Swakop Uranium spent N$7.4 billion on local procurement in 2024, reaffirming its role as one of Namibia’s largest contributors to domestic economic activity, the company’s 2024 Sustainability Report shows.
The figure represents a slight decrease from N$7.6 billion in 2023, as total procurement dropped to N$10.1 billion from N$10.3 billion, and fixed investment declined to N$3.7 billion from N$4.6 billion.
Local contractor spending also fell to N$5 billion from N$5.3 billion, but profitability improved sharply, with Swakop Uranium recording a N$562 million profit, reversing a N$1.6 billion loss the previous year. Operating costs declined to N$6.9 billion from N$9.9 billion.
Deputy Minister of Industries,Mines and Energy Gaudentia Kröhne commended the company for sustaining local procurement and maintaining operational efficiency. She said the results reflected what can be achieved through clear strategy and strong partnerships.
The report shows that payments to suppliers rose to N$10.1 billion from N$9.6 billion, contributing to total value added of N$18.8 billion, up from N$16.4 billion in 2023.
Payments to government reached N$1.1 billion, while community investments held steady at N$5 million.
Swakop Uranium employs 4,300 people, accounting for 18.5% of Namibia’s mining workforce.
Erongo Governor Natalia ǀGoagoses said the company’s commitment to local hiring and inclusion strengthened regional development and long-term sustainability.
CGN Board Director Li Li said the company continues to prioritise environmental and economic sustainability, with 95% of its workforce being Namibian and nearly 70% of procurement contracts awarded locally.
Swakop Uranium CEO Luo Wei said the company invested N$26.38 million in training and skills development programmes, including bursaries and technical training. Fifteen employees received training in China, while thirty others benefited from self-study support worth N$959,350.
“We also partner with universities and institutions, using technology to nurture local leaders for Namibia’s mining sector and beyond,” Luo said.
