Bannerman Mining Resources Namibia

UNLOCKING A URANIUM UPGRADE

UNLOCKING A URANIUM UPGRADE Bannerman Mining Resources Namibia is at the forefront of leveraging the nation’s rich resources to foster sustainable industrial growth and enhance energy security, positioning Namibia as a leader in the global nuclear fuel market. Interim CEO, Danie van Aswegen, tells us more Writer: Rachel Carr | Project Manager: Josh Whiteside

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s a country that boasts abundant natural resources, Namibia is pivotal to the global mining industry, which is a cornerstone of its economy.

Amongst its significant contributions, the nation stands as the world’s third-largest uranium producer, harnessing the valuable radioactive metal to drive industrial growth and bolster energy security.

Key players in these sectors are Bannerman Mining Resources Namibia (BMRN) and Australian-listed Bannerman Energy.

BMRN is a 95 percent-owned subsidiary of Bannerman Energy, with the remaining five percent owned by the One Economy Foundation (OEF) of Namibia. Notably, its world-class flagship asset is the advanced Etango Uranium Project (Etango), located in Namibia’s Erongo region, known for its rich mineral resources.

The project possesses a globally significant uranium mineral resource endowment of 207 million pounds (lbs) of contained yellowcake (U3O8) – a powdered form of uranium concentrate obtained from leach solutions – at a cut-off of 100 parts per million (ppm) U3O8.

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Bannerman recently hosted JV Partner CNNC on site at Etango

BANNERMAN MINING RESOURCES NAMIBIA MINING

BANNERMAN MINING RESOURCES NAMIBIA MINING

“BMRN received the exploration licenses for Etango in 2005 – one of the world’s largest undeveloped uranium projects, underpinned by more than 15 years of exploration and feasibility work,” introduces Danie van Aswegen, Interim CEO, who has over 25 years of mining industry experience.

Indeed, the project’s definitive feasibility study (DFS), completed in 2022, confirmed the strong technical and economic viability of conventional open-pit mining and heap-leach processing at an eight million tonne (MT) per annum rate, producing 3.5 million lbs of U3O8 annually.

In 2024, a scoping study further outlined potential expansion to 6.7 million lbs of U3O8 per year.

Importantly, Etango is fully permitted with all the necessary environmental approvals and a mining licence in place. BMRN is now advancing key workstreams towards a final investment decision (FID).

PIONEERING FUTURE PRODUCTION Namibia is a prominent uranium jurisdiction with a 50-year history of production and export, supported by strong government and community backing, ensuring a favourable environment for development, characterised by political stability, security, and a strict rule of law.

Crucial uranium mines include Rössing, owned

by China National Nuclear Corporation (CNNC); Langer Heinrich, owned by Paladin Energy; and Husab, owned by China General Nuclear Power Group (CGN).

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CNNC is a major nuclear utility and uranium consumer, classified as Tier 1 due to its scale and credibility.

The company is expanding, with 18 nuclear reactors under construction or approved, and has successfully operated the Rössing mine in Namibia since 2019.

By developing Etango, BMRN is placing itself amongst the major players in the country’s uranium resources.

“We chose to develop Etango because it combines globally significant scale, strong project

economics, and a streamlined pathway to development in one of the world’s premier uranium jurisdictions,” Van Aswegen explains.

“There is clear scalability for future expansion as market conditions strengthen. The project benefits from demonstrated processing performance through the Etango Heap Leach Demonstration Plant, which validated metallurgical performance, processing assumptions, and low technical risk supported by a simple, proven flowsheet.”

WHAT SAFETY PROTOCOLS AND MEASURES HAVE CONTRIBUTED TO BMRN’S 17 YEARS WITHOUT A RECORDED INJURY? Danie van Aswegen, Interim CEO: “Our 17-year record of zero lost time injuries (LTI) is the result of a strong safety culture. We make safety personal, simplify systems, show we care, and lead by example.

Our culture is based on continuous vigilance, proactive hazard identification, and strict adherence to procedures and risk mitigating controls.

“Safety is a shared responsibility amongst every employee and contractor. Therefore, regular safety briefings and awareness drives, thorough risk assessments, and effective mitigating controls are essential for maintaining a safe workplace.

“This achievement reflects our commitment to the company’s zero-harm philosophy and operational discipline, ensuring that everyone goes home safely whilst promoting continuous improvement in safety practices.

“The BMRN team and Bannerman Energy executives engage in Visible Felt Leadership (VFL) to enhance leadership presence in the field and encourage open conversations about safety. This process emphasises care, leading by example, and empowering all workers to address unsafe conditions.

