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Etango Mine Targets 3.5 Million Pounds Of Uranium Output Annually From 2028
The Etango uranium project is moving into full-scale construction, with first yellowcake production targeted for late 2028 and forecast pre-production capital expenditure of US$353 million.
By: Elizabeth Naftal
The Etango Uranium Mine Project is targeting annual production of approximately 3.5 million pounds of uranium oxide once operational, with commissioning and first yellowcake production expected towards the end of 2028, Minister of Industries, Mines and Energy Modestus Amutse said.
Speaking at the project's official launch and progress update in the Erongo Region on Friday, Amutse said the development would add to existing uranium production capacity and strengthen the mining sector's contribution to the economy.
“With planned production of approximately 3.5 million pounds of uranium oxide annually, the mine is expected to contribute to Namibia's uranium production capacity once operational,” Amutse said.
He acknowledged that the current development schedule targets first production towards the end of 2028, although he expressed a preference for the mine to begin operating sooner.
“I would like it to be sooner,” he said.
The production target comes as uranium continues to attract international interest amid discussions about energy security, decarbonisation and the future of electricity generation.
Amutse said these developments presented an opportunity to strengthen the country's contribution to international energy markets.
“At a time when energy security, decarbonisation and the future of global electricity supply remain central to international discussions, uranium continues to attract considerable attention as a source of fuel for nuclear energy,” he said.
However, Amutse stressed that increased production must be accompanied by responsible resource development, including regulatory compliance, environmental management, water stewardship and occupational health and safety.
He also urged the company to ensure that the mine's development creates opportunities beyond uranium output, particularly through employment, skills development and procurement from local businesses.
“The true success of a mining investment must ultimately be reflected in the value it creates for the country and its people,” Amutse said.
The Etango uranium project is based on an open-pit mining and heap-leach processing design. A scoping study completed in March 2024 identified the potential to increase annual production to 6.7 million pounds of uranium oxide, although this remains an expansion scenario rather than the current production target, according to the reports.
The move into full-scale construction follows a final investment decision taken last week Friday by the Etango Joint Venture, comprising Bannerman Energy and China National Nuclear Corporation (CNNC) Overseas Limited, which approved the development of the uranium mine.
Bannerman holds a 55% interest in the joint venture, while CNNC Overseas holds 45%, the joint venture owns 95% of the Etango project.
The decision commits the partners to advancing construction, with forecast pre-production capital expenditure of approximately US$353 million, with about US$64 million already been spent on early works by end of September 2026, while approximately US$295 million in existing joint venture cash was available to fund the remaining pre-production expenditure.
With the investment decision taken, the focus shifts to construction and meeting the planned 2028 production timeline, and the project's progress will determine when its forecast output can begin contributing to uranium production.
