• Bannerman partners with CNNC for Namibian uranium project Under the agreement, CNNC Overseas Limited (CNOL) - a subsidiary of China National Uranium Corporation (CNUC) and part of China National Nuclear Corporation (CNNC) - and Bannerman will form an incorporated joint venture. • This will be done through Bannerman’s UK subsidiary, Bannerman Energy (UK) Ltd (JVCo), by way of CNOL’s subscription for newly issued shares in JVCo, resulting in JVCo ownership of 55% by Bannerman and 45% by CNOL upon completion. • JVCo holds a 95% interest in the Etango Project. • CNOL will make an initial investment of USD294.5 million into JVCo upon completion. • The agreement includes a provision for additional investment by CNOL of up to USD27 million upon completion, to reimburse Bannerman for CNOL’s 45% share of project-related expenditure incurred between 1 July 2025 and completion. • Bannerman and CNOL will each fund post-completion capital expenditure and operating costs of JVCo and the Etango Project pro rata to their respective 55% and 45% equity interests.

Article Summaries:

  • Bannerman Energy and China National Nuclear Corporation’s subsidiary CNNC Overseas Limited (CNOL) have agreed to form a joint venture (JVCo) to develop the Etango uranium mine in Namibia. Bannerman will hold 55 % of JVCo, with CNOL owning 45 %. JVCo will own 95 % of Etango, and CNOL will invest USD 294.5 million upfront, with an option for an additional USD 27 million to reimburse Bannerman for shared project costs. The deal gives CNOL a 60 % offtake of mine production and sets the economic ownership of Etango at 52.25 % Bannerman, 42.75 % CNOL, and 5 % retained by the Namibian social welfare group One Economy Foundation. Completion is targeted for mid‑2026, subject to regulatory approvals and contract finalisation.

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