Husab Mine, the world’s largest open-pit uranium operation and the third-largest uranium producer globally, posted an annual turnover of N$8.8 billion in its latest reporting year.
This is according to the Swakop Uranium Executive Vice President Irvinne Simataa’s presentation during the just-ended mining expo in Windhoek.
The figure, based on hedged prices shaped by a decade of subdued uranium markets, marks a milestone for a project that has consumed US$5 billion in acquisition and development and is now operating at predictable levels of output, safety, and revenue.
Husab Swakop Uranium (Pty) Ltd is 90 per cent owned by China General Nuclear (CGN) and 10 per cent by Namibia’s Epangelo Mining.
The project was acquired for more than US$2 billion from Extract Resources in 2012, at a time when the uranium sector faced uncertainty following the 2008 global financial crisis and the 2011 Fukushima disaster.
CGN’s core business is nuclear power generation. Domestically, it produces 54 per cent of China’s nuclear power through 28 reactors generating 33 gigawatts, and it has 16 more under construction with a planned output of 20 gigawatts.
Epangelo’s participation reflects uranium’s classification as a strategic mineral in Namibia.
Husab employs 4,300 people, representing 22 per cent of Namibia’s total mining workforce.
This includes 1,700 permanent employees, 96 per cent of whom are Namibian.
The mine contracts for a further 2,600 workers, with expatriates accounting for just 4 per cent of the total workforce.
Of these, 3 per cent are Chinese secondees, and 1 per cent come from SADC countries.
Fixed-term contracts are primarily used in management positions for performance accountability.
The operation moves 120 million tonnes of material annually, more than triple the output of Namibia’s next largest mine.
Uranium production stands at 5,300 tonnes of U₃O₈ per year against a design capacity of 6,000 tonnes, making Husab the largest open-pit uranium producer in the world.
Life of mine currently extends to 2044, based on a resource of 315,000 tonnes, with significant expansion potential from ongoing exploration.
Utilities requirements are extensive. Husab consumes nine million cubic metres of water annually, accounting for 65 per cent of the Erongo Region’s total demand and draws 50 megawatts from the national grid.
This is supplemented by a 12-megawatt solar plant, a 15-megawatt steam turbine powered by sulfuric acid plant off-gases, and a 10-megawatt emergency backup load.
Husab holds NOSA 5-star safety certification and is certified to ISO 9001, 14001, 45001, and 37001 standards. Since a fatality in 2018, the mine has maintained a strong safety record, narrowly losing the top safety award to Debmarine Namibia in the past two years.
Mining began in 2014, with the first drum of uranium produced in December 2016. Between 2016 and 2019, production remained stagnant at around 4,000 tonnes annually, hindered by mining inefficiencies.
The original mega-fleet, comprising Komatsu 960 trucks and Caterpillar 7495 electric hydraulic shovels, was optimised for massive ore bodies, but Husab’s complex, deep deposits required more selective mining.
A revised mining strategy deployed the large fleet for waste stripping while two contractors with smaller fleets handled ore mining.
This increase in mining volumes by 40 per cent in 2021 and another 25 per cent in 2024 enabled the plant to process 12 million tonnes annually.
Bottlenecks shifted from mining to processing, and plant performance now supports predictable output.
Husab spends approximately N$10 billion annually on procurement, with 70 per cent of the sourcing being local.
Of this, over N$2 billion is paid to government-owned entities and N$5 billion to local private suppliers. Namcor supplies 69 million litres of diesel annually, worth N$1.3 billion, while NamWater’s invoices are equivalent to Windhoek’s entire water consumption.
The mine’s power and water invoices place it among the largest utility clients in Namibia.
The mine contracts with 57 on-site service providers, employing 2,600 people, and works with over 400 suppliers.
The largest spend categories are mining services, mining maintenance, and consumables. Some procurement classified as local involves Namibian-registered companies representing foreign original equipment manufacturers due to intellectual property and technical capacity constraints.
In tax contributions, Husab consistently pays substantial amounts in PAYE and withholding tax, earning recognition from the Namibia Revenue Agency for compliance.
It has been the most significant single company contributor to PAYE. However, corporate tax payments remain minimal due to accumulated assessed losses exceeding US$400 million from years of operating in a low uranium price environment.
Management maintains that the mine will pay corporate taxes once these losses have been offset and stresses that surviving the first decade required carrying these losses while keeping the operation alive.
Husab’s foundation focuses on livelihoods, health, and education.
It has pledged 10,000 goats and sheep to seven Erongo constituencies to restock resettled farms. It provided oxygen and equipment during the COVID-19 pandemic, continues to train healthcare workers, and invests in school facilities and skills development initiatives.
Husab has launched Namibia’s most extensive exploration campaign, spanning 680,000 metres over seven years.
Drilling began in 2024 with 54,000 metres, and 100,000 metres are planned for 2025. The aim is to discover another “Husab within Husab.”
A N$450 million industrial-scale heap leach pilot plant, operational since July 2024, is processing low-grade ore. A commercial decision is expected in the second quarter of 2026, potentially boosting output above 6,000 tonnes per year.
In partnership with NamWater, Husab will contribute N$170 million to build Erongo’s second desalination facility, securing water for itself, other mines, and surrounding communities.
The exploration and heap leach projects have already created 182 additional jobs. Further employment is expected during construction and operation.
In 2025, Husab was ranked first in business performance among CGN’s 56 companies worldwide and won the group’s award for best business management. Management credits the turnaround to a deliberate focus on attracting and retaining top talent, building robust systems, and delivering on commitments to shareholders.
If current performance continues, Husab projects that by 2028 it could become Namibia’s first billion-US-dollar turnover business, reinforcing its position as a cornerstone of the country’s extractive economy and a key player in the global uranium market.
