China's Sichuan Hanlong Group has made a A$144 million ($154.9 million) "highly conditional" bid for Australia's Bannerman Resources Ltd, eyeing the group's uranium project in Namibia near key mines.

The bid at A$0.612 a share represents a 59 percent premium to Bannerman's Friday close, but Bannerman said privately owned Sichuan Hanlong was trying to take advantage of recent share price weakness in the wake of Japan's Fukushima nuclear crisis.

"The board of Bannerman believes that Hanlong recognizes the strategic significance of controlling Bannerman's large-scale and low technical risk Etango Uranium Project in Namibia," the company said.

It has been trying to find a joint venture partner to help finance, develop and operate its 80 percent-owned Etango project, southwest of Rio Tinto's Rossing uranium mine and west of Paladin Energy's Langer-Heinrich mine.

Bannerman, being advised by Macquarie Capital and Cutfield Freeman & Co, said it will continue to talk with Hanlong though it will not grant it exclusivity, and will also continue discussions with others for a joint venture.

Hanlong is already the biggest shareholder in Australia's Sundance Resources, developing a $4.7 billion iron ore project in West Africa, and the majority shareholder in Moly Mines, developing a molybdenum and copper project in Western Australia.