Allexer Namundjembo
Businessman Knowledge Katti says Namibians risk missing an opportunity to gain local ownership in the Rössing Uranium Mine.
In January, reports emerged that one of the shareholders of Rössing uranium, the Industrial Development Corporation (IDC) of South Africa, is selling its 10.2% stake in the mine.
The IDC was among Rössing’s founding shareholders in the 1970s, when Rio Tinto was the main shareholder.
IDC said it had reached the end of its investment horizon and intended to dispose of its 10.2% stake because the holding period for the investment had expired.
Katti raised the concern on Friday in a social media post, questioning why the potential sale had not received wider public attention.
He said while WhatsApp groups and Facebook are “flooded with parliament drama and gossip”, a 10.2% stake in the Rössing Uranium mine is being sold.
“Did you know about it? Did it come on your WhatsApp groups as a topic? Did the youth of Usakos? The families in Mondesa? The girl who lost her home in the Kuisebmond shack fires?” he said.
The deadline to buy the stake was 27 February.
Katti said Namibia should prioritise local ownership when shares in strategic mining assets become available.
In 2018, Rio Tinto sold its stake in Rössing to China National Uranium Corporation (CNUC), which then became the majority owner with a 68.6% shareholding.
Fifteen percent of Rössing’s shares have been owned by the Iranian government since 1976.
The IDC held 10.2%, while three percent belonged to the Namibian government. Namibia, however, retained 51 percent of the voting rights in the company.
The remaining 3% of the shares were held by local individual shareholders.
The IDC invited interested buyers and investors to submit written expressions of interest to acquire the 10.2% stake.
Potential investors were required to provide information about their companies, including a brief description and details of their management teams and current shareholders.
They were also required to show that their plans aligned with the IDC’s development objectives, explain the strategic reasons for their interest in Rössing and demonstrate that they had the financial capacity to complete the transaction.
In addition, interested companies had to provide approval from their supervisory boards for the proposed acquisition.
“Namibia has been independent since 1990. Apartheid assets were meant to be transferred to the Namibian government, so the bare minimum is selling them exclusively to Namibian-owned companies that include our communities and youth. Anything less is a betrayal of that promise,” he wrote.
Katti also referred to the sale of the Navachab Gold Mine, saying earlier mining transactions missed opportunities to include local communities.
“This is not the first time. When the Navachab gold mine was sold in 2013/2014, we had a bold plan: 15% for the Karibib community living in ghettos and 30% for the government via Epangelo, real Namibian ownership. Instead, it went to a foreign company, with communities getting zero shares. At least Epangelo got their 7.5%,” he added.
Katti said his team has taken steps to challenge the situation.
“We have already instructed our lawyers to engage IDC. We have asked the governor of Erongo to represent our communities. This is a long shot, but silence is a guaranteed loss.”
He also urged Namibians to support local entrepreneurship and community-driven ownership models.
“The real enemy isn’t foreign investors. It’s our own jealousy, our gatekeeping, and our failure to support Namibian entrepreneurs with community at the heart of their vision.”
“Imagine growing up knowing a mine helped pay for your school. That’s the Namibia we’re fighting for,” he added.
Community activist Victor Hipandulwa also reacted to the proposal. He said Namibia should ensure greater local participation in strategic industries.
“As a former Cheetah Cement employee, I know the company had attempted to buy Ohorongo Cement twice. The funny part of our government is that the government has shares via DBN in Ohorongo, but Namibians have zero shares in Cheetah Cement. This is a bad business attitude because those are competitors; Namibians working for these companies will suffer in silence from a company that is contributing nothing to them,” he said on Saturday.
