Industries, Mines and Energy minister Modestus Amutse has challenged Bannerman Energy to bring forward the start of uranium production at its US$353 million Etango mine in the Erongo Region, saying he would prefer the project to begin producing yellowcake earlier than its scheduled late-2028 target.
Speaking at the mine’s official launch and progress update on Friday, 23 October 2026, Amutse welcomed the progress made by Bannerman and its Chinese partner, CNNC Overseas Limited, but expressed his desire for an earlier start to production.
“We also acknowledge the current development schedule, which targets commissioning and first yellowcake production towards the end of 2028, but I would like it to be sooner,” he said.
His remarks came on the same day the Etango joint venture announced its final investment decision, formally approving full-scale construction of the uranium mine after more than two decades of exploration, technical studies and development preparations.
The project is expected to produce an average of approximately 3.5 million pounds of uranium oxide annually under its Etango-8 development plan.
Amutse said Namibia was already the world’s third-largest uranium producer and expressed the ambition for the country to move ahead of Canada when Etango enters production.
“Namibia occupies an important position in the global uranium industry, being ranked in the 3rd position in the world for uranium production and willing to bypass Canada when the Etango comes into production,” he said.
The minister did not indicate whether the government had formally requested Bannerman to revise its construction timetable or identify a specific earlier production date.
629 workers already on site
Amutse also disclosed that 99% of the 629 people currently working at Etango are Namibians, a level of local participation he said demonstrated the country’s ability to provide the workforce required for major mining developments.
“We have been informed that of current 629 workforce on the Etango site, 99% are Namibians,” he said.
The percentage translates to approximately 623 Namibian workers, although the minister did not distinguish between permanent employees, construction workers and contractor personnel.
He said the employment figures should be accompanied by greater opportunities for Namibian contractors, suppliers and businesses as construction expands.
“Local content must not be treated as an administrative requirement or a box to be ticked. It must be recognised as a strategic investment in Namibia’s economic future,” he said.
Amutse urged Bannerman and its partners to continue creating opportunities for Namibian businesses, particularly through procurement, skills development and technical training.
He said the government’s expectations extended beyond the number of people employed during construction to include the experience and capabilities that Namibian companies and workers would retain after the project was completed.
Construction funding secured
Bannerman and CNNC Overseas Limited have approved the US$353 million Etango development, with the partners saying construction is fully funded without requiring project debt.
Approximately US$64 million had already been spent on early construction activities by 30 September 2026, leaving an estimated US$289 million in pre-production expenditure.
The joint venture held approximately US$295 million in cash at the end of September, excluding funds already held by its Namibian subsidiary.
Bannerman separately held approximately A$175 million to cover its remaining working capital obligations through construction, commissioning and the transition towards commercial production.
The Etango joint venture is owned 55% by Bannerman and 45% by CNNC Overseas Limited and holds a 95% interest in the project.
Bulk earthworks are substantially complete, detailed engineering is well advanced and supporting infrastructure has either been completed or progressed significantly.
The final investment decision authorises the transition from these preparatory activities to full-scale construction.
Government demands lasting benefits
Amutse said the development of Etango should contribute to Namibia’s broader economic objectives rather than being judged solely by the capital invested or the amount of uranium eventually produced.
“We must move beyond a narrow understanding of investment that focuses only on capital expenditure and production volumes,” he said.
He called for greater involvement of Namibian enterprises in construction, infrastructure development and the wider mining supply chain.
The minister also emphasised that the project must comply with environmental, water management, occupational health and safety requirements.
“Mining companies operating in Namibia are expected to comply fully with applicable laws, regulations and licence conditions,” he said.
Amutse said the Erongo Region, which has hosted major uranium and other mining operations for decades, should benefit from continued investment through employment, local procurement, infrastructure and skills development.
He urged Bannerman’s management to work closely with government, regional authorities and local communities as the mine moves towards production.
“Our mineral wealth is finite. The opportunities we create from it must endure,” he said.
Etango is scheduled to begin commissioning and produce its first yellowcake towards the end of 2028, although Amutse has now publicly expressed the government’s desire to see that milestone reached sooner.
