By: Nghiinomenwa-vali Hangala
Chinese companies own either majority shares or second majority shares in the country’s three active major uranium mines as of 2025, shows the Chamber of Mines Annual Review Report.
Latest updates indicate that China’s central state-owned enterprise responsible for the country’s nuclear fuel cycle has acquired another major stake in the Etango Uranium Mine, which is one of the major mines under development.
China General Nuclear owns 90% of the Husab Uranium Mine, located near Swakopmund, which is the second-largest uranium producer in the world.
In 2019, its subsidiary, China National Uranium Corporation (CNUC), acquired 68.62% ownership of the Rössing Uranium Mine from Rio Tinto.
CNUC subsidiary, CNNC Overseas Limited (CNOL), also owns a 25% non-operating interest in the Langer Heinrich Uranium Mine, a stake it acquired in 2014.
China National Nuclear Corporation (CNNC) is China’s central state-owned enterprise responsible for the country’s nuclear fuel cycle, covering reactor development, uranium exploration, mining, and nuclear technology applications.
China has also acquired a 42.75% stake in the Bannerman Etango Project through CNOL, according to updates from Bannerman Energy, the developer of the mine.
The Etango Uranium Project is another big uranium project being developed in the Erongo Region.
The stake in Eatngo will give the Chinese CNOL access to a market-based offtake agreement to purchase 60% of Etango’s production.
“Granting significant supply flexibility, with pricing on arm’s-length, market-based terms,” Bannerman Energy wrote in their first quarter report for 2026.
The commitment of a Tier-1 cornerstone offtake customer on arms-length pricing and market-based terms is without floors or ceilings, and it provides coverage for 60% of Etango’s life-of-mine production.
The quarterly report added that the offtake agreement “reduces the magnitude of additional offtake contracting required to be undertaken during the early phases of full-scale Etango construction.”
Bannerman will only market its remaining 40% share of production, relative to more prescriptive offtake structures that may otherwise be required under alternative financing arrangements.
According to Bannerman Energy, the deal will give it extensive access to the broader Chinese and global nuclear fuel markets, including potential accelerated major capital items and broader procurement efficiencies.
Etango has benefitted from exploration and feasibility activity over the past 15 years.
Bannerman Energy has reported that Etango’s tenement possesses a globally large-scale uranium mineral resource.
In December 2022, a Definitive Feasibility Study (DFS) was completed on the Etango-8 Project, confirming to a definitive level the strong technical and economic viability of conventional open pit mining and heap leach processing of the Etango deposit at 8Mtpa throughput (for an average annual output of 3.5 Mlbs U3O8).
In March 2024, a scoping study demonstrated the capacity to expand annual production to 6.7 Mlbs U3O8.
In terms of the Etango Mine development, latest updates have indicated that the bulk earthworks contract is progressing and approximately 66.5% complete.
The main focus remains on the construction of heap leach pads and wet plant terraces.
Blasting, crushing, and screening of heap leach drainage aggregates are advancing to schedule and on-spec with approximately 24% of the total requirement completed.
All key workstreams remain on track for a targeted positive Final Investment Decision on Etango during the second half of 2026, subject to completion of the CNOL strategic investment and joint venture transaction.
Uranium market fundamentals have been noted to continue to strengthen over the period.
Meanwhile, spot pricing remained volatile, long-term price indicators improved, and global policy support is increasingly translating into reactor life extensions, restarts, and new build commitments, reinforcing utility focus on long-term supply security.
Spot U3O8 prices rose from US$82.00/lb at the beginning of January to an intra-quarter high of US$101.50/lb, before progressively easing to end March at US$84.50/lb.
The long-term price reference increased by US$6.00/lb over the quarter, closing at US$93.00/lb on 31 March 2026.
This move, according to Bannerman Energy insights, reinforces that while daily spot pricing remains sensitive to liquidity, fund flows, and broader market sentiment, longer-dated pricing continues to reflect building strength in underlying uranium market fundamentals.
