Deep Yellow awards N$392.6m Tumas contracts

Deep Yellow has awarded two civil and concrete construction contracts worth N$392.6 million for its Tumas Uranium Project to Namibia Construction and Nexus Building and Civils Contractors.

The contracts, awarded through a competitive tender process, mark a milestone as the company moves towards its anticipated Final Investment Decision (FID) later this year. Mobilisation is due to begin in August 2026.

The two contractors are expected to employ about 500 workers between them at the Tumas site, with each company mobilising around 250 employees.

Deep Yellow Namibia managing director Zebra Kasete said the announcement represented "much more than the award of construction contracts".

"This is a clear demonstration that we are delivering on that commitment, as local businesses and local employees will play a leading role in building one of the country's next major mining operations," he said.

The contracts cover civil and concrete infrastructure across the Tumas processing facilities and will establish multiple work fronts, giving the project greater execution flexibility and reducing construction risk as it advances.

Kasete said the investment would deliver benefits beyond the construction site itself.

"The Tumas Project is an investment in Namibia's future. In addition to creating around 500 jobs through these contracts, it will stimulate opportunities for local suppliers, transport providers, accommodation establishments and many other Namibian businesses," he said.

He added that the project would continue to contribute to Namibia's economic growth through local procurement, skills development, foreign direct investment and future tax and royalty contributions once operational.

Kasete said the contract awards represented just one phase of the Tumas Project, with further procurement opportunities expected as development progressed.

"Locals can expect further opportunities for Namibian contractors, skilled tradespeople, graduates, apprentices and local service providers, supporting the company's objective of maximising local participation throughout the life of the mine," he said.

He acknowledged the Deep Yellow teams whose work had helped advance the project, and congratulated Namibia Construction and Nexus Building and Civils Contractors on securing the contracts.

"There is still important work ahead as we move towards final investment decision, but this milestone demonstrates the steady progress we are making. Together with our Namibian partners, we are building more than a mine; we are creating opportunities that will benefit Namibia for generations to come," he said.

Deep Yellow said global demand for responsibly produced uranium continued to grow in support of the clean energy transition, and that the Tumas Project was positioned to contribute to both global energy security and Namibia's sustainable economic development.

"Namibia has long been recognised as a world-class uranium-producing nation. The Tumas Project will strengthen that position while creating meaningful opportunities for our people, supporting local industry and contributing to a cleaner energy future. This is an exciting milestone for Deep Yellow, for our partners and, most importantly, for Namibia," Kasete said.