Swakop Uranium reported a significant increase in capital investments for the year 2022, surging by N$1.8 billion to reach a total of N$3.4 billion.
The substantial boost in capital comes as the company foresees an impressive profit margin growth this year while reaching production targets.
Compared to the previous year’s investment of N$1.6 billion, the remarkable increase in capital investment demonstrates the company’s commitment to expanding its operations and contributing to Namibia’s economic development.
Irvinne Simataa, Swakop Uranium Executive Vice President, said the company is inching closer to its target of producing 5000 tonnes of U308 (uranium oxide) for the current financial year, with projections now over 4000 tonnes of production.
This comes as the company has set a target of 100 tonnes of mining with a potential of mining up to 120 million tonnes.
Inge Zaamwani-Kamwi, Chairperson of the Swakop Uranium Sustainable Development Committee, expressed her enthusiasm for the company’s achievements and goals.
“We have experienced many proud moments such as the launch of the 2021 Swakop Uranium Sustainability Report in the presence of our stakeholders. Tonight is no different, and is even more special as the company gears up to make a profit for the first time this year,” she said.
The company recently launched the 2022 sustainability report that underscores the company’s unwavering commitment to producing clean energy, fuelling the economy, and protecting the environment.
As part of the clean energy initiatives, the company recently enacted a 12 megawatt (MW) solar plant at the Husab Plant to bid to become self-sufficient in its energy requirements.
The report places a strong emphasis on the mine’s environmental agenda, including regular monitoring of the local fauna and flora. Additionally, the report addresses the critical issue of mine closure, a topic that is essential for responsible mining practices.
Zaamwani-Kamwi emphasised the company’s growth in supporting Namibia’s National Development Agenda and global sustainability goals, attributing this success to the support of stakeholders, particularly the Ministry of Mines & Energy.
“The Sustainable Development Committee will remain accountable to our commitments, especially surrounding our material matters as outlined in the report. Continuous business improvement is embedded in our business strategy, and we are determined to achieve world-class status and build a long-lasting legacy that Namibians can be proud of,” she said.
The company, which employs around 1700 permanent workers and a further 2000 on contract, with locals constituting 95% of that workforce, has pumped around N$25 million into skills facilitation.
Swakop Uranium further generated and pumped N$2.9 billion into the Namibia economy, a slight reduction from N$3.2 billion generated last year after it exceeded its production targets of 103 million tonnes by 4%.
According to recent figures, the company’s operating cost reduced significantly from N$8.3 billion to N$5.6 billion.
Production at Husab Mine started towards the end of 2016 after the completion of the sulfuric acid leaching plant, with mine construction having started in 2014.
Swakop Uranium mine, which is 90% owned by China General Nuclear Holding, with state-owned Epangelo Mining owning the remaining 10%.
