Paragon Investment and businessman Knowledge Katti have separately expressed interest in acquiring a 10.2% equity stake in Rössing Uranium Limited.
The stake is currently held by the Industrial Development Corporation of South Africa (IDC), an entity that invited investors earlier this year to bid for the shareholding as part of its exit from the company.
The IDC, a state-owned development finance institution, was one of the founding shareholders in Rössing Uranium when the mine began operations in the 1970s.
Over time the mine’s ownership evolved, with the Iranian government acquiring about 15% of shares through the Iranian Foreign Investment Company in 1976.
Other key shareholders include the China National Uranium Corporation and the Namibian government with 3%. Local shareholders hold the remaining 3%.
Paragon executive director Desmond Amunyela has confirmed the company’s interest in buying the stake.
“Our interest in Rössing Uranium reflects Paragon’s strategic foresight and commitment to participate meaningfully in Namibia’s natural resource economy,” says Amunyela.
He says strategic equity participation in Rössing will strengthen the ability of local companies to contribute to “national development through value addition, innovation, skills development and employment creation”.
“Greater local private sector participation in strategic mineral assets is key to national economic sovereignty.”
Paragon also has operations in oil and gas, diamond mining, aviation support services, property development, travel retail, food production, media and marketing.
Paragon was recently linked to a deal with Katti’s Sintana Energy over Petroleum Exploration Licence 37 – the same licence connected to the dismissal of former mines and energy minister Natangwe Ithete.
Oil businessman Katti posted on his social media over the weekend that IDC should exclusively sell its stake to a 100% Namibian entity.
He says he has instructed his lawyers to engage IDC on the matter.
“We have already instructed our lawyers to engage IDC. We have asked the governor of the Erongo region to represent our communities,” says Katti.
He says this is a long shot but silence is a guaranteed loss.
“The real enemy isn’t foreign investors. It’s our own jealousy, our gatekeeping and our failure to support Namibian entrepreneurs with community at the heart of their vision,” the businessman says.
He says he supports Namibian entrepreneurs who prioritise community and youth participation in deals like these.
“Imagine growing up knowing a mine helped pay for your school. That’s the Namibia we’re fighting for,” he says, adding that anything less than that is betrayal of that promise.
“Support each other.
Own something. Wake up. Mutu Mukuru Mavatere (maybe God will help),” Katti says.
Uranium forms part of one of the largest export commodities in the country. Last year, between January and November, Namibia exported uranium worth N$26 billion.
Rössing Uranium is one of three major uranium mines operating in Namibia, alongside the Langer Heinrich Mine, operated by Paladin Energy, and the Chinese-owned Husab Mine.
Rössing is the world’s longest-running open-pit uranium mine and one of the largest globally.
The mine is located in the Namib Desert near Arandis, about 70km from Swakopmund.
The uranium deposit was discovered in 1928, with mining operations commencing in 1976.
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