The Industrial Development Corporation’s (IDC) proposed disposal of its 10.2% stake in Rössing Uranium has attracted 35 expressions of interest, as investors position for exposure to one of Namibia’s longest-operating uranium mines.
The South African state-owned development financier is progressing with the sale after formally inviting expressions of interest in January 2026, with submissions closing on 27 February.
“This process resulted in the receipt of 35 expressions of interest. As at current moment, the process to dispose IDC’s equity interest is still ongoing,” the IDC said in its annual financial results report.
The corporation has not disclosed the identities of the interested investors or indicated how many have progressed to subsequent stages of the disposal process. It has also not announced a preferred bidder, transaction value or expected completion date.
The planned transaction would bring a new investor into the ownership structure of Rössing, a major uranium operation in Namibia’s Erongo Region.
The IDC initially said it was selling the stake after reaching its investment horizon. However, its latest financial report also identifies sanctions-related compliance requirements as a factor behind the disposal.
“Rössing’s current shareholder base includes entities that are subject to international sanctions, resulting in Rössing being classified as a sanctioned entity under the IDC’s risk and compliance management programme,” the IDC said.
The corporation said retaining the investment was inconsistent with its internal policies and lender requirements, which require it to terminate business relationships involving sanctioned parties.
Rössing has a diversified international shareholder structure dominated by China National Uranium Corporation (CNUC), which became the controlling shareholder in 2019 after acquiring Rio Tinto’s 68.62% interest.
According to a Namibian parliamentary oversight report, CNUC currently holds 68.6% of Rössing, while the Iran Foreign Investment Company holds 15.3% and the IDC 10.2%.
The Namibian government holds a 3.4% equity interest, with other minority shareholders accounting for the remaining 2.5%.
Despite its relatively small equity stake, the Namibian government holds 50.06% of Rössing’s voting rights, according to the parliamentary report.
The report described the Iranian shareholding as a passive legacy investment dating back to financing arrangements for the development of the mine in the 1970s.
The disposal of the IDC stake, once completed, would alter Rössing’s minority ownership structure but leave CNUC as the controlling shareholder, assuming the remaining shareholdings are unchanged.
