Bannerman Energy Partners with CNNC to Jointly Develop the Etango Uranium Project
On 12 February 2026, UK’s Bannerman Energy and China National Nuclear Corporation (CNNC) inked an agreement to form a Joint Venture to develop the Etango Uranium Mining Project in Namibia. Through its subsidiary CNNC Overseas, CNNC will act as an equity investor and a long-term offtaker.
The Etango Project is a greenfield #uranium mine located about 30 kilometers southeast of Swakopmund in the Erongo Region of Namibia. The Etango Mine has an estimated reserve of 207 million pounds of yellowcake (U3O8).
The definitive feasibility study outlines an open-pit mine with an annual output of 3.5 million pounds of uranium ore. A subsequent scoping study places the production capacity up to 6.7 million pounds annually. The Project is shovel-ready as it has completed all studies and has secured all the relevant licenses.
CNNC Overseas is investing USD 321.5 million into the Project in return for a 42.75% stake in Bannerman Energy, which holds the rights. Bannerman Energy remains the controlling shareholder with 52.25% stake, while the One Economy Foundation, a Namibian Social Welfare Organization, will hold 5%. Financing for the project will be split according to the 55/45 split, with One Economy Foundation not having to contribute.
According to the Agreement, CNNC will be the top offtaker and will be entitled to 60% of the uranium coming out of the mine. Bannerman will be able to sell the remaining 40% to other buyers.
CNNC already has stakes in two uranium mines in Namibia. It holds a 68.62% majority stake in the Rossing Mine and a minority 25% stake in the Langer Heinrich Mine. The Chinese nuclear giant established a physical presence in Namibia in July 2019, when it acquired the Rossing Mine from Rio Tinto. However, China General Nuclear Power Corporation (CGN) acquired the Husab Uranium Mine earlier in 2012.
As usual, the deal is subject to regulatory approval by the Namibian Competition Commission (NaCC). It is expected that the Government of Namibia will impose local enrichment clauses to anchor more benefits locally. Local content rules will ensure a certain quota of goods and services goes to Namibian SMEs. Once regulatory approval is secured, the Final Investment Decision is expected to follow soon.