The Namibian Competition Commission has approved a proposed investment by Chinese state-owned nuclear company CNNC Overseas Ltd in the Etango uranium project.

The transaction involves CNNC Overseas’ acquisition of a minority interest in Bannerman Energy (United Kingdom), the company developing the Etango uranium project in the Erongo region, 30 km southeast of Swakopmund in the west of the south African nation.

The commission said the project is still in the development phase and has not yet begun commercial operations. After reviewing the deal, the regulator concluded it does not pose a threat to competition in the uranium sector.