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Namibia’s grand old lady of the uranium sector defies odds – Mine officially handed over to new majority share holders

Namibia’s grand old lady of the uranium sector defies odds – Mine officially handed over to new majority share holders

Anglo-Australian mining giant Rio Tinto officially handed over Rössing, to its new majority shareholder, China National Nuclear Corporation (CNNC) at an event last week in Swakopmund.

Rio Tinto which had the majority shareholding in Rössing Uranium of 68.62% completed the share sales to CNNC following approval by the Namibia Competition Commission.

Rio Tinto Energy and Minerals CEO, Bold Baatar, said during their tenure, they had an opportunity to create a world class business that contributed to the growth and development of Namibia and its people.

“While this was not an easy choice to make to sell, it was one that ensured a strong future for the business,” he added.  According to him, with the new partners CNNC, Rössing will chart a new pathway, sustaining the business for years to come.

Baatar said even as the Rio Tinto flag comes down over Rössing, his company will very much remain committed to Namibia.

Erongo Governor Cleophas Mutjavikua welcomed the new investment and stated that the region will now focus on building a new chapter in the history of Rössing Uranium.

“We know that this new chapter would allow the businesses to prosper to the benefit of not only our stakeholders, but also the economy at large,” he added.

The Deputy Minister of Mines and Energy, Kornelia Shilunga, said that the event signalled the dawn of a new future for all.

“With the necessary cooperation with government and stakeholders, a lot can be done for future generations,” she added.

China’s Ambassador to Namibia, Zhang Yiming dismissed notions that the acquisition of Rössing Uranium Mine by CNNC may cause a monopoly in the industry considering that now both Namibian uranium mines (Rossing and Swakop Uranium) now belong to Chinese state-owned companies..

According Yiming the two companies are independent, competing business entities hence there is no monopolization.

Meanwhile, other delegates present at the event echoed similar sentiments and stated that the move to sell the majority shares to China will ensure the continuation of a 43-year-old legacy and retain jobs for the around 2,000 employees.


 

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.