Bannerman Energy secures key uranium agreements for Etango project

Bannerman Energy has signed its first binding offtake agreements for uranium from its planned Etango project, marking a key step towards a final investment decision (FID).The agreements cover one million pounds of uranium supply over five years, from 2029 to 2033, with two leading North American power generation companies. Both counterparties are Fortune 500 firms with investment-grade credit ratings and extensive energy operations.Chief executive Gavin Chamberlain described the deals as a milestone for the Namibian project. “The signing of these limited, select offtake agreements, the first for Bannerman with high-quality utility counterparties, represents a further important step in our systematic advancement of Etango towards a targeted FID,” he said.Chamberlain added that the agreements reflected growing confidence in Bannerman’s ability to deliver uranium into a tightening global market. “In combination with growing global nuclear demand and ongoing tightening in uranium markets, this further reinforces our position as a strategic, long-term supplier to major utilities,” he said.Each agreement includes an option for the utilities to increase or decrease volumes by 10% annually.The Etango project has been advancing steadily since the release of its 2022 Definitive Feasibility Study (DFS), which estimated pre-production capital costs of US$317 million, up from US$274 million in the 2021 pre-feasibility study. The study also projected an all-in sustaining cost of US$38.10 per pound, down from US$40.30/lb previously.Early site works were completed in July 2024, including a construction water supply system and access road. Bulk earthworks commenced in August 2024, followed by the first blast at the primary crusher site in November.The project remains on track for an investment decision later this year, with construction expected to take 34 months. First production is targeted for 2027, with uranium deliveries to begin the following year.

Bannerman Energy secures key uranium agreements for Etango project

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Namibian Sun 2026-02-26

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Bannerman Energy secures key uranium agreements for Etango project

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Namibian Sun 2026-02-26

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