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August 2026
The Namibian
Deep Yellow's Tumas projectgeneratedmore than 1,000 jobs during development phases
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“Uranium initiatives such as Bannerman Energy's Etango project and Deep Yellow's Tumas project generated more than 1 000 jobs during their development phases.”
Deep Yellowhas already generatedmore than 1,000 jobs through Tumas Uranium Project
Source
“She welcomed the progress already made, saying projects such as Bannerman Energy's Etango Uranium Project and Deep Yellow's Tumas Uranium Project have already generated more than 1 000 jobs, with thousands more expected as construction advances.”
Deep Yellowcreated over 1,000 jobs atTumas Uranium Project
Source
“These projects have translated into over 1 000 jobs at Bannerman Energy's Etango Uranium Project and Deep Yellow's Tumas Uranium Project, and more jobs are expected to be created.”
Deep Yellowhas continued to work closely withNedbank Limited, its mandated lead arranger, to progress financing strategy for Tumas
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“Deep Yellow, which is developing the Tumas uranium project, has continued to work closely with its mandated lead arranger, Nedbank Limited, to progress the financing strategy for Tumas.”
Deep YellowawardedN$392.6 million in construction contracts to two local firms
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“Deep Yellow has awarded N$392.6 million in construction contracts to two 100% Namibian-owned firms, Namibia Construction and Nexus Building and Civils Contractors, for its Tumas Uranium Project.”
Deep Yellow Limitedawarded two major civil and concrete construction contracts worthN$391 million for Tumas uranium project
Source
“Deep Yellow Limited has awarded two major civil and concrete construction contracts worth a combined figure of N$391million for its flagship Tumas uranium project in the Erongo region marking another step towards the project's planned final investment decision (FID) later this year.”
Deep Yellow's Tumasiscurrently among the most advanced new uranium projects
Source
“New production is expected from several projects over the coming years, with Bannerman's Etango project and Deep Yellow's Tumas project currently the most advanced.”
A US delegation led by Ambassador John Giordano, including officials from the State Department's energy and trade agencies, held high-level meetings with Namibian government officials and industry leaders to expand cooperation in energy security, critical minerals, infrastructure, and emerging technologies. The delegation also represented the US at the Namibian Mining Expo and met with the Minister of Industries, Mines and Energy to discuss opportunities in these sectors.
A US delegation led by Ambassador John Giordano, including officials from the State Department's energy and trade agencies, held high-level meetings with Namibian government officials and industry leaders to expand cooperation in energy security, critical minerals, infrastructure, and emerging technologies. The delegation also represented the US at the Namibian Mining Expo and met with the Minister of Industries, Mines and Energy to discuss opportunities in these sectors.
President Netumbo Nandi-Ndaitwah has called for Namibia to move beyond raw material extraction and invest in domestic value addition and industrial expansion. At the Mining Expo and Conference, she emphasized that the nation's mineral wealth must drive local employment and prosperity, noting that macro-fiscal growth alone cannot remedy structural inequality.
President Netumbo Nandi-Ndaitwah announced that the mining sector contributed a combined N$24 billion to local procurement during the year under review, and set an end-of-August deadline for government ministries to implement reforms aimed at improving Namibia's business environment.
President Netumbo Nandi-Ndaitwah opened the 13th Chamber of Mines Mining Expo and Conference, themed "From Dialogue to Delivery: Assessing Progress in Creating Mining-Led Economic Growth and Employment Since NamPPF." The President stated that the mining sector remains one of Namibia's leading economic sectors towards Vision 2030.
Deep Yellow, developing the Tumas uranium project, has progressed financing with mandated lead arranger Nedbank Limited after completing an Independent Technical Expert review. The company is advancing the staged development of Tumas toward a Final Investment Decision anticipated in the last quarter of this year, with progress on power and water supply infrastructure including detailed design for grid connection and ongoing negotiations with NamWater.
At the 2026 Erongo Regional Career Fair in Walvis Bay, Mayor Johannes Shimbilinga called for collective action to prepare young people for emerging industries, particularly oil and gas and green hydrogen, emphasizing the importance of STEM subjects and technical skills.
Deep Yellow has awarded N$392.6 million in construction contracts to two 100% Namibian-owned firms for its Tumas Uranium Project, with mobilisation scheduled for August and expected to generate roughly 500 local jobs.
Deep Yellow Limited has awarded two civil and concrete construction contracts worth N$391 million for its Tumas uranium project in Erongo, part of the company's strategy to remove execution risk and secure contractors ahead of its planned final investment decision in the fourth quarter of 2026.
Deep Yellow Limited has awarded two major civil and concrete construction contracts worth N$391 million for its Tumas uranium project in Erongo, part of its strategy to remove execution risk and secure contractors ahead of a planned final investment decision in the fourth quarter of 2026.
Namibia exported over six million pounds of uranium oxide concentrate in the first quarter of 2026, the best start to a year in the country's recorded history, driven by rising global uranium prices now above US$80/lb. With three operating mines in the Erongo region and new projects in development, uranium is filling the gap left by the collapsing diamond sector.
A senior U.S. delegation led by Deputy Assistant Secretary of State Nick Checker concluded a four-day visit to Namibia from 11–14 June 2026 to strengthen bilateral relations and expand cooperation in trade, investment, energy, mining and logistics. Discussions with Namibian government officials and business leaders focused on deepening commercial ties and attracting investment in sectors including critical minerals and logistics.
The Chamber of Mines of Namibia reports that major mining projects including the Tumas Uranium Project, Twin Hills Gold Project, and Etango Uranium Project continued to progress in 2025, supporting the sector's role as a main economic driver, though rising policy uncertainty is starting to affect investor confidence.
Uranium exploration company Deep Yellow Limited has appointed Jennifer Mintz as chief legal officer to ensure strong corporate governance and regulatory compliance as the company advances its Tumas uranium project development in Namibia.
Deep Yellow's Tumas uranium project in Namibia is advancing with an initial capital investment of about N$7.55 billion and a post-tax net present value of N$9.19 billion, with a projected internal rate of return of 19%. The project aims to operate at a competitive all-in sustaining cost of N$716.40 per pound of uranium.
Namibia is one of the world's top three uranium producers and stands to benefit from rising global demand for nuclear power as countries pursue clean-energy goals. The country's three active uranium projects—Rössing, Husab, and the recently restarted Langer Heinrich—plus exploration activities could significantly increase output and government revenues over the next decade, though the water-intensive industry faces challenges from drought and market volatility.
According to an outlook by legal experts Patrick Kauta and Vivien Chaplin, Namibia's uranium mining sector is expected to benefit from rising global demand for nuclear energy, with established producers like Rössing, Husab, and the restarted Langer Heinrich expanding, while new projects including Etango-8, Tumas, and Norasa advance through development stages. The sector faces challenges including water scarcity and global market volatility, but Namibia's stable political environment and substantial reserves position it as an increasingly attractive investment destination for nuclear fuel supply.
Australian mining company Deep Yellow Limited has spent N$156 million over the past three months advancing its Tumas Uranium Project in the Erongo region, with detailed engineering 60% complete and bulk earthworks 24% complete. The company is derisking the project ahead of a final investment decision, expecting uranium prices to rise in 2026, and has secured a power supply agreement with Namibia Power Corporation.
Uranium mining company Deep Yellow discovered only thin layers of uranium in low concentrations during its recent drilling programme at the Tumas project in Erongo. The company will shift focus to under-explored nearby areas in 2026 after exploring 7km of paleo channels.