“These discussions foster trust, reinforce personal ownership of safety, and uphold our ‘safety first, every day’ philosophy across the project.”

The Primary crusher building at Etango

The fine ore silo at Etango continues to take shape with concrete works progressing

Blasting and crushing of the heap leach drainage material is underway at Etango

Layout of the dry crushing circuit at Etango Uranium Project

BANNERMAN MINING RESOURCES NAMIBIA MINING

With the stockpile tunnel foundation completed, focus now shifts to the tunnel and wing walls

BMRN’S ETANGO MILESTONES • STRONG SOCIAL LICENCE TO OPERATE IN NAMIBIA – Since 2008, BMRN has conducted environmental baseline monitoring and developed International Finance Corporation (IFC)-compliant ESIA and management plans. Additionally, its partnership with the Namibian non-profit OEF aims to create economic opportunities. In 2017, BMRN granted OEF a five percent loan-carried shareholding in Etango.

BMRN also supports education, conservation, and tourism initiatives in Namibia. Notably, in 2019, former Managing Director Werner Ewald was named tourism personality of the year for his work with local tour operators and promoting synergies between mining and tourism.

• FULLY PERMITTED – BMRN can build, operate, and expand the Etango deposit as the project has demonstrated strong technical and commercial viability through extensive feasibility and operational testing.

• PROVEN TEAM – The company knows how to build an incredibly strong team with deep uranium and Namibian experience.

• FINANCING SOLUTION – Etango now has a world-class strategic partner and a clear, construction-funded pathway to bring it into production – a landmark partnership for the project and a major step forwards for Namibia.

• SUCCESSFUL EARLY WORKS CONSTRUCTION PROGRAMME – After receiving its mining licence in December 2023, BMRN began early construction at Etango, which has continued for 2.5 years exclusively with Namibian contractors. The work has stayed within budget and schedule and has been completed safely. The project achieved one million man-hours LTI-free in April this year.

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Furthermore, with long-term global uranium supply deficits forecasted, Etango is well-positioned as an advanced, development-ready project capable of supplying reliable uranium to the growing nuclear energy sector.

“The global nuclear fuel market is becoming increasingly focused on the widening imbalance between reactor requirements and projected primary uranium availability,” he observes.

“Nuclear generating capacity continues to expand through new builds, reactor life extensions, uprates, newcomer countries, and emerging technologies.”

Together, these developments are driving sustained growth in uranium consumption and placing mounting pressure on future supply.

“The central challenge for the uranium mining sector is whether sufficient new production capacity can be brought online within the required timeframe,” Van Aswegen explores.

“Even with existing producers increasing output, the market is still likely to face a meaningful deficit, underlining the importance of advancing new uranium assets towards commercial operation over the next several years.”

As such, Etango is poised to deliver additional uranium volumes as industry conditions tighten by the end of the decade. With advanced technology and reduced risks, it’s moving towards fullscale construction, aiming for first production in 2028.

At full capacity, it could meet the annual uranium needs of seven to eight large nuclear reactors, boosting global fuel supply during a critical time.

ETANGO’S ENVIRONMENTAL EMPOWERMENT BMRN exercises best-practice environmental, social, and governance (ESG) leadership in all aspects of its business, most notably in its

MORRIS MATERIAL HANDLING SA (PTY) LTD Morris Material Handling SA (Pty) Ltd, Southern Africa’s largest crane company, manufactures and supplies electric overhead travelling (EOT) cranes, hoists, and accessories. The South African operation was established in 1952, and expanded to the present 11,000 m² factory in Apex, Benoni, Johannesburg.

The product range at Morris is predominantly based around the ABUS range of lifting equipment, a range supplied from ABUS Kransysteme GmbH in Germany. These units are manufactured to the highest of European Standards and Morris have had the sole Sub-Saharan agency for this product range for over a decade.

Morris has additionally joined forces with ETS Engineering S.p.A., for the distribution of explosion-proof solutions certified to EU standards. With expert service and decades of experience, Morris delivers safe, reliable lifting solutions across standard and hazardous environments.

Crane Aid is Morris Material Handling’s nationwide network, consisting of eight branches for the provision of longterm maintenance, servicing, modernisation, load testing, refurbishment and the supply of spare parts. Crane Aid services and repairs all makes of lifting equipment.

