South Africa's IDC to Divest Namibian Uranium Mine Stake Due to Sanctions

South Africa’s Industrial Development Corp plans to sell its stake in a Namibian uranium project because the mine’s backers include Iranian and Russian entities. The IDC owns about 10.5% of Rossing Uranium, the development financier said in its annual report. The Iranian and Russian firms are under international sanctions, which would leave the IDC vulnerable, the company said. “The IDC’s continued investment in Rossing is inconsistent with its internal policies and lender requirements, which oblige the IDC to exit business relationships involving sanctioned parties,” it said. The Johannesburg-based firm received at least 35 proposals for its stake, according to the annual report. Rossing operates one of the world’s largest open-pit uranium mines in the Namib desert, the IDC said. Business Day first reported the IDC’s plans earlier on Friday. Follow us on our official channels: or create a free account . Free users can leave 4 comments per month. Subscribers can leave unlimited comments via our website and app .