Husab’s delivery sits at the fast end for a world-class uranium project of its scale.
From discovery in 2008 to first production in 2016, the mine advanced from exploration to commissioning in just eight years—one of the fastest timelines ever achieved for a uranium operation of this magnitude.
Construction began in 2013 and was completed by December 2016 at a cost exceeding US$5 billion. By comparison, Canada’s McArthur River took more than a decade to reach production, while Namibia’s Rössing and Langer Heinrich each took over 30 years from discovery to output.
Located about 60 kilometres east of Swakopmund in the Erongo Region, the Husab Uranium Mine is the largest open-pit uranium operation in Africa.
It ranks third globally by production capacity, behind Canada’s McArthur River and Cigar Lake. Its twin open pits—Zone 1 and Zone 2—stretch about 2.4 kilometres long, one kilometre wide, and 400 metres deep, making Husab one of the most significant uranium excavations in the world.
Financial performance
Swakop Uranium’s financial results from 2020 to 2024 show a steady transition from post-pandemic recovery to profitability, supported by strict cost control, improved plant reliability, and firmer uranium prices.
In 2020, the company generated N$11.84 billion in revenue, with operating costs of N$8.25 billion and tax payments of N$754 million.
Despite solid turnover, capital and maintenance costs led to a net loss of N$2.36 billion. Total value added was N$4.86 billion, and payments to suppliers reached N$3.14 billion.
In 2021, revenue rose to N$13.55 billion, yielding a profit of N$555 million. Operating costs totalled N$8.25 billion, taxes N$775 million, and total value added N$5.54 billion. Local procurement increased to N$3.24 billion.
In 2022, total revenue stood at N$12.63 billion, with operating costs of N$5.64 billion and tax payments of N$875 million.
The company retained N$2.91 billion in economic value after distributions.
In 2023, revenue increased to N$16.48 billion, while operating costs and maintenance expenditure led to a loss of N$1.62 billion.
Payments to the government totalled N$947 million, and N$4.99 million was spent on community projects.
By 2024, Swakop Uranium achieved a profit of N$562 million, reversing the previous year’s loss. Revenue climbed to N$18.8 billion, of which N$16.5 billion was distributed through operating costs, employee compensation, and taxes, while N$2.3 billion was retained for reinvestment.
Local procurement reached N$7.4 billion, and fixed investment totalled N$3.7 billion, directed at infrastructure and operational efficiency improvements.
Production performance
Husab’s production profile shows consistent progress and operational stability over five years.
In 2020, the mine produced 3,893 tonnes of uranium oxide (U₃O₈) and mined 71.4 million tonnes of material. By 2021, output improved slightly to 3,902 tonnes, with 102.9 million tonnes mined—a 44 per cent increase in total tonnage year-on-year.
In 2022, output rose to 3,959 tonnes of U₃O₈, while 97.4 million tonnes of material were mined.
In 2023, production surged to 5,318 tonnes of U₃O₈, with 115.6 million tonnes mined. The improvement was attributed to the Group Management System (GMS) and Business Framework (BF), which standardised mining and processing procedures.
In 2024, Husab sustained output of 5,232 tonnes of U₃O₈ and mined a record 118 million tonnes of material. Despite slightly lower ore grades, the mine achieved greater haulage efficiency and plant reliability.
Between 2020 and 2024, uranium production grew by 34 per cent, underscoring Husab’s steady march toward its full design capacity of 6,500 tonnes of U₃O₈ per year.
Workforce and localisation
Swakop Uranium has maintained a 96 per cent localisation rate since 2020, aligning with its policy of prioritising Namibian employment.
In 2020, the company employed 1,569 people, including 186 Namibian women and 10 in management. By 2021, employment grew to 1,628, including 190 women and 12 in management.
By 2024, the workforce reached 1,676 full-time employees and about 2,000 contractors, with women comprising 13 per cent of the total staff and 23 in management.
Training and employee development
Investment in employee development increased from N$13.66 million in 2020 to N$15.7 million in 2021, and to N$26.38 million in 2024. Training covered bursaries, graduate programmes, internships, and professional memberships.
A total of 988 employees received training in 2024, while 30 benefited from self-study assistance and 15 attended the CGN Egret Leadership and URC International Uranium Talent Training Programme in China.
Employee welfare includes medical aid, provident fund benefits, accident insurance, social security, and housing support through 63 erven allocated for staff accommodation. The Lactation Room Project was introduced to assist mothers returning from maternity leave.
Swakop Uranium’s community investments have increased consistently. Direct monetary contributions rose from N$2.16 million in 2022 to N$4.99 million in 2023, supporting education, health, and small enterprise initiatives.
Through the Swakop Uranium Foundation, an additional N$5 million was invested in 2024, mainly under the “Invest in Education” campaign, which funded ICT classrooms, hostel refurbishments, and feeding facilities across Erongo, Ohangwena, and Omaheke regions.
Between 2022 and 2024, more than N$12 million was invested in structured community programmes aligned with Namibia’s social development goals.
Environmental indicators remained steady.
Water consumption held at 9 million cubic metres, and electricity use declined from 251 million kWh in 2023 to 238 million kWh in 2024. Conservation of the Welwitschia mirabilis, biodiversity protection, and water management remain integral to Husab’s environmental plan.
Leadership and vision
In their joint 2024 Sustainability Report, CEO Qiu Bin and Chairman Luo Wei reaffirmed Swakop Uranium’s commitment to responsible mining and community partnership in shaping Namibia’s sustainable energy future. They emphasised that Husab’s mission extends beyond extraction, focusing on operational stability, safety, and shared national growth.
The company mined 118 million tonnes of material in 2024, sustaining a total workforce of 4,300 employees and contractors, representing approximately 18.5 per cent of Namibia’s mining labour force.
Chairman Luo Wei described Husab as a model of international cooperation under the Belt and Road Initiative, reflecting shared values of green growth and technological innovation.
The Husab deposit was discovered in 2008 by Extract Resources Ltd, which identified two high-grade orebodies—Zone 1 and Zone 2—within Namibia’s central uranium belt. In 2012, China General Nuclear Power Corporation (CGN), through its Hong Kong–listed subsidiary CGN Mining Co. Ltd, acquired Extract Resources in a US$2.2 billion transaction, securing full ownership of Swakop Uranium and the Husab Project.
Swakop Uranium (Pty) Ltd is 90 per cent owned by CGN Global Uranium Ltd, a subsidiary of CGN, and 10 per cent by Namibia’s Epangelo Mining Company.
Swakop Uranium plans to expand automation, digital monitoring, and renewable energy integration to enhance operational efficiency and reduce environmental impact. The company aims to maintain output above 5,000 tonnes of U₃O₈ per year, while strengthening localisation and supplier participation.
Husab’s speed of development, operational scale, and sustained recovery have established it as Africa’s largest uranium mine and the third-largest globally by design capacity. Together with Rössing and Langer Heinrich, Husab cements Namibia’s position as the world’s third-largest uranium producer, after Kazakhstan and Canada.
