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Bannerman Energy has completed CNOL strategic investment of US$320.4 million for the funding, development and operation of the Etango Uranium Project.
CNOL is a subsidiary of Shenzhen Stock Exchange listed China National Uranium Corporation (CNUC) and part of leading integrated global nuclear utility, China National Nuclear Corporation (CNNC).
“We are delighted to have finalised our long-term strategic partnership with the CNNC Group.
“This landmark project funding and joint venture arrangement is a powerful enabler of the successful construction, ramp-up and operation of the world-class Etango Uranium Project,” said Bannerman Executive Chairman, Brandon Munro.
Completion of the deal delivers outstanding alignment between the project partners, including pro rata sharing of any future contributions into the JV, as well as an excellent core offtake arrangement from which to commence future production operations.
Munro said the debt free construction of Etango substantially reduces the financial risk profile during construction and ramp-up, as well as significantly enhancing Bannerman’s overall corporate financial flexibility.
“Finally, we are delighted to have entered a long-term strategic alliance with such a highly respected and proven nuclear operator globally.”
Meanwhile the Etango early construction works program continues to advance, with strong progress maintained over the course of this year.
“Completion of this strategic funding agreement clears the path for targeted FID on Etango before year end, with commencement of full-scale construction set to position it as the next major greenfield uranium project globally to enter production,” said Munro.
Commenting on the completion of this collaborative partnership, Vice President of CNUC, Feng Li, said:
“The successful completion of this cooperation is the result of long-term communication, close collaboration, and, above all, mutual trust between our two teams.
“The Bannerman team has demonstrated professionalism, pragmatism, and commitment throughout the process. The fact that all precedent conditions were fulfilled on schedule is a strong testament to the trust, efficiency, and shared commitment that have characterized our cooperation.”
He said the Etango Project stands out with its strong resource base, proven and mature mining and processing technologies, and significant potential for follow-up development.
“We are confident that, by combining our complementary strengths in resource development, technology, management, and operations, we can successfully deliver the project on schedule and establish it as a global benchmark of win-win collaboration in the global uranium sector,” said Li.
