The Industrial Development Corporation of South Africa (IDC) has invited potential buyers to submit expressions of interest to acquire its 10.2% equity stake in Rössing Uranium, marking the State-owned financier’s planned exit from an investment it has held since the Namibian mine’s establishment in the 1970s.

In a notice dated January 26, the IDC said it had reached its investment horizon in Rössing Uranium and intended to dispose of its minority shareholding in the company, which operated one of the world’s largest and longest-running openpit uranium mines in Southern Africa.

Rössing Uranium operates a mine that has been in production for nearly 50 years and has been a significant contributor to global uranium supply and to the Namibian economy. The mine was established in the 1970s and its ongoing operations are supported by a large mineral resource base, established infrastructure and its strategic role in the global nuclear market.

The IDC said it was one of the founding shareholders of the business and currently holds a 10.2% stake. Having reached the end of its intended investment holding period, the corporation is now seeking to sell this equity interest through a formal expression of interest process.

According to the IDC, the purpose of the invitation is to provide guidance to interested bidders on the minimum information required when submitting an expression of interest to acquire the stake.

The proposed transaction relates specifically to the purchase of the IDC’s shareholding and does not involve changes to the broader ownership structure beyond the disposal of this interest.

The IDC has invited written submissions from potential buyers or investors who wish to acquire the 10.2% equity stake. It said interested parties must provide information outlining their company background, including details of management and shareholders, as well as demonstrate alignment with the IDC’s development objectives.

Potential buyers are also required to show that they have sufficient financial capacity to acquire the stake, including evidence of balance sheet strength. In addition, bidders must explain the strategic rationale for their interest in Rössing Uranium and confirm that the necessary board, committee or shareholder approvals have been obtained to submit an expression of interest.

The IDC said it will also consider any other relevant information that may strengthen an expression of interest, including potential synergies, empowerment considerations and technical expertise relevant to the uranium mining business.

The corporation did not disclose a valuation for the 10.2% stake or a timeline for concluding the sale process, but confirmed that the invitation to submit expressions of interest formed the first step in its planned disposal of the shareholding.