Rosatom eyes N$9.4bn uranium investment in Namibia

Rosatom plans to invest up to US$500 million (about N$9.4 billion) in a long-term uranium project in Namibia, targeting annual production of 3 000 tonnes of uranium and a mine life of more than 25 years, as Russia and Namibia advance talks on cooperation in uranium development and the peaceful use of nuclear energy.Headspring Investments, has for years sought to conduct in-situ recovery (ISR) mining near Leonardville in the Omaheke Region.The company says the method - pumping a leaching solution through uranium-bearing sandstone to dissolve and extract the mineral - is environmentally safe and used successfully in countries such as Kazakhstan and the United States.Russia’s state nuclear agency said a Namibian delegation led by international relations minister, Selma Ashipala-Musavyi met with Rosatom officials in Moscow this week to discuss preparations for an intergovernmental agreement on nuclear cooperation. The talks covered uranium exploration, mining and broader collaboration in atomic energy.“We plan to complete exploration work in 2026 and start uranium mining in 2029, with a mining period of more than 25 years.“The estimated investment in the project is up to US$500 million (about N$9.4 billion), and the annual production is 3,000 tonnes of uranium per year,” Rosatom told Sputnik.The proposed uranium project would position Russia as a significant player in Namibia’s uranium sector, which is already among the largest globally. Namibia is currently the world’s third-largest uranium producer and hosts primary operations including Rössing, Husab and Langer Heinrich. The Moscow meeting follows earlier engagements between the two countries on nuclear cooperation. In 2025, Namibia confirmed it was exploring the development of its first nuclear power plant as part of a long-term strategy to improve energy security and reduce reliance on electricity imports.Southern Africa currently has only one operational nuclear power plant, South Africa’s Koeberg facility. Discussions on nuclear collaboration gained momentum last year when President Netumbo Nandi-Ndaitwah and Russian deputy prime minister Yury Trutnev met to explore expanded atomic energy cooperation.These talks focused on leveraging Namibia’s uranium resources and developing downstream atomic capabilities. By mid-2025, Rosatom had publicly indicated its interest in supporting the construction of Namibia’s first nuclear power plant. Ryan Collyer, chief executive officer of Rosatom Central and Southern Africa, said Namibia offered strategic potential in the nuclear sector.“We see Namibia as a highly promising partner in the field of nuclear energy, not only as a resource-rich nation, but also as a forward-thinking country with the potential to become a regional leader in low-carbon energy,” Collyer said.*Extractor Magazine*

Rosatom eyes N$9.4bn uranium investment in Namibia

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Republikein 2026-01-22

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Rosatom eyes N$9.4bn uranium investment in Namibia

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