{"id":21864,"date":"2022-06-10T14:55:22","date_gmt":"2022-06-10T14:55:22","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/exchange-rate-takes-bite-out-of-rossing-net-profit-namibia-becomes-worlds-second-largest-producer-of-uranium-oxide"},"modified":"2022-06-10T15:08:29","modified_gmt":"2022-06-10T15:08:29","slug":"exchange-rate-takes-bite-out-of-rossing-net-profit-namibia-becomes-worlds-second-largest-producer-of-uranium-oxide","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/exchange-rate-takes-bite-out-of-rossing-net-profit-namibia-becomes-worlds-second-largest-producer-of-uranium-oxide","title":{"rendered":"Exchange rate takes bite out of R\u00f6ssing net profit … Namibia becomes world\u2019s second largest producer of uranium oxide"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Namibia surpassed Australia and Canada in 2021 to become the world\u2019s second largest primary producer of uranium oxide.<\/p>\n

The country has two significant uranium mines (R\u00f6ssing Uranium and Swakop Uranium, after the Langer Heinrich Uranium mine was placed on care and maintenance during 2018), which together provide 12% of the world\u2019s uranium oxide output.<\/p>\n

These figures were confirmed by R\u00f6ssing Uranium\u2019s managing director Johan Coetzee on Wednesday at the launch of 2021 R\u00f6ssing Uranium\u2019s report to stakeholders.<\/p>\n

In 2021, R\u00f6ssing Uranium produced 5.1% of the world\u2019s output.<\/p>\n

Coetzee stated R\u00f6ssing mined 20.7 million tonnes of material in 2021, which is 7% more than 2020, of which 10 million tonnes was ore (9% more than 2020), with waste and low-grade ore being 10.7 million tonnes and 0.2 million tonnes of waste dumped in the pit.<\/p>\n

In total, R\u00f6ssing Uranium produced 2882 tonnes of uranium oxide, which is 393 tonnes more than the 2020 production.<\/p>\n

The latest financials show that R\u00f6ssing\u2019s revenue was lower than 2020 by 6%, with 11% increase in sales volume year-on-year.<\/p>\n

Total revenue amounted to N$4.26 billion, compared to N$4.52 billion in 2020.<\/p>\n

Furthermore, net profit after tax from normal operations amounted to N$193 million, compared to N$443 million in 2020.<\/p>\n

The impact of the exchange rate, combined with cost pressure, resulted in this reduced net profit.<\/p>\n

\u201cR\u00f6ssing remains committed to supporting local suppliers. During previous years, most of the procurement expenditure was on local suppliers, amounting to N$2.25 billion or 75% of total procurement expenditure,\u201d said Coetzee.<\/p>\n

Life-of-mine extension project<\/b><\/p>\n

According to Coetzee, funds were made available to conduct a feasibility study to extend R\u00f6ssing\u2019s life-of-mine.<\/p>\n

\u201cA project team was appointed to conduct the study, which will be completed by mid-2022. The project will inform an investment decision by the end of 2022 that will consider several aspects, such as the extension of the current open pit and the tailings storage facility as well as the processing plant and infrastructure upgrades required to sustain production beyond,\u201d the MD elaborated.<\/p>\n

At the same occasion, mines deputy minister Kornelia Shilunga said the ministry, through its vision and strategic mission, provides access to Namibia\u2019s geological, mineral and energy resources for sustainable economic growth, equal benefit and prosperity to all Namibian citizens.<\/p>\n

This, she said, is with a core focus on promoting the optimal exploitation of Namibia\u2019s mineral resources and integrating the mining industry with other sectors of the economy for the overall socio-economic development of the country.<\/p>\n

The deputy minister further applauded the mine for the majority of the procurement expenditure spent on Namibian registered suppliers.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Namibia surpassed Australia and Canada in 2021 to become the world\u2019s second largest primary producer of uranium oxide. The country has two significant uranium mines (R\u00f6ssing Uranium and Swakop Uranium, after the Langer Heinrich Uranium mine was placed on care and maintenance during 2018), which together provide 12% of the world\u2019s uranium […]<\/p>\n","protected":false},"author":84,"featured_media":21863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-21864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nExchange rate takes bite out of R\u00f6ssing net profit ... 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