Rio Tinto’s Rössing mine has been in production since 1976 and is still one of the world’s major producers of uranium. The Rössing mine, previously owned by Rio Tinto, was recently purchased by China National Uranium Corporation, a transaction that will sustain operations of the mine well into the foreseeable future. Namibia’s second uranium mine, the Husab mine which is owned by Swakop Uranium, recently came into production in 2016. This mega-scale operation is set to become the second largest uranium in the world once it reaches full capacity, with the ramp up of operations well underway.
There is significant potential to expand on Namibia’s uranium output, as exploration by companies continues to deliver promising results. Bannerman’s Etango project is likely to enter mine development once a substantial recovery in the uranium market materialises, which has established proven project economics and bankability in an improved uranium price environment.
Two additional companies have also announced large discoveries on their licences. Reptile Uranium has confirmed two additional deposits at its Tumas project, which is more than double of the initial resource estimate. Moreover, Marenica Energy has another promising project on the horizon that stands to benefit significantly from its ground breaking process technology known as U-pgrade™.