Rössing Uranium Limited reported a total revenue of N$6.48 billion for the last financial year, marking a 34% increase from the N$4.84 billion recorded in 2022.
Rössing Uranium Managing Director Johan Coetzee said sales volumes also saw a significant growth, increasing by 20% compared to the previous year.
He added that dividends declared and paid during the year amounted to N$177 million, a substantial increase from the N$50 million in 2022.
“Total revenue earned amounted to N$6.48 billion, compared to N$4.84 billion in 2022, with net profit after tax from normal operations of N$1.34 billion, compared to N$840 million in 2022,” said Coetzee at the launch of the company’s 2023 Sustainability and Performance Report.
Coetzee highlighted that a total of 2,920 metric tonnes of uranium oxide were produced in 2023, up from 2,659 metric tonnes in 2022.
“Production in 2023 was in line with the operational plan and 10% higher than in 2022. A total of 16.7 million tonnes were mined, compared to 16.6 million tonnes in 2022. Waste and low-grade ore totalled 6.8 million tonnes removed from the pit, while a further 0.1 million tonnes were dumped in-pit,” he said.
In 2023, Rössing produced 6.4 million pounds of U3O8 and sold 6.9 million pounds of U3O8. Of this, around 1.8 million pounds were shipped to Western converters and sold to customers in North America, Asia (excluding China), Europe, the Middle East and Africa.
“A total of 3.7 million pounds were shipped and sold to China. An additional 1.4 million pounds were sold to non-utility customers (traders and funds) on the spot market, capitalising on the sudden price spike during the year. Rössing has benefited from the spot prices under the China National Nuclear Corporation sales arrangement,” said the MD.
Rössing contributed approximately 4.5% to world primary production during 2023, with Namibia now being the third-largest primary producer of U3O8 globally, after Kazakhstan, which continues to dominate the market from a supply side, and Canada.
At the launch, Chen Junli, the Chairman of China National Uranium Corporation, said in 2024, Rössing Uranium will enter its 48th year of production and operation.
“In Chinese culture, 48 years old is the prime of life. It is the best time to make great strides and achieve great things. And we will strive to build Rössing into the first centennial mine in Namibia! I believe that with the strong support of all stakeholders concerned and the active efforts of all employees, Rössing Uranium will usher in a brighter future!” he said.
He noted that over the past five years, Rössing Uranium under the China National Uranium Corporation has achieved significant success in production, innovation, safety, cultural integration, and social responsibility, leading to notable high-quality development.
“The revenue of 2023 was N$6.48 billion, which has increased by 130% compared with the revenue of 2019. And profit before tax increased by 235% compared to 2019,” he said.
In 2019, China National Uranium Corporation successfully acquired Rössing Uranium.
