Chamwe Kaira
Deep Yellow, the developer of the Tumas uranium project in the Erongo Region, said firm volume and price offers have been received from NamWater and NamPower at or below those assumed in the 2025 definitive feasibility study.
“The power and water supply contracts are being finalised and are expected to be executed during the fourth quarter of the 2025 calendar year. Ongoing work continues to reinforce Tumas as a robust project and one of the most advanced greenfield uranium development projects available globally,” the company said in its annual report.
During the first half of 2025, Deep Yellow worked with Nedbank as the Mandated Lead Arranger to coordinate and arrange project debt financing.
“Deep Yellow is currently assisting the Independent Technical Expert to conclude their due diligence work. On finalisation of this, the company will be in a position to go to market to secure lenders for the project debt financing,” it said.
After being granted a 20-year mining licence in 2024, the company is progressing the project towards a final investment decision (FID). The report said execution of the current development schedule would establish Tumas as Namibia’s fourth uranium mine.
In early 2025, the company began detailed engineering work and appointed Ausenco Services Pty Ltd to define the project scope, determine development costs, and set a construction schedule to support the investment decision.
The FID was initially scheduled for December 2024 but was delayed to March 2025 due to late costings, equipment quotes, and optimisation opportunities.
“Although this project optimisation work met the company’s investment criteria, in April the board announced it would delay FID due principally to insufficient uranium price incentivisation to justify greenfield project development,” the report said.
The March 2025 optimisation generated strong results at a uranium price of US$82.50 per pound of uranium oxide, supporting the project’s economics and position as a Tier-1, long-life uranium operation.
Tumas is estimated to hold 79.5 million pounds of uranium oxide with a 30-year mine life.
Caption
Deep Yellow’s Tumas project is expected to sign power and water deals.
– Photo: Deep Yellow
