Turnaround sees N$107m net profit

NAMIBIA’S Rössing Uranium, a Rio Tinto business, said it has managed to navigate “the worst year of the past decade” for the uranium industry, turning a 2015 loss into a net profit of N$107 million (R107m) last year. Rössing said on Monday that a combination of favourable exchange rates and a 48-percent increase in production from 1 245 tons of uranium oxide had helped to counter the effects of depressed uranium spot prices, which have rebounded only modestly since hitting a 13-year low late last year. Built in 1976, Namibia’s first commercial uranium mine reported a net profit of N$107m for the financial year to the end of December 2016, from a net loss of N$385m in 2015. It said in its annual report there are no plans to extend the life of the mine beyond 2025. – Reuters

SUN INTERNATIONAL