Namibia looks to Russia for uranium boost amidst global shift
Namibia, one of the world's largest uranium producers, has invited Russia to collaborate on its processing. Russia is strengthening its presence in Africa, where it invests in the oil, gas, and nuclear energy sectors.
Namibia accounts for about 10% of global uranium production, while Russia controls about 40% of the world's enrichment capacity. The African country recognizes that with such experience, Russia could assist in transitioning from a raw material seller to a significant global producer of processed uranium ready for use in reactors.
The African country seeks support
The Kremlin is capitalizing on the continent's growing energy demand and its dissatisfaction with the West, which pressures African countries to transition to alternative green energy that Africa cannot afford. Without imposing any demands, Russia sent Deputy Prime Minister Yuri Trutnev to Namibia in April to discuss the utilization of the country's substantial uranium resources with Namibia's President Netumbo Nandi-Ndaitwah.
Namibia's expectations are enormous. According to the Namibian Uranium Association (NUA), the country's authorities anticipate that developing domestic facilities will create jobs for over 5,000 skilled workers in the nuclear sector by 2030. Thanks to domestic uranium refining, tax revenues are expected to increase by about $300 million annually, and the nuclear sector is projected to attract over $1.2 billion in foreign investments.
Namibia is also encouraged to make these changes by the World Bank, which believes uranium refining could quickly elevate Namibia into the group of upper-middle-income countries.
The Kremlin has its own interest
Russia is not acting altruistically in Namibia. Its ambition is to secure about 25% of the global uranium supply by 2030. Namibia is essential for achieving this plan, because it possesses uranium of the highest quality in the world, and neither the country nor its resources are subject to any Western sanctions. These sanctions, following Russia's military aggression in Ukraine in 2022, have disrupted about 60% of Russia's foreign joint investments in the nuclear sector.
Uganda is another African country with significant untapped uranium resources. Russia has already signed a preliminary nuclear agreement with it. The Russian state energy giant Rosatom is currently in talks about nuclear energy development programs with Kenya, Tanzania, Sudan, Egypt, Morocco, Nigeria, Tunisia, and Zambia. Collaboration with African countries helps the Kremlin maintain its position as a global leader in nuclear energy.
