Rosatom Expects Positive Decision on Uranium Mining in Namibia

Russia is moving closer to securing a direct foothold in Africa’s most prevalent uranium market as negotiations with Namibia reach their final stages. State-controlled energy corporation Rosatom expects a positive decision from Namibian leadership within the next few months to launch a concrete project in the country’s Omakeke region.

Rosatom Targets 2029 Mining Start in Namibia

Russian talks with Namibia regarding uranium production in the Omakeke region have been underway since the beginning of the year, according to Rosatom Director General Aleksey Likhachev. Negotiations are nearing completion, and findings have been submitted directly to Namibia’s leadership for review.

All the necessary conclusions have been made, the findings have been sent directly to Namibia’s leadership, and we expect that within the next few months a positive decision will be taken and we will be able to come to Namibia with the implementation of a concrete project, Likhachev stated, as seen on Sputnik.

Under Rosatom’s current timeline, the company aims to finalize uranium exploration in the Southern African nation by 2026. Mining operations are scheduled to begin by 2029. Alongside these mining discussions, Namibia also initiated talks with the Russian Federation in April of last year regarding the potential construction of a nuclear power plant.

Global Powers Compete for Stake in Uranium Market

Namibia holds Africa’s most prevalent uranium market, drawing heavy interest and capital from global stakeholders seeking access to its critical mineral reserves. International mining and energy enterprises have actively pursued major investment deals across the country.

China’s state-owned nuclear enterprise recently advanced a $321.5 million investment in the Etango uranium venture. Under that proposed agreement, CNNC Overseas will inject $294.5 million directly into the project and may reimburse Australian-listed Bannerman Energy up to $27 million for earlier expenses. Bannerman will retain a 55% majority interest in the resulting joint venture, while CNNC Overseas will hold a 45% stake.

All the necessary conclusions have been made, the findings have been sent directly to Namibia’s leadership, and we expect that within the next few months a positive decision will be taken and we will be able to come to Namibia with the implementation of a concrete project.

Aleksey Likhachev