The Industrial Development Corporation of South Africa (IDC) has opened a public disposal process to sell its 10.2% equity stake in Namibia-based Rössing Uranium Limited, citing the end of its investment horizon.
The IDC, a founding shareholder that invested in the Namibian uranium mining project in the 1970s, says it is seeking buyers to take over its minority holding.
“The Industrial Development Corporation of South Africa is a 10.2% shareholder in the business.
As a founding shareholder, the IDC has reached the end of its investment horizon and is looking to dispose of its equity stake,” the corporation says in a statement.
The disposal process has been opened to the public, with interested parties invited to submit bids supported by company background information, financial capacity and a strategic rationale for the transaction. Submissions should also include any relevant board or shareholder approvals and may be strengthened by details of technical expertise or empowerment initiatives.
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 70 kilometres from Swakopmund.
The uranium deposit was discovered in 1928, with mining operations commencing in 1976.
The operation has an installed production capacity of approximately 4 500 tonnes of uranium oxide per year.
At its peak in 2005, Rössing produced 3 711 tonnes of uranium oxide, accounting for about 8% of global output at the time.
Rössing 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.
The mine’s ownership structure is led by China National Uranium Corporation with a 68.6% stake, followed by the Iranian Foreign Investment Company at 15%.
The IDC holds about 10%, while the government of Namibia owns 3% but retains 51% of the voting rights. Local shareholders hold the remaining 3%.
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