FID sees Etango enter full-scale construction

The Etango project is in the Erongo Region of Namibia, 30 kilometres south-east of Swakopmund, with an estimated mineral resource base of 207 million pounds U3O8 (79,622 tU) at a 100 ppm cut-off. 

The final investment decision (FID) has been taken by the Etango Joint Venture (Bannerman 55%, CNNC Overseas Limited 45%) which holds a 95% interest in the project. Bannerman gifted a 5% loan-carried shareholding in Etango to Namibian social welfare organisation the One Economy Foundation in 2017. CNNC Overseas Limited (CNOL) is a subsidiary of China National Uranium Corporation and part of China National Nuclear Corporation (CNNC).

“Today's FID by the Etango JV is a defining moment for Bannerman, for our partner, CNOL, and for Namibia," Bannerman Managing Director and CEO Gavin Chamberlain said. "It is the culmination of more than two decades of exploration, study and disciplined de-risking,and it formally commits the JV to full-scale construction of the world-class Etango Uranium Project. With construction fully funded on a debt-free basis, a Tier-1 strategic partner in CNOL and a cornerstone offtake framework on market-based terms, Etango is now set to become the next major greenfield uranium project globally to enter production."

_{Aerial view of the Etango stockpile tunnel (Image: Bannerman)}

The project is set to be a "long-life, large-scale producer" in the established Erongo uranium province, at a time when the world's utilities increasingly need secure, diversified supply, he added, offering "clear expansion potential" beyond the base-case of 3.5 million pounds U3O8 per year in the so-called Etango-8 design, on which the FID is based. A Definitive Feasibility Study completed in December 2022 confirmed the strong technical and economic viability of conventional open pit mining and heap leach processing, and a 2024 scoping study has demonstrated the capacity to expand annual production to 6.7 million pounds U3O8. Multi-year operation of the Etango Heap Leach Demonstration Plant has comprehensively de-risked the conventional acid heap leach process that will be used on the Etango ore.

_{Construction of the fine ore silo is progressing (Image: Bannerman)}

Pre-production capital expenditure for the Etango Project is forecast to be around USD353 million: around USD64 million of this has already been incurred through early works, with the residual forecast pre-production capital expenditure to be funded via  existing Etango JV cash. 

An extensive early works programme has been under way at the site since January 2024. As of the end of September, bulk earthworks were 99% complete, concrete construction by local Namibian contractor, K Neumayer Civil Contractors (Pty) Ltd, was advancing across the primary crusher and key dry plant infrastructure, and construction of the first phase of the permanent water supply pipeline was around 90% complete. A definitive permanent water supply agreement was agreed with state-owned water utility NamWater in June.

Alongside the FID announcement, Bannerman has also announced the appointment of Danie van Aswegen - who has served as the company's Chief Operating Officer (Namibia) since October 2025 - as CEO of Bannerman Mining Resources Namibia.