Chamwe Kaira
Bannerman Energy Ltd is awaiting the finalisation of key agreements with NamWater and NamPower for its Etango uranium project.
The company said the last step in the commercial water supply process is the execution of a binding agreement with NamWater. Bannerman expects to sign the draft agreement with NamWater after making a positive final investment decision on Etango.
In October 2024, Bannerman signed a letter of intent with NamWater, securing a 15-year water supply. NamWater also signed a back-to-back letter of intent with the Erongo Desalination Plant operator to ensure the source supply.
On electricity, Bannerman has accepted a commercial proposal from NamPower for permanent operational power at Etango.
The full supply agreement has been executed by Bannerman and awaits final signature from NamPower.
For acid supplies, the leasing agreement for the planned storage and import/export facility at Walvis Bay Port has been reviewed and returned to Namport for finalisation.
Bannerman said its A$85 million equity raise has strengthened the company’s financing strategy for Etango.
It holds approximately A$140 million in cash and liquid assets and continues to engage with utilities, financial institutions, traders, and other stakeholders.
“Early construction works continue to advance on schedule and on budget. Our focus on tight contract and activity controls is a core driver of the team’s performance,” said Bannerman CEO Gavin Chamberlain.
“It is particularly pleasing to observe the substantial, high-quality progress on the ground, as early development phases are progressively designed, tendered, and executed. Our recent equity raising significantly enhances the capacity to execute our streamlined strategy to finance and construct Etango. Alongside growing nuclear utility activity and positive uranium price momentum, we continue to advance in a systematic and optimised manner towards a targeted positive Final Investment Decision on the highly advanced Etango Project.”
The bulk earthworks contract was awarded in August 2024. Work is progressing on schedule, with the site access road 89% complete, ahead of the planned 79%, despite minor rain damage.
Completion is forecast for the end of July 2025.
The construction power facilities contract was awarded in October 2024. It includes the build of permanent 33 kV overhead powerlines and a temporary connection to the local Erongo Region power distributor. These works have now been completed and commissioned.
