Rössing Uranium records decline in profits

Due to water challenges, Rössing Uranium recorded a revenue decline of 9%, bringing the total revenue for the year ended 31 December 2024 to N$5.925 million.

This also led to a profit after tax of N$1.028 million from N$1.340 million in 2023.

“Revenue for the year declined by 9% compared to 2023.

This was mainly due to 20% lower sales volumes resulting from a one-month major maintenance shutdown, followed by a delayed start-up, water-related challenges, and technical difficulties at the processing plant,” reads the company’s sustainability report.

However, the company still paid its shareholders higher dividends than it did in 2023.

According to the report, the board declared and paid 68 cents per share as an interim dividend for 2024 amounting to N$112 608 000, compared to N$99 360 000 in 2023.

“Subsequent to the year end, the board recommended and the shareholders approved, a final dividend for 2024 of 68 cents per share, amounting to N$112 608 000 (2023: N$105 984 000),” read the report.

Of the N$5.2 billion spent on goods and services in 2024, N$4.3 billion was procured from Namibian registered suppliers.

Meanwhile, 10% of goods and services were imported from South African suppliers and 6% imported from other international suppliers.

Rössing Uranium produced 2 600 metric tonnes of uranium oxide for the year, a decline when compared to 2 920 metric tonnes in 2023.

A total of 30 million metric tonnes of material were mined from the open pit, while eight million metric tonnes of ore were milled.

Rössing Uranium managing drector Johan Coetzee says the construction of an 18 MWp/15 MW AC photovoltaic solar power plant is still ongoing.

The solar plant is set to supply power to the Rössing processing plant via a 6 800-metre overhead transmission line.

“This development marks a key milestone in the company’s commitment to green energy production and long-term sustainability goals,” says Coetzee.

Additionally the mine completed the implementation of phase four pushbacks that focused on extending its life of mine.

Rössing Uranium is Namibia’s first commercial uranium mine and commenced operations in 1976, becoming one of the world’s longest-running open-pit uranium mines.

Originally developed by Rio Tinto, Rössing Uranium became majority-owned by China National Uranium Corporation Limited in 2019.

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