South Africa’s Industrial Development Corporation (IDC), the state-owned development finance institution, intends to divest its stake in Rossing Uranium, one of the world’s largest open-pit uranium mines, located in Namibia, due to other shareholders’ links to Iranian and Russian entities subject to international sanctions.
According to a Bloomberg report, the IDC holds approximately 10.5% of Rossing Uranium, as disclosed in the institution’s annual report. The IDC has determined that retaining the investment could expose it to risks associated with international sanctions imposed on the Iranian and Russian entities connected to the project.
“The continuation of the IDC’s investment in Rossing is incompatible with its internal policies and the requirements of its creditors, which oblige the IDC to exit commercial relationships involving sanctioned entities,” the institution stated in the report.
Headquartered in Johannesburg, South Africa, the IDC has received at least 35 expressions of interest from parties seeking to acquire its stake in the mining company, according to the same document.
Rossing Uranium operates one of the world’s largest open-pit uranium mines, situated in the Namib Desert in Namibia, according to the IDC.
The prospective divestiture comes amid heightened scrutiny of commercial relationships with companies and entities subject to international sanctions, particularly those linked to Russia and Iran.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/?p=537200
