Australia-based Bannerman Energy has entered into a financing agreement with CNNC Overseas Limited (CNOL), a subsidiary of China National Nuclear Corp (CNNC), for construction of its Etango uranium project in Namibia.
The agreement will see CNOL invest up to USD321.5m (€271m) for a 45% interest in Bannerman Energy (UK) (JVCo), which owns 95% of the Etango project.
The transaction establishes a long-term development and operating partnership with CNNC, which is one of the world’s biggest nuclear utilities.
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