MORRIS IS PROUD TO PARTNER WITH BANNERMAN RESOURCES ON THE ETANGO PROJECT IN NAMBIA. This reflects Morris’s ongoing commitment to delivering robust, precision engineered crane solutions for Africa’s most demanding industries.

Production is set to commence shortly on the 80-tonne double girder semi-portal crane, which will support the maintenance of secondary and tertiary crushers at Etango. This will be followed by the manufacturing of two overhead cranes, along with a range of chain hoists, chain blocks, and wire rope hoists. These lifting solutions will be deployed across key areas of the project, including the fine ore silo belt, conveyor systems, and reclaim tunnel, amongst others.

This project reinforces Morris’s role in supporting critical mining infrastructure across the continent.

TEL: +27 11 748 1000| www.morris.co.za EMAIL: sales@morris.co.za

A semi-portal crane project similar to the crane that will be manufactured for Etango.

BANNERMAN MINING RESOURCES NAMIBIA MINING

Construction power facilities have been completed and the 33-kilovolt reticulation has been commissioned

ENHANCING EDUCATION In 2023, BMRN won the African Mining Indaba ESG Award for Community Engagement in recognition of its Early Learner Assistance (ELA) programme.

Since its launch in 2011, the ELA programme has supported and

“ W E A R E P R O U D O F O U R E N V I R O N M E N TA L AC H I E V E M E N TS , I N C LU D I N G O U R B AS E L I N E D ATA S I N C E 2 0 0 8 , I N N O VAT I O N S I N D R I L L P A D R E H A B I L I TAT I O N I N T H E N A M I B D E S E R T A D O P T E D BY OT H E R U R A N I U M M I N E R S , AND OUR PEER-REVIEWED ESIA FOR E TA N G O , W H I C H S E C U R E D E N V I R O N M E N TA L CLEARANCE” – D A N I E VA N A S W E G E N , I N T E R I M C E O , B A N N E R M A N M I N I N G R E S O U R C E S NAMIBIA

inspired young learners from underserved communities across Namibia to stay in school by providing uniforms and essential materials.

“Initially, what began as school fee support in our local region of Erongo has evolved into a nationwide initiative. Moreover, since the Namibian government abolished school fees, the ELA programme shifted its focus to school uniforms – now supporting more than 4,600 learners,” Van Aswegen impassions.

Whilst fees are no longer a barrier, a lack of uniforms can still impact confidence and inclusion, and ELA helps close the gap.

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commitment to nuclear energy, where the company is highly respected by stakeholders in Namibia and beyond.

“Nuclear energy is vital for the global shift to a low-emissions future, supplying about 10 percent of the world’s electricity as the second largest low-carbon power source after hydropower. In this regard, it is reliable, scalable, and cost-effective, enhancing energy security and grid stability whilst supporting intermittent renewables like wind and solar.

“Moreover, beyond electricity generation, nuclear energy is expected to contribute to the decarbonisation of key industries, including heating, desalination, and hydrogen production. Additionally,

the resource can also create longterm, high-skilled employment opportunities and support regional economies,” posits Van Aswegen.

As global decarbonisation accelerates, the demand for uranium is expected to rise significantly. The International Energy Agency (IEA) projects that nuclear capacity will need to nearly double by 2050 to achieve net zero goals.

BMRN’s Etango project will enhance global uranium supply, aiding the transition to a lower-carbon world.

It will create 300 direct jobs and up to 5,000 indirect jobs, avoid 64 MT of carbon emissions by replacing coalfired power, and displace 25 MT of coal equivalent.

CONSTRUCTION EXCELLENCE: DELIVERING SUSTAINABLE INFRASTRUCTURE

Namibbeton is a 100 percent Namibian-owned civil engineering contracting company with a proven track record and advanced expertise in construction operations. We specialise in civil and municipal infrastructure services, road construction, maintenance and rehabilitation, mining, bulk earthworks, pipelines and selected building and concrete works.

formidable force in delivering quality projects in Namibia’s highly competitive construction sector.

From a small private company established in 1981, we have held our own through more than 40 years of continuous construction experience to become a reliable, trusted and

Namibbeton has demonstrated construction excellence through the successful completion of various projects throughout Namibia.

We pride ourselves on adaptability and flexibility, solving complex technical challenges with cost-effective, innovative techniques whilst upholding highest standards of quality, health, safety and environmental care.

ETANGO URANIUM MINE: BULK EARTHWORKS PROJECT Namibbeton is currently finalising the Bulk Earthworks project for the Etango Uranium Mine in Namibia. The project entails moving of roughly 2,000,000 m³ of gravel. Part of the works was the precision drill and blast of the primary crusher pit as well as the coarse ore stockpile tunnel. The scope also includes the 360,000 m² of heap leach pads and ponds, internal roads as well as various earthwork terraces.

