Chamwe Kaira
Bannerman Energy has secured a funding agreement worth about N$5.3 billion for its Etango Uranium Project in Namibia, paving the way for construction without taking on debt.
The company said CNNC Overseas Limited will invest up to US$321.5 million through a strategic partnership.
Under the agreement, CNNC Overseas will acquire a 45% stake in Bannerman’s UK subsidiary, which owns 95% of the Etango project.
Bannerman will retain an effective 52.25% interest, while CNNC Overseas will hold 42.75%. The One Economy Foundation will keep its 5% shareholding.
Bannerman said the deal provides a debt-free funding route, reducing financial risk and giving the company more flexibility in uranium sales.
As part of the agreement, CNNC Overseas will buy 60% of Etango’s uranium production under market-related terms, securing a long-term customer.
The company stated that the agreement brings the project closer to a final investment decision, anticipated after the transaction concludes in mid-2026.
Bannerman managing director Gavin Chamberlain said the funding arrangement was the last major requirement to move the project forward.
He said the company now has a clear path to develop and operate the Etango mine.
Construction work continues at the site, with more than 560 workers currently on site. The company reported over 500 000 injury-free working hours.
Bulk earthworks are about 66.5% complete. Work on heap leach pads and wet plant terraces remains the main focus.
The blasting, crushing, and screening work for drainage materials is 24% complete.
Concrete work at the primary crusher, stockpile tunnel and fine ore silo has reached 5 509 cubic metres, or about 32% of the planned total.
Installation of long-term infrastructure is progressing. The first phase of the permanent water pipeline is about 70% complete.
At the end of March, Bannerman had a cash balance of about N$822 million and liquid assets of about N$149 million. Early works commitments stood at around N$369 million.
The company said the uranium market has improved, with the contract price rising to US$93 per pound by the end of the quarter.
It said demand is being supported by nuclear energy expansion, reactor life extensions and new projects.
