Bannerman Energy has pushed bulk earthworks at its Etango uranium project in Namibia to 99% completion as the company and its joint venture partner prepare for a final investment decision (FID) in the fourth quarter of 2026, followed by full-scale construction.
Bannerman said on Tuesday that about 523 contractor personnel are working at Etango, where early construction activities remain on budget and on schedule.
Bannerman managing director and chief executive Gavin Chamberlain said the company was making final preparations for the investment decision after completing the strategic investment and joint venture transaction with CNNC Overseas Limited (CNOL) last week.
“The early works programme, and particularly the bulk earthworks contract, has been a seminal workstream in maintaining the critical path timeline for Etango. With the completion of the CNOL strategic investment and joint venture transaction last week, we are making final preparations towards a targeted Final Investment Decision (FID) on Etango during Q4 2026,” Chamberlain said.
“I am delighted to say that FID is set to be followed promptly by the commencement of full-scale construction at Etango – which we are rapidly gearing up for across site, within the owner’s team and across our key contractor partners.”
The latest update shows how far physical development has progressed at Etango ahead of the formal investment decision. The bulk earthworks package is approximately 99% complete, with the fourth and final phase having started in mid-September.
Phase 4 is expected to be completed in December and is focused on the process solution ponds and wet plant terraces. Bannerman said the work is preparing platforms required for subsequent construction packages.
Aggregate production for the heap-leach drainage system has reached about 50% of the total requirement. Namibian contractor Tulela Mining & Construction is carrying out blasting, crushing and screening, with the material being stockpiled ahead of placement.
Concrete construction is also well advanced, with approximately 14 700 cubic metres poured under the Phase 1 and Phase 2A packages, representing about 86% of the planned concrete volume for those phases.
K Neumayer Civil Contractors is undertaking the work, which covers the primary crusher, stockpile tunnel, secondary and tertiary crushing and screening facilities, fine ore silo, and associated conveyor infrastructure.
Permanent infrastructure required for Etango is advancing alongside the early construction programme. Phase 1 of the permanent water supply pipeline is approximately 90% complete, following completion of underground pipe installations and pressure testing. Pipe bridge fabrication and pedestal installations are continuing.
Namibian contractor AN Construction is undertaking the work after Bannerman signed a definitive permanent water supply agreement with NamWater in June.
Work on the mine’s permanent electricity supply is also progressing under an agreement with NamPower. Detailed design of a 132kV overhead power line and substations is advancing, with early procurement planned during the fourth quarter. NamPower’s development of Etango’s supply point at the Kuiseb substation is also continuing.
Detailed design of the sulphuric acid storage and handling facility at Walvis Bay is approximately 53% complete, while dry-plant design is approximately 98% complete. Bannerman said the relevant mechanical packages for the dry plant are ready for order placement once the FID is taken.
Detailed concrete and structural engineering for the wet plant is approximately 33% complete.
Bannerman said its four Namibian contractors were performing consistently in line with schedule and cost expectations, while smaller Namibian-owned businesses are participating in selected non-critical construction work.
Dappa Trading Group is constructing the gatehouse through K Neumayer Civil Contractors, Dannie Construction is undertaking fencing works, while Nelugo Trading Enterprises is carrying out in-situ culvert works through Namibbeton.
Bannerman said the subcontracting opportunities form part of its efforts to increase local participation and give smaller Namibian businesses direct roles in the development of Etango.
The contractor workforce had accumulated 1.6 million lost-time-injury-free hours before Etango recorded its first lost-time injury on 2 September. A contractor employee suffered a hairline fracture to his left foot while operating a compactor.
Bannerman said it was the first lost-time injury in more than 16 years of work on the Etango project.
“After achieving 16 years without a lost time injury it was disappointing to have had our first LTI. This has been a re-set for the site team with continued focus on making safety personal,” Chamberlain said.
Etango, in the Erongo Region, received its mining licence in December 2023 and is being developed as an eight-million-tonne-a-year open-pit uranium operation using heap-leach processing.
The project’s 2022 definitive feasibility study is based on annual throughput of eight million tonnes and average production of 3.5 million pounds of uranium oxide a year. A March 2024 scoping study subsequently demonstrated the potential to expand annual production to 6.7 million pounds.
Bannerman said all key project workstreams are now advancing towards a targeted positive FID with joint venture partner CNOL during the fourth quarter.
“The final phase of the large-scale bulk earthworks package is expected to be complete before year end, representing a key milestone in our early works activities and the overall development of Etango,” Chamberlain said.