OTHER NOTABLE INFRASTRUCTURE PROJECTS

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Auasblick Extension 1, Windhoek, Namibia Finkenstein Estate, Windhoek, Namibia Academia Extension 1, Windhoek, Namibia Otjomuise Lifestyle Estate, Windhoek, Namibia Khomasdal Extension 16, Windhoek, Namibia Otjiwarongo Extension 12, Otjiwarongo, Namibia Dunes Estate Development, Walvis Bay, Namibia Osona Village Lifestyle Estate, Okahandja, Namibia

BUILDING NAMIBIA’S FOUNDATIONS FOR THE FUTURE Contact us today: Nico Badenhorst | nico@namibbeton.com +264811491002 | +264 61 262 971

BANNERMAN MINING RESOURCES NAMIBIA MINING

BMRN celebrated on-site with all contractors at Etango the achievement of 16 years LTI-free

“Since commencing operations in Namibia in 2006, we have demonstrated exemplary environmental standards,” he prides.

“We are proud of our environmental achievements, including our baseline data since 2008, innovations in drill pad rehabilitation in the Namib Desert adopted by other uranium miners, and our peer-reviewed environmental and social impact assessment (ESIA) for Etango, which secured environmental clearance.”

Furthermore, as part of the project’s development, BMRN has carefully considered environmental impacts in its design trade-offs and when selecting the process plant, with a strong focus on reducing Etango’s overall footprint whilst maintaining technical and commercial robustness.

INNOVATIVE SUSTAINABLE DEVELOPMENT Despite the Etango deposit’s leading global status, it is considered low grade by global hard-rock uranium standards, with an endowment of approximately 240 ppm of uranium.

“A conventional uranium processing route would typically require energy-intensive crushing and grinding, agitated-tank leaching, solvent extraction, and wet tailings 10 | Africa Outlook Issue 120

“ E TA N G O W I L L S I G N I F I C A N T LY B O O S T N A M I B I A’ S U R A N I U M M I N I N G I N D U S T R Y A S A KEY ECONOMIC DRIVER IN THE ERONGO REGION. THE PROJECT’S CONSTRUCTION A N D O P E R AT I O N S W I L L C R E AT E NUMEROUS JOB OPPORTUNITIES FOR I TS S U B CO N T R AC TO R S , S U P P L I E R S , A N D S E RV I C E P R OV I D E R S ” – D A N I E VA N A S W E G E N , I N T E R I M C E O , B A N N E R M A N M I N I N G R E S O U R C E S NAMIBIA

disposal — all of which would present significant challenges in Namibia given the country’s water scarcity, energy constraints, logistical complexity, and reliance on imported reagents.

“In response, the Etango process flowsheet reimagines traditional hardrock uranium processing to fit the project and local conditions. It uses heap leaching on fine crushed ore instead of milling and tank leaching, eliminates the solvent extraction stage through ion exchange and direct uranium precipitation, and employs dry-stacked leached tailings (ripios) instead of wet disposal,” Van Aswegen details.

Together, these innovations significantly reduce water and energy

requirements, lower operating complexity, and minimise the project’s environmental footprint, whilst also improving capital efficiency and supporting a more streamlined, lowerrisk development pathway.

“Etango will significantly boost Namibia’s uranium mining industry as a key economic driver in the Erongo region. The project’s construction and operations will create numerous job opportunities for its subcontractors, suppliers, and service providers,” he affirms.

The contractor workforce on site includes over 560 people from four local Namibian firms: Namibbeton, K Neumayer Civil Contractors, Tulela Mining & Construction, and AN Construction.

Project team of Bannerman, Wood, Köppern before delivery

Köppern HPGR to boost production of Bannerman

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s a Christmas present in December 2023 Bannerman chose Köppern as their supplier for one major beneficiation item in their uranium ore processing. Placed in the tertiary stage, the HIGH PRESSURE GRINDING ROLL (HPGR) acts as a high efficient transfer unit of upstream crushing and downstream agglomeration.

High-Pressure Grinding Rolls (HPGRs) have emerged as a preferred alternative to traditional grinding apparatuses since the 1980`s by offering several advantages, including improved energy efficiency, reduced water consumption, and enhanced product quality. Also higher throughput rates, finer product options and low wear make them an attractive option for modern processing facilities.

