Etango JV takes final investment decision to proceed with Namibia project

Building on the extensive early works programme undertaken at the Etango project, this positive FID signals the start of full-scale construction activities on site over the coming months.

The FID has been taken on the Etango-8 design, with forecast average yearly production of about 3.5-million pounds of triuranium octoxide.

Commissioning and first production from the Etango project is targeted for 2028.

Forecast pre-production capital expenditure (capex) for the Etango project is about $353-million, of which about $64-million has already been incurred.

Residual forecast pre-production capex is funded from existing Etango JV cash of about $295-million.

Bannerman’s residual share of forecast working capital through construction, ramp-up and into targeted commercial production is fully funded through its existing cash balance of about A$175-million.

Meanwhile, Danie van Aswegen has been appointed CEO of Bannerman Mining Resources Namibia.

He has held the role of Bannerman Namibia COO since October 2025.

With more than 25 years of experience in the mining industry, Van Aswegen has a broad and proven skill set spanning mining, engineering, project management and technology development, the company points out.

Prior to joining Bannerman, he served as head of projects and technology development, and as an executive committee member, at Debmarine Namibia. Van Aswegen is said to have been instrumental in delivering major projects and integrating innovative technologies at Debmarine Namibia.

His major projects leadership expertise is complemented by that of Bannerman MD and CEO Gavin Chamberlain, the company says.

Chamberlain is a deeply experienced minerals sector leader and project builder, with a considerable and successful record in construction, engineering and project management, most particularly within the Southern African mining industry.

Chamberlain’s professional experience includes being the responsible project director for the development of the $2-billion Husab uranium project, in Namibia.

“Today's FID by the Etango JV is a defining moment for Bannerman, for our partner, CNOL, and for Namibia. It is the culmination of more than two decades of exploration, study and disciplined derisking, and it formally commits the JV to full-scale construction of the world-class Etango uranium project,” Chamberlain says.

“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,” he asserts.

“We take this decision from a position of real strength on the ground. Our early works programme has been delivered safely and has tracked to budget and schedule. The bulk earthworks are substantively complete, and detailed design is well advanced, with key supporting infrastructure also finished or strongly progressed,” Chamberlain adds.