Australian Uranium Firms Target Namibia as Nuclear Power Revival Drives Demand

Australian uranium companies are advancing major projects in Namibia as rising global interest in nuclear power strengthens the outlook for uranium demand and prices.

Perth-based Bannerman Energy and Deep Yellow are developing uranium projects in Namibia, joining Chinese companies that already have a major presence in the country’s uranium industry.

The renewed interest comes as countries including China, the United States and India expand nuclear power plans to meet rising electricity demand while reducing carbon emissions and strengthening energy security.

Bannerman Advances Etango Uranium Project

Bannerman expects to finalize a partnership with China National Nuclear Corporation (CNNC) to develop its Etango uranium project in Namibia.

Under the proposed agreement, CNNC would acquire a 45% stake in the subsidiary holding 95% of Etango and contribute up to $321.5 million toward construction.

CNNC would also have the right to purchase 60% of Etango’s future uranium production. The project could begin production as early as 2028.

Bannerman says the partnership would allow Etango to move toward construction without taking on significant debt.

Deep Yellow Advances Tumas

Nearby, Deep Yellow is progressing its Tumas uranium project, with a final investment decision targeted for later this year.

The company expects Tumas to produce around 3.5 million pounds of uranium annually once operational.

Deep Yellow CEO Greg Field said the continued expansion of nuclear power, particularly in China, is expected to widen the gap between uranium supply and demand.

The company believes higher uranium prices could also make lower-grade uranium deposits economically viable.

Chinese Companies Already Dominate Namibia’s Uranium Sector

China already has significant interests in Namibia’s uranium industry.

CNNC owns 25% of the Langer Heinrich uranium mine, operated by Australia’s Paladin Energy, while also holding a majority stake in Rossing Uranium.

Namibia’s largest uranium mine, Husab, is owned by China General Nuclear Power Group.

Langer Heinrich restarted operations in 2024 following a six-year suspension, highlighting the renewed momentum across Namibia’s uranium sector.

Global Nuclear Revival Boosts Namibia

Namibia is the world’s third-largest uranium producer after Kazakhstan and Canada and currently has three operating uranium mines.

The country is seeking to benefit from growing global demand for uranium, although it does not currently generate nuclear power and imports most of its electricity.

Industry representatives say the combination of stronger uranium prices and growing demand is encouraging companies to move projects forward.

Etango and Tumas are each expected to produce approximately 3.5 million pounds of uranium per year, while an expansion at Etango could nearly double its production capacity.

For Namibia, the renewed investment could strengthen its position as a major global uranium supplier as countries accelerate nuclear power development and seek reliable low-carbon electricity.