Explaining of surface details at full assembled FAT test

The technology of roller presses have been established in mineral and metal industries with more than 1000 successful working machines supplied by Köppern, a family-run company based in Germany.

MDs Chamberlain and Schäfer at old roller press

The key process advantage is the high level of forces available in the machine that lead to micro fracturing grains of the base uranium ore.

This boosts accessibility of leaching agents on the pounds. Dr. Felix Heinicke, Senior Process Manager of Köppern, reports: “The machine is equipped with 13.000 kN which are applied to a grinding zone of 0,2m² in between the rollers only. Material passes this zone in about 10 ms which leads to a super high peak impact which grinds the particles but also destabilizes the grain in between primary compounds.”

The company has stood for technological innovation and the highest manufacturing quality since 1898. “One key success of the project is the early exchange of all needs around the project. Köppern serves with high-specialized experts who supported Bannermann and the main engineer Wood throughput the project.” Says Marcel Spritulle, Senior Project Manager of Köppern. To boost final production, and to ensure the highest availability and performance, Bannerman and Köppern are currently finalizing long time service agreements which includes individual adaptation to the on-ground needs of Namibia.

www.koeppern-international.com

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BMRN’s project team, with over 70 years of collective experience in Africa, focuses on empowering Namibian small to medium-sized enterprises (SMEs).

STRATEGICALLY LEAPING TO A BRIGHTER FUTURE The current and primary focus for BMRN’s team is Etango – transitioning from early works into full construction of the mine later this year and finalising the project as a joint venture (JV).

“In February 2026, we announced the strategic partnership with CNNC. Through CNNC Overseas Limited (CNOL), CNOL will invest up to USD$321.5 million for a 45 percent stake in the JV company that owns 95 percent of Etango.

“Bannerman Energy will retain a 55 percent stake in the JV, which translates to a 52.25 percent effective economic interest in the project.

The OEF will continue to hold its five percent loan-carried shareholding,” reveals Van Aswegen.

Most importantly, Etango can now be constructed debt-free.

“Building without project debt reduces financial risk, gives us more flexibility, and strengthens our ability to manage construction and ramp-up with confidence, positioning BMRN to remain meaningfully exposed to upside future uranium prices.”

Under the agreement, CNOL will purchase 60 percent of Etango’s production, whilst Bannerman Energy will market the remaining 40 percent, thereby offering revenue certainty and strategic flexibility and supporting stability and growth.

Furthermore, strengthening Namibia’s position as a leading

uranium producer, CNOL’s investment in Etango reflects confidence in the country’s regulatory environment.

Once operational, the project will boost job creation, skills development, export revenues, and overall economic growth.

“At a time when the world is accelerating nuclear energy development to support energy security and lower-carbon power generation, Namibia is poised to play a critical role in the global nuclear fuel chain.

“For employees, this is a defining milestone. After nearly two decades of technical studies, optimisation, and de-risking work, we have secured the final key piece required to move towards development,” he exclaims.

The company now has construction funding in place, a Tier 1 off-take partner, a globally respected technical collaborator, and a clear pathway to an FID upon completion of the transaction, estimated to be around mid-2026.

“This partnership validates our project strength. With support from Namibian leaders and stakeholders, we are positioning Etango as a key global greenfield uranium project. Our goal is to complete the JV transaction, execute an FID, and commence fullscale construction shortly thereafter.

“We look forward to a successful partnership with CNOL and will continue to build the Bannerman brand and culture as our team grows,” Van Aswegen enthusiastically concludes.

Tel: +264 64 416200 info@bmnenergy.com

bannermanenergy.com

BANNERMAN MINING RESOURCES NAMIBIA MINING

Engineering the Future of Namibia AN Construction CC is a proudly Namibian civil engineering contractor with over 50 years of experience delivering high-quality infrastructure projects across the country.

We specialise in pipeline construction, water and wastewater infrastructure, and reinforced concrete works for public and private clients.

With a strong focus on quality, safety, and reliable delivery, we provide durable, efficient solutions for demanding environments, including mining and resource developments.

Our current projects include the Etango Water Scheme permanent pipeline, showcasing our commitment to engineered excellence and long-lasting results.

Delivering quality infrastructure solutions across Namibia.

Get in touch with us today!

Cell: +264 81 308 4347 Tel: +264 61 228 271 Email: armand@anconstruction.com.na

The Bannerman Early Learner Assistance program has reached 4600 learners across Namibia

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Tel: +264 64 416200 info@bmnenergy.com bannermanenergy.com

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