s sales strategy was already taking shape before completion of the CNOL transaction.
The report did not disclose the identities, volumes or detailed commercial terms of those earlier agreements.
Most of the conditions required for completion of the Chinese investment had been satisfied by the end of June, including CNUC shareholder approval, clearance from the Namibian Competition Commission, amendments to the OEF funding agreement and execution of key project infrastructure supply contracts.
The outstanding requirements included filings with China’s National Development and Reform Commission and the Ministry of Commerce, as well as foreign exchange registration.
Bannerman expects the remaining conditions to be completed during the third quarter of 2026.
The company said it was targeting a positive final investment decision shortly after completion of the CNOL transaction, which would clear the way for Etango to move from its extensive early works programme into full-scale construction.
The initial Etango development is designed to produce an average of 3.5 million pounds of uranium oxide annually over a 15-year mine life.
Bannerman had spent approximately A$69.3 million on early works by 30 June 2026 and had committed a further A$36.2 million, while retaining A$53.1 million in cash, A$11.5 million in liquid uranium investments and no conventional debt.
