Swakop Uranium has boosted the local economy with N$7.9 billion through procurement, social investments, taxes and royalties.
The company announced this during its 2023 sustainability report launch in Windhoek on Monday.
“Swakop Uranium has partnered with over 400 Namibian suppliers. In 2023, Swakop Uranium was the biggest spender among all mining entities in Namibia,” said Swakop Uranium vice president Irvinne Simataa.
In 2023, the mine spent N$4.4 billion, up from N$3.2 billion in 2022, he added.
According to Simataa, the mine surpassed its 2023 production targets and extracted 5 318 tonnes of uranium concentrate, with most of it destined for China.
Simaata added that the mine increased its social investment to about N$10 million in 2023.
“This support has strengthened small and medium businesses, created jobs and contributed to the overall economic growth of the Erongo region and Namibia at large.”
Swakop Uranium is a partnership between Namibia and China, with a 10% stake held by the state-owned Epangelo and 90% by Taurus Minerals Limited, jointly owned by China General Nuclear Power Group and China Africa Development Fund.
Currently, Namibia is ranked as the largest producer of uranium in Africa, followed by South Africa.
Globally Namibia is ranked third after Kazakhstan and Canada.
Swakop Uranium chief executive Qiu Bin said the company faced water and electricity shortages in 2023.
“Despite facing challenges such as water and electricity shortages in 2023, our focus on strategic goals enabled a successful year in mining,” said Qiu.
He further said the company has invested in exploration activity to see how the lifespan of the mine can be extended.
“Our exploration investment aims to extend the mine’s lifespan significantly, promising continued socio-economic contributions to Namibia,” he added.
Speaking at the launch, deputy minister of mines and energy Kornelia Shilunga said uranium is a big player in the world’s energy transition, with Swakop Uranium placing Namibia in a strategic position.
“The global energy transition depends on minerals such as uranium, among others, and your role in this strategic process is an important point not only for our country, but for the entire world,” said Shilunga.
She further said all other mining companies should incorporate sustainability practices into their mining operations.
“It is, therefore, important that sustainability be incorporated at each phase of the mine’s lifecycle and embedded into the company’s corporate culture, to provide the essential building blocks of creating shared value,” she added.
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