Iran’s enduring 15 per cent shareholding in the Rössing Uranium Mine has become a paper investment, with more than N$421 million in dividends locked away in Namibia due to international sanctions.
The money, held in escrow accounts since 2007, reflects years of profits that Tehran’s Iran Foreign Investment Company (IFIC) has been unable to collect.
Rössing, located about 12 kilometres from the town of Arandis in the Erongo Region, is Namibia’s oldest uranium operation and one of the world’s longest-running open-pit uranium mines.
It began production in 1976 under Rio Tinto and has since produced more than 140,000 tonnes of uranium oxide, making it a cornerstone of Namibia’s mining sector and a major supplier of nuclear fuel to global markets.
The Iranian stake dates back to the mid-1970s, when the country’s then-ruler, Shah Mohammad Reza Pahlavi, was building a civil nuclear programme and sought reliable uranium supplies.
Through IFIC’s predecessor, the Atomic Energy Organisation of Iran had invested directly in Rössing, which Rio Tinto was then developing. The deal guaranteed Iran both a slice of ownership and access to production.
The actual price paid for the 15 per cent shareholding was never made public.
Despite seismic shifts in global politics since then — including the 1979 Iranian Revolution, Namibia’s independence in 1990, and the 2019 sale of Rio Tinto’s controlling interest to China National Uranium Corporation Limited (CNUC) — the Iranian position in Rössing has remained intact.
Today, the ownership structure is as follows: CNUC holds 68.6 per cent, IFIC holds 15 per cent, the Industrial Development Corporation of South Africa has 10 per cent, and the Namibian government holds 3 per cent, alongside special shareholder rights.
Although Iran legally retains all the privileges of a shareholder, sanctions linked to its nuclear activities have meant that since 2007, it has been unable to receive any dividends.
Under United Nations, US and European Union restrictions, Namibia cannot transfer funds or assets that might indirectly benefit Iran’s nuclear programme.
As a result, all dividends payable to IFIC are deposited into escrow accounts in Namibia, where they remain recorded on the company’s books but are inaccessible to Tehran.
By 2024, the accumulated funds had reached roughly N$421 million, underscoring the enduring value of Iran’s investment, even if frozen.
In 2024, Rössing generated revenue of N$5.93 billion, a decline from the previous year, but still delivered a robust after-tax profit of N$1.03 billion.
On paper, Iran’s 15 per cent share would have translated to about N$155 million that year—an amount it could not access due to sanctions.
For Namibia, the Iranian connection has long been a sensitive issue. The shareholding is legally binding and predates independence, but international obligations limit the government’s options.
How the figures were derived (with Rössing sources):
Iran’s putative 2024 dividend share is calculated as 15% × N$1.03 billion = N$154.5 million (≈ N$155 million), using IFIC’s 15% stake disclosed in Rössing’s stakeholder report and the mine’s reported 2024 net profit after tax.
As a book-value proxy for the worth of the 15% stake, apply 15% × N$4,997,947,000 total equity (31 Dec 2023) = N$749,692,050. (Rössing Summary Annual Financial Statements 2023.)
For context on the escrow trend, Rössing reports restricted cash for IFIC dividends of N$331,074,000 (2022), rising to N$394,421,000 (2023) in Note 10.3; the story’s ~N$421 million figure reflects the subsequent 2024 total reported by the company.
