Etango investment decision on track for 2024

4th September 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


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PERTH ( – Uranium hopeful Bannerman Energy is hoping to take a final investment decision on its Etango project, in Namibia, in the first half of next year.

The company on Monday said overall front-end engineering design activities for the Etango project were progressing to plan and on budget, and that all environmental clearance certificates and national heritage consent had been received, with the project now fully permitted.

“I am very pleased with the current progress of our project activities on Etango. The outstanding team we have at Bannerman is ensuring that this world-class project is maximally prepared for strong, low-risk execution upon targeted transition to the development phase,” said Bannerman MD and CEO Brandon Munro.

The company has also started the early phases for the financing process, and is evaluating a number of funding options including conventional project debt, potential offtake, and joint venture opportunities.

A 2022 definitive feasibility study (DFS) estimated that, based on a nameplate capacity of eight-million tonnes a year, the Etango project is expected to have a mine life of 15 years, producing 52.6-million pounds of uranium oxide, averaging 3.5-million pounds a year.

The DFS estimated a pre-production capital expenditure of $317-million, up from the $274-million estimated in the 2021 prefeasibility study (PFS), while all-in sustaining costs for the project have dropped from the $40.3/lb estimated in the PFS to $38.10/lb.

The project’s net present value is now estimated at $209-million, down from the $222-million estimated in 2021, while the internal rate of return has also decreased from 20.3% to 17%.

The DFS was based on a uranium price of $65/lb.

Edited by Creamer Media Reporter



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