"2024 will be another important year for Rössing Uranium as we begin with substantial pushback work for the Phase 4 extension, while evaluating new opportunities that could potentially extend the life-of-mine beyond 2036."

Welcome to Rössing Uranium’s report to stakeholders for 2023. This report explains our mining operations and the approach we take in what we do. It also outlines how we performed in 2023 as measured against our key drivers.

The year 2023 was indeed exceptional in terms of production and financial performance, while maintaining our high safety standards. The life-of-mine was formally extended to 2036, cementing the longevity of the operation, and the Board formally adopted King IV as a Corporate Governance Code.

Production in 2023 was in line with our operational plan and 10% higher than in 2022. A total of 16.7 million tonnes were mined, compared to 16.6 million tonnes in 2022. Waste and low-grade ore totalled 6.8 million tonnes removed from the pit, while a further 0.1 million tonnes were dumped in-pit. The stripping ratio of waste to ore continued to decline as we moved deeper into the pit. 9.3 million tonnes of ore were milled, compared to 9.0 million tonnes in 2022.

A total of 2,920 metric tonnes of uranium oxide were produced, compared to 2,659 metric tonnes in 2022.

Total revenue earned amounted to N$6.48 billion, compared to N$4.84 billion in 2022, with net profit after tax from normal operations of N$1,340 million, compared to N$840 million in 2022. Dividends of N$177 million were declared and paid during the year (2022: N$50 million).

Rössing contributed approximately 4.5% to world primary production during 2023, with Namibia now being the third largest primary producer of U3O8 globally, after Kazakhstan, which continues to dominate the market from a supply side, and Canada.

Safety performance
No fatalities, permanent disability injuries or significant process safety incidents were recorded in 2023. The All-injury Frequency Rate (“AIFR”) of 0.36 was lower than the target of 0.46, underlining our commitment to achieving zero harm.

In conclusion
In conclusion, I want to take this opportunity to thank our employees for their hard work, resilience and positive contributions during the year. Thank you to all our stakeholders for their interest in our business. Please feel free to contact us for any comments or inputs to improve our annual report.


Johan Coetzee
Managing Director
6 March 2024