Rössing Uranium, a veteran of the domestic mining sector, this week reported that 2024 was a year of robust financial performance.
The mine achieved a net profit after tax from normal operations of over N$1 billion.
This result was accomplished despite a challenging and unstable global uranium market and a 9% decline in revenue to N$5.93 billion. Speaking at Rössing Uranium’s Sustainability and Performance Report launch on Wednesday evening, Rössing’s managing director Johan Coetzee detailed the company’s operational achievements.
“In 2024, Rössing produced 5.7 million pounds of uranium oxide (U3O8) and sold 5.5 million pounds,” he said.
He added “sales were significantly influenced by the year’s fluctuating uranium price trends”. Coetzee elaborated that approximately 2.6 million pounds of uranium were shipped to Western converters, with 1.1 million pounds sold to customers across North America, Asia (excluding China), Europe, the Middle East and Africa (EMEA).
An additional 1.5 million pounds were strategically sold in the spot market to non-utility buyers.
These include traders and investment funds who capitalised on a sharp price increase early in the year before the market experienced a continuous decline.
Meanwhile, a substantial 2.9 million pounds were shipped and sold directly to China. “While uranium oxide production for the year saw a slight decrease to 2 600 metric tonnes compared to 2 920 metric tonnes in 2023, the company significantly ramped up mining activities. A total of 30.3 million tonnes were mined, a substantial increase from 16.7 million tonnes in 2023,” Coetzee noted. Rössing’s financial strength was further solidified through significant investments in infrastructure and equipment, totalling over N$1.1 billion.
These strategic investments led to a 22% increase in total assets, reaching N$10.1 billion. Equity strengthened to N$5.83 billion, underpinned by growth in retained earnings.
This demonstrates the company’s commitment to long-term sustainability.
“Cash generated from operations amounted to N$739 million, effectively funding both operational needs and strategic investments. Despite a decrease in cash and cash equivalents to N$2.23 billion, the company maintained a strong liquidity position, attributed to prudent financial management,” Coetzee added.
Meanwhile, beyond its financial results, Rössing stressed a substantial contribution to economic development, particularly within the Erongo region and across Namibia.
As a major employer and significant purchaser of goods and services, Rössing’s total spending for its operations in 2024 was N$5.23 billion. This is a considerable increase from N$3.88 billion in 2023. Notably, Rössing’s commitment to local empowerment was evident in its procurement practices. Expenditure with local suppliers amounted to N$4.37 billion in 2024, accounting for an impressive 84% of its total procurement expenditure. This continued high percentage of local expenditure reflects the company’s confidence in the capabilities of Namibian businesses. Rössing remains dedicated to supporting local suppliers, including significant expenditure on developing small and medium-sized enterprises (SMEs).
The majority of this Namibian spending was concentrated in Erongo (48%) and Khomas (42%).
Other regions made up the remaining 10%, notably in the northern regions, due to a sulphuric acid supply agreement with the Sinomine Tsumeb Smelter (Pty) Ltd.
At Wednesday’s event, Deputy Minister of Industries, Mines and Energy Gaudentia Kröhne said the latest Namibia Statistics Agency Trade Bulletin reveal that uranium was Namibia’s largest exported commodity in February 2025, destined mainly for the China and French markets.
It accounted for 26.3% of total export earnings of N$10.1 billion for the period.
“Rössing Uranium has undertaken commendable initiatives in our communities, including training many Namibians in technical and other fields,” she stated.
“Recently, the mine constructed a police station in the DRC informal settlement at Swakopmund, valued at N$23 million. This is a clear demonstration of your commitment to Namibia,” she said.
Kröhne noted that while mining is capital intensive, its impact must extend beyond the balance sheet and translate into meaningful benefits for ordinary Namibians through employment creation, education, health, sport and any other socio-economic sector.