NaCC approves Rössing sale
27 June 2019 | Business
The Namibia Competition Commission has approved the sale of Rössing Uranium Limited to China National Uranium Corporation, but with stringent conditions, its spokesperson Dina Gowases announced this morning.
While it was found by the commission that the transaction would not result in any unfair competition on the part of CNUC acquiring Rössing, the commission felt the procurement of local goods by CNUC and job security for locals was a notable concern.
To safeguard employment and local procurement, the commission imposed certain conditions, she said.
“There shall be no merger specific retrenchments of employees of Rössing Uranium for a period of two years. Rössing shall maintain a ratio of at least 95% local employees to foreign employees until the expiry of the lifespan of the mine,” she said.
In addition, Rössing was not allowed to employ any non-Namibian person at management level on any basis other than on a two-year contract fixed term contract, she said.
Rio Tinto, Rössing’s majority shareholder last year announced the sale of its stake for N$1.5 billion to CNUC.