In a significant boost to local enterprise, Bannerman Energy Ltd has announced plans to award contracts worth over N$213 million exclusively to Namibian companies within the next two months for its flagship Etango uranium project. This substantial commitment, revealed in a project update presentation at last week’s Mining Expo and Conference, forms part of the company’s accelerating development phase and underscores its strategy to maximize local economic participation long before the mine reaches full production.
The upcoming contracts, focusing on critical construction elements, include the primary crusher concrete works, supply of aggregate for the heap leach pad, and further infrastructure development. This N$213 million injection follows the N$416 million already spent with Namibian contractors since the project’s inception, bringing the total committed local expenditure by the end of October 2025 to a formidable N$629 million.
“Already” delivering: Foundations for growth laid
Bannerman’s presentation, titled “Etango’s contribution to Local Economic Growth ‘Already’ and ‘Still to come'”, highlights tangible progress beyond financial commitments. Significant on-site milestones have been achieved, including the completion of the access road, power and water connections enabling construction, excavation for the primary crusher (now ready for civil works), and the near-completion (90%) of the coarse ore stockpile area and tunnel. Construction of the heap leach pad and associated ponds is actively underway.
The emphasis on “Already” extends beyond hard infrastructure. Bannerman proudly details its corporate social responsibility investments within Namibia. This includes a N$1.8 million, three-year partnership with Mondesa Youth Opportunities, providing comprehensive educational support to talented students from underprivileged schools. Furthermore, their long-running Early Learner Assistance program, active since 2011, has benefited over 4,000 primary school learners across 9 Namibian regions, with over N$4 million invested. The 2025 program focus is on the Omaheke Region. The company also emphasizes its membership in TOSCO (Tourism Supporting Conservation), supporting a regenerative agricultural community project in Ekoio, Kunene Region, signaling an awareness of broader sustainable development goals beyond mining.
Still to come: The promise of sustained economic impact
While the current construction phase is generating substantial contracts and employment – peaking at around 1,000 workers – the presentation outlines an even more transformative economic impact forecasted once the Etango mine enters full-scale operation, projected for 2029 based on the project roadmap.
The most eye-catching figures relate to government revenue. Based on a conservative uranium price assumption of US$80 per pound, Bannerman projects an average annual contribution to the Namibian state exceeding N$1.36 billion. This breaks down into: N$220 million in average annual royalties and export levies, N$1,050 million in average annual company tax and N$90 million in average annual employee taxes.
This projected annual fiscal contribution represents a major potential revenue stream for national development initiatives over the mine’s planned 15-year initial life.
The local economy surrounding the mine is also poised for sustained benefits: In view of wages and salaries, the operational phase will support approximately 760 permanent positions (a mix of direct Bannerman employees and contract workers), with an estimated annual wage and salary bill of N$450 million flowing into the Erongo Region and beyond. In terms of local Procurement, Bannerman has committed to sourcing 60-70% of its total operational procurement needs locally. This translates into an estimated annual spend of N$1,300 million to N$1,500 million (N$1.3 – N$1.5 billion) with Namibian suppliers across various sectors, from consumables and services to potential downstream beneficiation opportunities. This consistent, high-volume local procurement is designed to stimulate secondary industries and create associated jobs.
Employment trajectory and roadmap
The employment graph within the presentation illustrates the transition from the construction peak (approx. 1,000 workers in 2025/2026) to the steady operational phase (760 workers from 2029 onwards).
The project roadmap confirms key upcoming phases: finalization of project financing, ramp-up of full construction activities leading to commissioning, and the target of achieving full uranium oxide (U3O8) production by 2029. An expansion phase, potentially doubling production capacity, is also indicated as a future possibility contingent on financing and market conditions (“FID potential expansion”).
A formula for shared success
Bannerman concludes its presentation with a simple, symbolic “magic formula”: 1 + 1 = 2 and 1 x 1 = 1. While playful, it underscores the company’s message: collaboration (1+1) creates amplified results (2), while focused execution (1×1) ensures core objectives are met (1). The imminent N$213 million contract awards represent the next step in this formula – partnering with Namibian businesses to build the physical mine, while the projected billions in salaries, procurement, and state revenue over the coming decades embody the long-term multiplicative economic impact “still to come”.
As the Etango project moves decisively from planning and early construction into major infrastructure development, Bannerman Energy is positioning itself not just as a uranium miner, but as a significant and committed engine for Namibian economic growth, with the next major infusion of capital into the local business community just weeks away. The focus on “Already” demonstrates tangible results, while the scale of the “Still to come” projections underscores the transformative potential the fully operational Etango mine holds for regional development and national coffers.