Africa’s largest uranium producer could soon hand Russia a major foothold in its nuclear ambitions

Africa’s largest uranium producer, Namibia, could be nearing the completion of a major deal with Russia, as Moscow expects a positive response from the Southern African country.

• Namibia, Africa’s largest uranium producer, is close to finalizing a major uranium production deal with Russia’s Rosatom.
• Negotiations involve production in Namibia’s Omakeke region and cooperation on the peaceful use of nuclear energy.
• Rosatom expects a positive decision from the Namibian government soon, with uranium exploration targeted for completion by 2026 and mining starting in 2029.
• Namibia is also considering the establishment of a nuclear power plant in collaboration with Russia.

According to the Director General of the state-controlled energy company, Rosatom, Aleksey Likhachev, who spoke to Rosatom’s gazette on the subject, Russia has been in talks with Namibia since the start of the year concerning the production of uranium in the country’s Omakeke region.

At the time, Namibia also began discussing advancing the timeline for an intergovernmental agreement on cooperation in the peaceful use of nuclear energy.

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He noted that, as presently constituted, the negotiations are nearing completion, and the company expects a positive response from the Namibian government.

“All the necessary conclusions have been made, the findings have been sent directly to Namibia’s leadership, and we expect that within the next few months a positive decision will be taken and we will be able to come to Namibia with the implementation of a concrete project,” he stated, as seen on Sputnik.

Rosatom’s timeline to finalize its uranium exploration in Namibia is 2026, while it intends to begin mining by 2029.

Additionally, in April last year, reports indicated that Namibia had initiated discussions regarding the potential establishment of a nuclear power plant, in collaboration with the Russian Federation.

Boasting Africa’s most prevalent uranium market, several global powerhouses have approached Namibia with deals to be part of the country’s uranium stakeholders.

Recent foreign investment in Namibia’s uranium market

A few weeks back, China’s state-owned nuclear enterprise made further headway toward a $321.5 million investment in the Etango uranium venture in Namibia.

Concurrently, Australian-listed Bannerman Energy is securing approximately $82 million in additional funds to support construction efforts.

Under the terms of the proposed agreement, CNNC Overseas is set to provide $294.5 million directly to the Etango project and may reimburse Bannerman up to $27 million for earlier expenses, bringing the Chinese firm’s total potential financial commitment to $321.5 million.

Upon completion, Bannerman will retain a 55% majority interest in the resulting joint venture, with CNNC Overseas holding the remaining 45% stake.

In April, it was reported that the Southern African country hosted a new high-grade critical mineral site after Australian-listed Askari Metals (ASX: AS2) reported Phase 1 trenching results at its 100%-owned Uis Project, confirming extensive polymetallic mineralisation.