Australia-based Bannerman Energy join China’s CNNC for debt-free construction of its Namibian uranium project
World Nuclear News , Friday, 13 February 2026
Australia-based Bannerman Energy has signed a strategic financing and joint venture agreement with China’s CNNC Overseas Limited, paving the way for debt-free construction of its Etango uranium project in Namibia.
Under the agreement, CNNC Overseas Limited (CNOL) – a subsidiary of China National Uranium Corporation (CNUC) and part of China National Nuclear Corporation (CNNC) – and Bannerman will form an incorporated joint venture. This will be done through Bannerman’s UK subsidiary, Bannerman Energy (UK) Ltd (JVCo), by way of CNOL’s subscription for newly issued shares in JVCo, resulting in JVCo ownership of 55% by Bannerman and 45% by CNOL upon completion. JVCo holds a 95% interest in the Etango Project. CNOL will make an initial investment of USD294.5 million into JVCo upon completion.
The agreement includes a provision for additional investment by CNOL of up to USD27 million upon completion, to reimburse Bannerman for CNOL’s 45% share of project-related expenditure incurred between 1 July 2025 and completion. Bannerman and CNOL will each fund post-completion capital expenditure and operating costs of JVCo and the Etango Project pro rata to their respective 55% and 45% equity interests. The agreement also includes a life-of-mine offtake entitlement for CNOL covering 60% of actual production from Etango.
Upon completion, underlying economic ownership of the Etango project will comprise 52.25% Bannerman and 42.75% CNOL, with Namibian social welfare organisation One Economy Foundation (OEF) retaining its 5% loan-carried shareholding.
Bannerman said the agreement “enables debt-free construction of Etango mine – a financing pathway that delivers greater financial and offtake flexibility and with reduced risk”.
The transaction is targeted for completion in mid-2026, pending key conditions including filings with the relevant Chinese government authorities and foreign exchange registration, CNUC shareholder approval, clearance from the Namibian Competition Commission, amendment to the OEF funding agreement, and execution of key infrastructure supply contracts………………………………
Etango is in Namibia’s Erongo uranium mining region, which hosts the operating Rössing (in which CNUC holds a 68.62% stake), Langer Heinrich and Husab uranium mines. The proposed Etango mine received environmental approval in 2010 and the Namibian Ministry of Mines and Energy in 2017 granted Bannerman a five-year, extendable, mineral deposit retention licence over the project. Namibia’s Ministry of Mines and Energy granted Bannerman Energy a mining licence for Etango in December 2023.
https://www.world-nuclear-news.org/articles/bannerman-partners-with-cnnc-for-namibian-uranium-project
Why The Economics of War in Australia Matter
14 February 2026 AIMN Editorial, By Denis Hay
Australia’s defence spending is rising at a time when housing stress, health system pressure, and energy transition demands are also intensifying.
Public debate often treats defence and social investment as separate conversations. They are not. Both draw on the same public money, skilled labour, industrial capacity, and political attention.
This article examines how the war economy functions, how Australia’s major defence commitments shape long-term fiscal settings, and what opportunity cost means in practical terms. It does not argue for ending defence. It does not dismiss strategic risk.
Instead, it asks a structured economic question: when public funds are allocated to long-duration military programs, which alternatives are delayed or constrained?
Unlike earlier articles on Monetary Sovereignty that focus on financial capacity, this piece concentrates on real resource allocation and political incentives within defence policy.
The Problem: The Economics of War and Locked-in Spending
Rising Global Military Spending
The Stockholm International Peace Research Institute reports that global military spending reached US 2.7 trillion in 2024. Australia is part of this global expansion…………………….
Australia’s Major Defence Commitments
Under the Department of Defence strategy and the AUKUS submarine pathway, Australia has committed to multi-decade procurement and sustainment programs………………………………………………………
Systemic Causes
- Alliance integration priorities
- Strategic deterrence doctrine
- Industrial policy embedded within defence
- Long-term contracting frameworks
Political Incentives
- Regional job creation promises
- Perception of strength and security
- Limited scrutiny of lifecycle costing
- Concentrated contractor influence
Beneficiaries of the Status Quo
- Large defence primes
- Specialist subcontractors
- Regions hosting major facilities
- Political actors are able to signal security leadership
This does not imply corruption. It shows structural incentives.
The Economics of War in Australia and Opportunity Cost
Opportunity cost is not abstract. For example, if $10 billion in defence procurement employs engineers and advanced manufacturers, those same skilled workers are not simultaneously available to expand public housing construction…………………………………………………………………………………………………………………………………………………………………………………………
Conclusion
The economics of war in Australia are about allocation, not ideology.
Defence commitments such as AUKUS are long-term and capital-intensive. Housing shortages, healthcare strain, and energy transition pressures are immediate and socially destabilising.
Public money reflects political priorities. The central question is whether more military capability delivers greater marginal security than investment in social resilience.
Australia has the institutional capacity to pursue both strategic security and domestic stability. Outcomes depend on policy choice, not inevitability.
The economics of war in Australia are not just about defence budgets or alliance commitments. It is about choices. Every dollar committed to long-term military expansion is a dollar not invested in housing, healthcare, education, and productive industry. A balanced approach to the economics of war in Australia requires transparent costing, clear strategic purpose, and a serious national discussion about opportunity cost. https://theaimn.net/why-the-economics-of-war-in-australia-matter/
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