Mines undergo ownership changes

Namibia's mines underwent many changes particularly with ownership during 2019 as the mines have matured over the past few years, the Chamber of Mines' 2019 annual review indicates.While Namibia is proud to have been home to some of the big mining majors such as Rio Tinto and Anglo, many of them have sold their Namibian assets as profit margins have slowly been eroded over the life of the mine, the review launched on Thursday stated.One of the highlights of mines that changed ownership in 2019 include Rio Tinto that concluded the sale of its 69% shareholding in the Rössing Uranium Mine, to China National Uranium Corporation.“As China pursues its strategy to increase the share of nuclear power in a drive to reduce its carbon footprint and contribution to climate change, much of the uranium production will be used to fuel their own reactors. The sale diverted the possible closure and loss of some 700 jobs as the prolonged low price of uranium and increasing cost profile threatened the viability of continuing operations for Rio Tinto,” the review reads.Another important sale concluded in 2019, was that of Namdeb's Elizabeth Bay mine to Lewcor.The ageing profile and diminishing resources of Namdeb's diamond land-based operations have contributed to an unsustainable cost profile of running these mines, the chamber noted.“The closure of land-based diamond operations is scheduled for 2021, otherwise the life of mine could be extended by several decades if the government accepts proposals on a revised tax regime for land-based diamond mining operations. Lewcor as the new owner of the Elizabeth Bay mine, with a different cost structure, is able to inject new life into this land-based diamond operation that would have otherwise been shut down,” it added. As part of the 2019 mining industry highlights, in November 2019, AfriTin shipped its first tin concentrate from its rejuvenated Uis tin mine, marking a milestone in the first phase of redeveloping the mine which was closed for 30 years. - Nampa

Mines undergo ownership changes

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Republikein 2026-08-03

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Mines undergo ownership changes

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Republikein 2026-08-03

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