The Etango joint venture, owned 55% by ASX-listed Bannerman Energy and 45% by CNNC Overseas Limited (CNOL), has taken a positive final investment decision (FID) to proceed with full-scale construction of the Etango uranium project in Namibia, with commissioning and first production targeted for 2028.

The FID, announced on Friday, October 23, 2026, follows an extensive early works programme that has already delivered bulk earthworks to substantial completion and advanced detailed design.

The project will be developed on the Etango-8 design, with forecast average annual production of approximately 3.5 million pounds of triuranium octoxide (U3O8).

Forecast pre-production capital expenditure is about $353 million, of which approximately $64 million has already been incurred. The residual pre-production capex is fully funded from existing Etango JV cash of about $295 million. Bannerman’s residual share of working capital through construction, ramp-up and into commercial production is fully funded through its existing cash balance of about A$175 million.

“Today’s FID by the Etango JV is a defining moment for Bannerman, for our partner, CNOL, and for Namibia,” said Bannerman Managing Director and CEO Gavin Chamberlain. “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 added: “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 noted that the early works programme had been delivered safely and 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,” he said.

Separately, Bannerman announced the appointment of Danie van Aswegen as CEO of Bannerman Mining Resources Namibia. Van Aswegen has held the role of Bannerman Namibia Chief Operating Officer since October 2025 and has more than 25 years of experience in mining, engineering, project management and technology development. Prior to joining Bannerman, he served as head of projects and technology development and as an executive committee member at Debmarine Namibia.

His project leadership expertise complements that of Chamberlain, who was the responsible project director for the development of the $2-billion Husab uranium project in Namibia.

The FID positions Etango as one of the few major greenfield uranium projects globally to enter construction at a time of rising demand for nuclear fuel. The debt-free funding structure and the involvement of CNOL, a subsidiary of China National Nuclear Corporation, provide financial and strategic backing. With first production targeted for 2028, Etango could become a significant new source of uranium supply, reinforcing Namibia’s position as a major uranium producer alongside existing operations such as Rössing and Husab.