Bannerman Energy and CNNC Overseas have approved full-scale construction of the Etango open-pit, heap-leach uranium mine in Namibia’s Erongo region, a US$353 million development designed to process 8 million tonnes of ore per year and produce about 3.5 million lb U₃O₈ annually from 2028. The project is fully funded without project debt, with CNNC investing US$320.4 million and securing offtake for 60% of lifetime production on market-based terms, while Bannerman markets the remaining 40%. Bulk earthworks are 99% complete, early works have already consumed US$64 million, and the first stage of the permanent water pipeline is about 90% finished, signalling limited geotechnical and infrastructure risk heading into main construction.

Chinese state-aligned miners have secured concessions over more than one million hectares in Nicaragua—around 8.5% of national territory—targeting high-grade epithermal gold systems such as the 50 km La India district, valued at an estimated $1.4 billion NPV. The gold endowment, with co-metals including antimony, tellurium and silver for infrared sensors and munition fuses, provides Managua with sanctions-resistant “war liquidity” while deepening Beijing’s resource portfolio. With Ortega’s removal of competitive elections, 30-year, state-backed concessions near the Panama Canal and 1,000 miles from the US border raise explicit anti-access/area-denial concerns for Western defence supply chains.

Newmont has priced the Red Chris block cave expansion in British Columbia at $4.2–$4.8 billion (including contingency and assuming a C$500 million federal contribution), targeting first underground production in 2033 and average output of 275,000–325,000 oz. gold and 65,000–85,000 tonnes copper from 2035–2040. Engineering is at least 60% complete, the cave has been reoriented to avoid major fault intersections, and initial development covers two mining blocks over 13 years with potential mine life up to 70 years. Development capex will rise about $500 million next year to $1.9 billion, with Red Chris accounting for roughly $250 million, funded from internal cash flow.