Deep Yellow Limited is targeting the creation of about 1 800 jobs for Namibians as it pushes ahead with its Tumas uranium project, with a final investment decision (FID) expected in the fourth quarter of 2026.
The company plans to employ approximately 1 200 people during construction and a further 600 during operations, while targeting an impressive 98% Namibian participation across both phases. Deep Yellow managing director and chief executive officer Greg Field said building a predominantly local workforce would create skills, continuity and a sense of ownership around a mine expected to operate for decades. “Our target is 98% Namibian participation across construction and operations,” Field said. “That is good for Namibia, but it is also good for business. A locally based workforce gives us capability, continuity and ownership around a mine we expect to operate for decades.”
The employment target comes as Deep Yellow moves closer to a decision on whether to commit billions of dollars to developing Tumas. The company said earthworks have been completed, engineering is 79% finalised and procurement has reached 76%, while optimisation work continues. Deep Yellow is also working to finalise the project’s financing package. Options under consideration include debt, equity, strategic capital, government participation, bonds and convertible instruments.
Discussions with potential uranium offtake partners are also underway. Field said several critical agreements had been completed, reducing some of the major risks associated with the project. These include an agreement for water supply and arrangements securing Namibian participation. “Water is one of the most critical long-term operating inputs for Tumas, and we now have that agreement in place,” he said. The company has also formalised 5% Namibian ownership in the project.
Field described the development as an important step towards ensuring that Tumas is built with Namibia rather than simply being built in Namibia. Deep Yellow is continuing work on mining optimisation, operational readiness, cost-model reviews, contractor onboarding and other measures before making the final investment commitment. The company is also looking beyond the initial Tumas operation, assessing nearby uranium deposits including Tumas 3, Tubas and S-Bend. Their proximity to Tumas could allow Deep Yellow to expand production through potentially lower-capital additions to existing infrastructure. “Tumas is not the end of the Namibian story,” Field said, pointing to the potential of the surrounding deposits.
Deep Yellow also holds the Omahola project and other longer-term exploration assets, with Omahola potentially capable of supporting a standalone development. For Namibia, however, the immediate focus is firmly on Tumas. If the project proceeds as planned, its construction phase could provide a major injection of employment and skills development, while the operational phase could deliver hundreds of long-term jobs.
By Rudi Bowe
Source: Ministry of Industries, Mines and Energy
