NEWS

Rössing Uranium officially launched its 2024 Sustainability and Performance Report, on 04 June, in Windhoek.

Rössing Uranium’s Managing Director Johan Coetzee gave an overview of the mine’s performance in the year 2024 and the future of the mine.

The uranium market

The year marked a major step forward in our Life of Mine extension strategy, with the successful implementation of Phase 4 pushbacks in the SJ Pit. Total material mined increased by 82% compared to 2023, a testament to the hard work and resilience of our teams on the ground. We also continued to strengthen our operational efficiency, improving the quality of ore processed even as we prepared for the next phase of our journey.

A key highlight was the smooth transition of our mining operating model from owner mining to contractor-mining. The successful onboarding of Beifang Mining Technology

Services Namibia ensures that we remain on track to secure Rössing’s operations beyond 2026, while creating new opportunities for skills development and job mobility within our organisation. Throughout this transition, we remained committed to supporting our people with dignity and care, offering voluntary separation options and redeployment pathways where possible.

In 2024, Rössing produced 5.7 million pounds of U3O8 and sold 5.5 million pounds, with sales impacted by the year ’s volatile uranium price trends. Approximately 2.6 million pounds were shipped to Western converters, of which 1.1 million pounds were sold to customers in North America, Asia (excluding China), Europe, the Middle East, and Africa (EMEA). An additional 1.5 million pounds were sold in the spot market to non-utility buyers, including traders and investment funds capitalising on the sharp price increase at the start of the year before the market experienced a continuous decline. Meanwhile, 2.9 million pounds were shipped and sold to China.

Safety, Health and the Environment

Safety remained at the heart of everything we do. Sadly, we recorded one fatality at our Solar construction project, ending our 19-year fatality-free period.

Our All-Injury Frequency Rate (AIFR) performance was below expectations, finishing the year at 0.65 compared to a target of 0.46. Throughout the year, we also documented three permanent disabling injuries alongside two potentially fatal incidents. Each of these events underscored the vital need for vigilance, leadership, and ongoing enhancement of our safety culture. We expanded our operator fatigue monitoring programmes and bolstered pit safety measures to enhance the protection of our teams.

Production achievements

Production of uranium oxide for the year was 2,600 metric tonnes compared to 2,920 metric tonnes in 2023.

• A total of 30.3 million tonnes were mined, compared to 16.7 million tonnes in 2023.
• The company delivered another year of solid financial performance in 2024, achieving a net profit after tax from normal operations of N$1.03 billion, compared to N$1.34 billion in 2023. This was achieved despite a 9% decline in revenue to N$5.93 billion and a planned increase in capital investment to support long-term sustainability.
• Significant investments in infrastructure and equipment, totalling over N$1.1 billion, resulted in a 22% increase in total assets to N$10.1 billion. Equity also strengthened to N$5.83 billion, underpinned by growth in retained earnings.
• Cash generated from operations amounted to N$739 million, helping to fund both operational needs and strategic investments. Although cash and cash equivalents decreased to N$2.23 billion, the company maintained a strong liquidity position, with prudent financial management ensuring continued resilience.

Building the local economy

As a major employer and purchaser of goods and services, Rössing made a significant annual contribution to economic development in the Erongo Region and to Namibia at large.

• Rössing’s total spend for goods and services for our operations was N$5.23 billion during 2023 (2023: N$3.88 billion).
• Rössing’s spend with local suppliers amounted to N$4.37 billion during 2024 (2023: N$2.5billion), accounting for 84% of our total procurement expenditure. The continued high percentage of local spend reflects the company’s confidence in procuring locally.

Rössing remains committed to supporting local suppliers, including spend on developing small and medium-sized enterprises (“SMEs”). Most of the Namibian spending was concentrated in the Erongo Region (48%) and the Khomas Region (42%), with other regions making up 10% (notably in the Northern Region, driven by the sulphuric acid supply agreement with Sinomine Tsumeb Smelter (Pty) Ltd).

Investing in our communities

As a proudly Namibian company, Rössing Uranium accepts its corporate citizenship duties and recognises that its continuing operations are based on its ability to maintain its mining permits and licences and to secure access to land, people and capital. It uses a combination of economic, social, environmental and technical expertise to harness these resources and create reciprocated prosperity for its stakeholders.

Honouring our corporate social responsibilities, in 2024, Rössing invested over N$61.6 million in community development, up from N$41.1 million in 2023. Of this amount, N$38 million was allocated to the Rössing Foundation, with approximately N$23 million directed to worthy community initiatives.

Employer of Choice

Our people are the most important asset of our business. To sustain and expand our operations, our focus is on a safe, healthy, and engaged workforce.

As the employer of choice, Rössing Uranium provides long-term, rewarding employment by investing in its people throughout their careers. We believe that through employment creation, we are making significant contributions to society and the Namibian economy and contribute positively to our partnerships with local communities and other stakeholders.

At the end of 2024, Rössing Uranium had a workforce totalling 871, with 98.7 per cent of the workforce being Namibian and only 1.3 per cent being Non-Namibians.

Business prospects going forward

As part of the LoME projects, the construction of an 18 MWp/15 MW AC photovoltaic (PV) solar power plant commenced in the first quarter of 2024. Once operational, the solar plant will supply power to the Rössing processing plant via a 6,800-metre overhead transmission line. This development marks a key milestone in the company’s commitment to green energy production and long-term sustainability goals.

Progress was also made on the thickened tailings LoME project, with continued studies during the year culminating in the construction of a horizontal belt filter pilot plant at the Rössing site. Commissioned in the last quarter of 2024, the pilot plant was successfully integrated into the existing processing plant. It will be used to conduct test work aimed at validating and refining previous studies, supporting the development of an optimised thickened tailings management strategy for future operations.

Issued by:

Johan Coetzee Managing Director
Rössing Uranium Limited

Please address your enquiries, comments, concerns or suggestions about the 2023 Sustainability and performance Report to:

Daylight Ekandjo
Manager: Corporate Communication
T : +264 (0)64 520 2288
daylight.ekandjo@rossing.com.na