Despite global economic challenges and high inflation rates, the Rossing Uranium Mine has reportedly achieved positive cash flow in 2022, declaring a net profit after tax of N$840 million.
This information was disclosed during the launch of Rossing Uranium's 2022 Sustainability and Performance Report in Windhoek on Monday.
The mine also declared an in-term dividend of N$49.7 million to shareholders.
"Rossing Uranium has once again proved its resilience. The challenging global conditions, high inflation rates, supply disruptions, and prevailing geopolitical tension did not deter Rossing Uranium from producing 16,6 million metric tonnes of uranium oxide, although slightly lower than in 2021, contributing 4.4% to world primary production and ensuring that Namibia maintains its position as one of the world's largest uranium producers," said Mines and Energy Deputy Minister Kornelia Shilunga.
The Managing Director of Rossing Uranium Mine, Johan Coetzee, disclosed that the mine spent N$2.54 billion on local suppliers last year, with 74% of the total procurement expenditure being accounted for.
This is in comparison to the N$2.25 billion it spent in 2021.
"A highlight for Rossing in 2022 was the commissioning of the mine's new water reservoirs at a cost of N$100 million. These reservoirs provide an additional 60 thousand cubic metres of storage capacity, enabling us to continue operating during periods of high sulphur bloom in the Atlantic Ocean, resulting in freshwater supply interruptions."
During 2022, the mine operated according to an approved 'Life of Mine Plan' until 2026.
Coetzee further mentioned that the mine has successfully completed a bankable feasibility study for a 'Life of Mine Extension', extending the plan to 2036.
"Basically, Rossing has been a main contributor to the economy and the region; this year will be very important as the board has approved an LOM and we are working very hard to make sure that we improve on those benefits we promised them."
He also disclosed that there were no fatalities, permanent disability injuries, or significant process safety incidents recorded in 2022.