'Old man' Rössing still going strong
A feature of the Namibian economy for 48 years
The company's total revenue amounted to N$6.48 billion in 2023, compared to N$4.84 billion in 2022, with net profit after tax of N$1.34 billion compared to N$840 million in 2022.
Rössing Uranium has been a feature of the Namibian economy for 48 years. This according to managing director Johan Coetzee, who was speaking at the launch of the company's 2023 sustainability and performance report in Windhoek on 18 June.
According to the report, 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 100 000 tonnes were dumped in-pit. The stripping ratio of waste to ore continued to decline as Rössing moved deeper into the pit.
Meanwhile, 9.3 million tonnes of ore were milled, compared to nine million tonnes in 2022.
A total of 2 920 metric tonnes of uranium oxide was produced, compared to 2 659 metric tonnes in 2022. Total revenue earned amounted to N$6.48 billion, compared to N$4.84 billion in 2022, with net profit after tax of N$1.34 billion compared to N$840 million in 2022. Dividends of N$177 million were declared, well above the 2022 payout of N$50 million, the company announced.
Economic development
Rössing also made a significant annual contribution to economic development in the Erongo Region and to Namibia at large. Its total spend for goods and services was N$3.88 billion during 2023, up from N$3.42 billion in 2022. Rössing’s spend with local suppliers amounted to N$2.86 billion during 2023, also more than in 2022 when N$2.54 billion was spent locally, and accounting for 74% of total procurement expenditure. The company highlighted that N$487 million - or 12% - was spent with South African suppliers, while N$531 million went to international suppliers, representing 14% of total expenditure.
Rössing said it remains committed to supporting local suppliers, including spending on developing small- and medium-sized enterprises. The bulk of the Namibian spend remained in the Erongo (41%) and Khomas (50%) regions. Spend in other regions of Namibia amounted to 9%, with the highest spend in the northern regions on the supply of sulphuric acid, as part of an agreement with Dundee Precious Metals in Tsumeb.
Workforce
At the end of 2023, Rössing had a workforce totalling 871 compared to 905 at the end of 2022, with 98.74% of the workforce being Namibian and only 1.26% being Non-Namibians.
Extending the life of mine from 2027 to 2036 was approved by the board in February 2023, before a 13-year contract was signed with Beifang Mining to commence with a full contract mining service from 2024 to 2036. By the end of 2023, Beifang had mobilised a new fleet of heavy mining equipment to site, together with an experienced workforce trained to operate this equipment. The first blast was taken in the new Phase 4 pushback, ahead of schedule on 21 December 2023, Rössing said.
Coetzee added that 2024 "will be another important year for Rössing Uranium as we begin with substantial pushback work for the Phase 4 extension, while evaluating new opportunities that could potentially extend the life of mine beyond 2036".
According to the report, 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 100 000 tonnes were dumped in-pit. The stripping ratio of waste to ore continued to decline as Rössing moved deeper into the pit.
Meanwhile, 9.3 million tonnes of ore were milled, compared to nine million tonnes in 2022.
A total of 2 920 metric tonnes of uranium oxide was produced, compared to 2 659 metric tonnes in 2022. Total revenue earned amounted to N$6.48 billion, compared to N$4.84 billion in 2022, with net profit after tax of N$1.34 billion compared to N$840 million in 2022. Dividends of N$177 million were declared, well above the 2022 payout of N$50 million, the company announced.
Economic development
Rössing also made a significant annual contribution to economic development in the Erongo Region and to Namibia at large. Its total spend for goods and services was N$3.88 billion during 2023, up from N$3.42 billion in 2022. Rössing’s spend with local suppliers amounted to N$2.86 billion during 2023, also more than in 2022 when N$2.54 billion was spent locally, and accounting for 74% of total procurement expenditure. The company highlighted that N$487 million - or 12% - was spent with South African suppliers, while N$531 million went to international suppliers, representing 14% of total expenditure.
Rössing said it remains committed to supporting local suppliers, including spending on developing small- and medium-sized enterprises. The bulk of the Namibian spend remained in the Erongo (41%) and Khomas (50%) regions. Spend in other regions of Namibia amounted to 9%, with the highest spend in the northern regions on the supply of sulphuric acid, as part of an agreement with Dundee Precious Metals in Tsumeb.
Workforce
At the end of 2023, Rössing had a workforce totalling 871 compared to 905 at the end of 2022, with 98.74% of the workforce being Namibian and only 1.26% being Non-Namibians.
Extending the life of mine from 2027 to 2036 was approved by the board in February 2023, before a 13-year contract was signed with Beifang Mining to commence with a full contract mining service from 2024 to 2036. By the end of 2023, Beifang had mobilised a new fleet of heavy mining equipment to site, together with an experienced workforce trained to operate this equipment. The first blast was taken in the new Phase 4 pushback, ahead of schedule on 21 December 2023, Rössing said.
Coetzee added that 2024 "will be another important year for Rössing Uranium as we begin with substantial pushback work for the Phase 4 extension, while evaluating new opportunities that could potentially extend the life of mine beyond 2036".
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