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.

The commission says the project is still in the development phase and has not yet begun commercial operations.

“The transaction relates to the Etango uranium project, which is currently at a development stage and not yet operational,” director of mergers and acquisitions Johannes Ashipala says.

After reviewing the deal, the regulator concluded it does not pose a threat to competition in the uranium sector.

“While the commission found the transaction does not raise competition concerns, public interest considerations were identified,” Ashipala says.

As a result, the approval was granted subject to conditions designed to ensure economic benefits for Namibia.

“Conditions were imposed to ensure employment creation, skills development and transfer, and increased participation of Namibian firms, including small and medium enterprises, in the uranium value chain,” the commission says.

The Etango uranium project is one of Namibia’s largest planned uranium developments.