South Africa's Industrial Development Corporation (IDC) is in the process of selling its 10.2% equity stake in the Rössing uranium mine in Namibia. The IDC, a founding shareholder since the 1970s, stated its decision to sell was because it had reached its investment holding period. Rössing, one of the world's largest and longest-running open-pit uranium mines, achieved record production levels in 2023, extending its operational life from 2027 to 2036.
The current ownership structure of Rössing includes China National Uranium Corporation (CNUC) as the majority shareholder with 68.6%, after acquiring Rio Tinto's stake in 2018. The Iranian government, through the Iran Foreign Investment Company (IFIC), holds a 15% stake, though international sanctions have prevented it from receiving uranium or dividends since 2007. The Namibian government owns a 3% equity stake and retains 51% of the mine's voting rights, while local individual shareholders hold the remaining shares.
The IDC initiated an Expression of Interest (EOI) process, inviting potential buyers to submit detailed company profiles and financial capabilities by February 27, 2026. This sale offers an opportunity for either an existing shareholder to increase their stake or for a new investor to enter the established uranium operation. Namibian entities, including Paragon Investment and businessman Knowledge Katti, have already expressed interest, with Katti advocating for the stake to be sold exclusively to a 100% Namibian entity. Uranium exports from Namibia were valued at N$26 billion ($1.4 billion USD) between January and November last year.
