South Africa's IDC Sells Stake in Rossing Uranium Mine

The Industrial Development Corp. of South Africa plans to sell its 10.5% stake in Rossing Uranium Ltd., the operator of one of the largest open-pit uranium mines in the Namib desert. The Johannesburg-based financier is divesting the asset because the project includes backers from Iran and Russia, both of whom are subject to international sanctions.

The IDC stated that continuing its investment in the mine is inconsistent with internal policies and lender requirements that mandate the organization exit business relationships involving sanctioned parties. The financier has already received at least 35 proposals for the stake.