In short: Cited as evidence of China buying mines, not just pounds: "it was just approved" that China takes an equity stake in the Etango project in Namibia, plus an offtake of "if I recall correctly, up to 60% of the production from that project at market prices."
19:30In my opinion, this is a very big development for the nuclear fuel world and any Western utilities that have insufficient coverage for uranium should damn well be paying attention right now because India, Russia, and China are mopping it up. 5.8 billion in nuclear fuel imports in 2025 for China. Not only are they buying additional stakes in projects, right? It was just approved that they are going to have an equity stake in Bannerman's Eango project in Namibia.
In short: "There was no news to report on." Held Etango (Namibia) developer; cost basis AUD$0.79, 100% allocated (no room left to add).
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In short: Signed definitive NamWater + NamPower supply agreements — both conditions precedent to the CNNC (CNOL) deal that gates Etango's FID; bulk earthworks ~92%, but wet-plant detailed engineering only 28% is where the schedule tightens, and Walvis Bay acid storage is the sulphuric-acid risk to watch.
Bannerman is building Etango, a uranium mine in Namibia. The whole project hinges on a transaction with China's CNNC (via CNOL), which would put up to $321.5m into the project vehicle and, crucially, is the condition that unlocks the final go-ahead (FID). This issue Bannerman signed the two remaining prerequisites — definitive water (NamWater) and power (NamPower) supply agreements — clearing conditions precedent to that CNNC deal.
Construction is visibly real (bulk earthworks ~92% done, concrete poured, the ore silo standing 36m tall), which Mart values because he's watched other developers announce "first concrete" and then go quiet for two years. Two things he's watching: the "wet plant" (leach, solvent extraction) detailed engineering is only 28% done, so that's where the schedule can slip, and sulphuric-acid storage — acid availability has become a chronic tax on African leach operations. Management warned that if the CNNC close drifts past mid-year, the 2028 commissioning date could slip.
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In short: No company-specific news this issue; held in the Codex portfolio at cost basis AUD$0.79, 100% allocated.
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In short: No company-specific news this issue; held in the Codex portfolio.
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In short: No company-specific news this issue; focused on Etango development and continuing to execute well.
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