The uranium line after Etango

Bannerman Energy’s Etango project has secured the go-ahead for full-scale construction. Tumas is still working to secure its funding package, while Trekkopje, Norasa and Elevate Uranium’s Koppies project need further technical work before they can move closer to production.

Bannerman’s Etango is the first of this new wave to secure a final investment decision (FID), the formal commitment to proceed with construction. Its joint venture with China’s CNNC Overseas is fully funded on a debt-free basis, the company says. The mine is expected to produce an average of 3.5 million pounds of uranium oxide a year, with first production targeted for 2028.

Tumas (Deep Yellow) is the most advanced of the projects still awaiting an investment decision. Detailed engineering was 79% complete at the end of June, bulk earthworks are finished and civil and concrete works are under way. Four contracts worth N$42.1 million have been awarded to Namibian businesses.

But on 16 October, Deep Yellow withdrew its target for an FID in the fourth quarter, citing weak equity markets. It gave no new date. The company has identified debt, equity, convertible instruments, strategic funding and possible government support as potential financing routes, but has not announced a complete funding package.

Trekkopje (Orano) has been under care and maintenance since 2013. A definitive feasibility study and pilot-plant programme are due to be completed by year-end. Orano says its initial assessment found that restoring existing equipment would require limited work and expenditure. A positive decision would allow further engineering and completion of outstanding plant construction, rather than an immediate restart.

Norasa (Asarian Energy, formerly Forsys Metals) is preparing a 4,500-metre drilling programme across 17 holes at Namibplaas. The work is expected to start in late October or early November and aims to improve confidence in the resource and support an updated estimate. Valencia, the other main deposit in Norasa, already has a mining licence.

Koppies (Elevate Uranium) has a combined project resource base of 76.2 million pounds across Koppies, Hirabeb and Namib IV. Its proposed U-pgrade processing technology is still being tested at pilot scale. The latest reported pilot results came from the company’s separate Marenica project, so commercial performance at Koppies remains to be established.