Uranium developer Deep Yellow has appointed Nedbank as the lead arranger and book-runner for project financing of its Tumas project in Namibia. The ASX-listed company chose Nedbank due to its strong track record in financing mining projects across Africa.
Nedbank’s experience in Africa and financing uranium projects aligns well with Deep Yellow’s technically robust project. CEO John Borshoff commented, “Their extensive experience in Africa with a strong track record in financing uranium projects combined with our economically and technically robust project is a perfect match.”
The project financing aims to deliver competitive funding for the development of the Tumas project. Deep Yellow plans to work with Nedbank to balance the optimal level of offtake commitments required for debt funding while maximizing uranium price exposure.
The financing process will run parallel to detailed engineering, with a final investment decision expected by year-end. “Our schedule is holding for production start-up during the third quarter of 2026,” Borshoff noted.
The Tumas project plans to treat 4.15 million tonnes per year, producing up to 3.6 million pounds of uranium and 1.15 million pounds of vanadium annually over a projected mine life of 22.25 years. A December 2023 feasibility study validated a lower initial capital cost of $360 million, down 64% from initial estimates.
The partnership with Nedbank is expected to streamline the financing process and bring the Tumas project closer to its production goals. The combination of experienced financial backing and robust project planning bodes well for Deep Yellow’s ambitions in Namibia’s uranium sector.
Source: Mining Weekly
