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Russia is waiting on a yes from Windhoek and it sounds confident of getting one. Namibia, Africa’s largest uranium producer, appears close to sealing a major production deal with Rosatom, the Russian state owned nuclear company, and Moscow says it expects the Namibian government to respond positively.
Rosatom’s Director General, Aleksey Likhachev told the company’s gazette that talks have run since the start of the year, centred on mining uranium in Namibia’s Omaheke region. Alongside those negotiations, Namibia began looking at how to speed up an intergovernmental agreement on the peaceful use of nuclear energy, a government to government framework that would set the terms for the two countries to work together on nuclear projects.
Likhachev said the negotiations, as they now stand, are nearing completion. In remarks carried by Sputnik, he set out what Rosatom expects next. “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,” stated Likhachev.
Rosatom’s timeline calls for uranium exploration in Namibia to be finished in 2026, with mining to begin by 2029. Separately, reports in April 2025 indicated that Namibia had opened discussions with the Russian Federation on the possible establishment of a nuclear power plant. Russia is not the only major power circling Namibia’s uranium sector, which has drawn approaches from several global players keen to become stakeholders. A few weeks ago, China’s state owned nuclear enterprise made further progress toward a $321.5 million investment in the Etango uranium project.
Under the proposed agreement, CNNC Overseas would provide $294.5 million directly to Etango and could reimburse Bannerman Energy, the Australian listed developer, for up to $27 million of earlier expenses, bringing the Chinese company’s total potential commitment to $321.5 million. Once the deal completes, Bannerman would keep a 55% majority interest in the resulting joint venture, with CNNC Overseas holding the remaining 45%. Bannerman is also raising about $82 million in additional funds to support construction efforts.
Interest in Namibia’s minerals extends beyond uranium. In April, Australian listed Askari Metals reported Phase 1 trenching results at its wholly owned Uis Project, a programme that involves digging trenches to sample rock close to surface and the results confirmed extensive polymetallic mineralisation, meaning several valuable metals occur together. The find added to Namibia’s profile as a host of high grade critical mineral sites. The moves show state backed capital from both Russia and China converging on a country that is fast becoming central to the global search for nuclear fuel and critical minerals.
