longbrained
SENIOR MEMBER
- Joined
- Mar 28, 2011
- Messages
- 3,390
- Reaction score
- 0
Iran has owned 15% of the second largest Uranium mine in the world since 1975. The Rössing Uranium in Namibia is owned by Iran with a 15% share and Australia with 65% share and South Africa with 10% share.
But since 37 years, Iran has not received a single gram of Uranium from that mine and all that Uranium goes to Europe and United States for use in nuclear reactors and nuclear bombs. Now with western sanctions, Iran has been completely cut off from the mine and completely kicked out of its share holding rights, all the while the mine is being emptied by western interests.
The latest US and European sanctions against Iran have Rio Tinto’s Rössing Uranium in Namibia “concerned” over the impact they will have on its uranium mining business.
So worried is Rössing Uranium that they are “monitoring the situation and are in the process of assessing and managing any associated current and future risks,” a senior Rössing Uranium executive told New Era.
The company does, however, emphasise that they have always, and would continue, to comply with all United Nations Security Council resolutions on Iran, particularly resolution 1929.
Iran is facing tighter sanctions aimed at restricting the flow of vital foreign exchange earnings from oil to force Tehran to abandon its nuclear programme.
To make the new sanctions work, the USA is exerting pressure on its trading and political partners not to buy Iranian crude oil, threatening to ban companies that trade with Iran from doing business with the United States. The European Union has already announced that it will issue a ban on its usual imports estimated at 600,000 barrels per day of crude from Iran in July this year.
Speculation is rife among international political analysts that the international market may shun Rio Tinto’s products mined and processed at Rössing - in which Iran is a shareholder - with companies afraid of being seen to be flaunting measures aimed at cutting foreign revenue to Iran, and thus face punitive measures from the US Treasury.
Iran’s state-owned enterprise, Iran Foreign Investment Company (IFIC), holds a 15 percent shareholding in Rio Tinto’s open pit mine at Arandis since 1975, before the Islamic revolution in 1979.
Rössing Uranium] is concerned about the potential impact that tightening international sanctions against Iran could have on its business,” said Jerome Mutumba, Rössing Uranium’s manager for external affairs.
Rössing maintains that it has “at all times complied with UN Security Council resolution 1929 in our dealings with the IFIC and with Iran. IFIC’s dividends cannot be transferred outside Namibia by way of the international banking system and are thus kept in an account in Namibia.”
Moreover, Rössing has adopted a series of measures designed to ensure that the IFIC’s shareholding simply cannot deliver any contribution whatsoever to activities by Iran that have drawn international censure.
“These include denying the IFIC access to uranium, technology, further equity, dividends, and commercial information,” said Mutumba.
The IFIC’s shareholding in Rössing Uranium has been under constant scrutiny as the world’s superpowers increasingly become nervous about Iran’s uranium enrichment plans. Rössing Uranium stopped paying dividends to Iran in 2008 to comply with UN Security Council Resolution 1803, that restricts trade dealings with Iran on uranium materials, amongst others. There have been a number of resolutions since, with resolution 1929 and now the current tighter restrictive measures. As a result, Iranian dividends are sitting in a Namibian bank account controlled by Rössing with more than US$6 million accumulated.
Mutumba was at pains to point out that “Rössing’s product is not the subject matter of sanctions” and that all Rössing products “are sold according to strict national and international guidelines.”
New Era - Rssing Uranium nervous about Iran sanctions
But since 37 years, Iran has not received a single gram of Uranium from that mine and all that Uranium goes to Europe and United States for use in nuclear reactors and nuclear bombs. Now with western sanctions, Iran has been completely cut off from the mine and completely kicked out of its share holding rights, all the while the mine is being emptied by western interests.
The latest US and European sanctions against Iran have Rio Tinto’s Rössing Uranium in Namibia “concerned” over the impact they will have on its uranium mining business.
So worried is Rössing Uranium that they are “monitoring the situation and are in the process of assessing and managing any associated current and future risks,” a senior Rössing Uranium executive told New Era.
The company does, however, emphasise that they have always, and would continue, to comply with all United Nations Security Council resolutions on Iran, particularly resolution 1929.
Iran is facing tighter sanctions aimed at restricting the flow of vital foreign exchange earnings from oil to force Tehran to abandon its nuclear programme.
To make the new sanctions work, the USA is exerting pressure on its trading and political partners not to buy Iranian crude oil, threatening to ban companies that trade with Iran from doing business with the United States. The European Union has already announced that it will issue a ban on its usual imports estimated at 600,000 barrels per day of crude from Iran in July this year.
Speculation is rife among international political analysts that the international market may shun Rio Tinto’s products mined and processed at Rössing - in which Iran is a shareholder - with companies afraid of being seen to be flaunting measures aimed at cutting foreign revenue to Iran, and thus face punitive measures from the US Treasury.
Iran’s state-owned enterprise, Iran Foreign Investment Company (IFIC), holds a 15 percent shareholding in Rio Tinto’s open pit mine at Arandis since 1975, before the Islamic revolution in 1979.
Rössing Uranium] is concerned about the potential impact that tightening international sanctions against Iran could have on its business,” said Jerome Mutumba, Rössing Uranium’s manager for external affairs.
Rössing maintains that it has “at all times complied with UN Security Council resolution 1929 in our dealings with the IFIC and with Iran. IFIC’s dividends cannot be transferred outside Namibia by way of the international banking system and are thus kept in an account in Namibia.”
Moreover, Rössing has adopted a series of measures designed to ensure that the IFIC’s shareholding simply cannot deliver any contribution whatsoever to activities by Iran that have drawn international censure.
“These include denying the IFIC access to uranium, technology, further equity, dividends, and commercial information,” said Mutumba.
The IFIC’s shareholding in Rössing Uranium has been under constant scrutiny as the world’s superpowers increasingly become nervous about Iran’s uranium enrichment plans. Rössing Uranium stopped paying dividends to Iran in 2008 to comply with UN Security Council Resolution 1803, that restricts trade dealings with Iran on uranium materials, amongst others. There have been a number of resolutions since, with resolution 1929 and now the current tighter restrictive measures. As a result, Iranian dividends are sitting in a Namibian bank account controlled by Rössing with more than US$6 million accumulated.
Mutumba was at pains to point out that “Rössing’s product is not the subject matter of sanctions” and that all Rössing products “are sold according to strict national and international guidelines.”
New Era - Rssing Uranium nervous about Iran sanctions
