"We plan to complete exploration work in 2026 and start mining uranium in 2029 with a mining period of more than 25 years. The estimated investment in the project is up to $500 million, the annual output is 3,000 tonnes of uranium per year," the company said.
Headspring Investments, part of Rosatom's international uranium mining holding Uranium One Group, is implementing a project to explore uranium deposits in Namibia, where 7% of the world's uranium reserves are concentrated, the company added.
This project will create new jobs in the region and employ up to 600 people. In addition, it will also increase Namibia's GDP by 1-2% in annual terms, Rosatom noted.
At the same time, the company said that it also planned to start pilot mining and processing of uranium ore in Tanzania in 2023-2025.
"In Tanzania, Rosatom is working on the Mkuju River project with the Nyota deposit, which is one of the largest in the world with a resource reserve of 152 million tonnes of ore. At the pilot operation stage, it is planned to produce 5 tonnes of ‘yellowcake’ [ammonium diuranate] with reaching the projected capacity of 3,000 tonnes annually," the company stated.
In 2022, Rosatom mined almost 7,000 tonnes of uranium, of which about 4,500 tonnes were mined by Uranium One Group.