Iran’s N$421m Namibia freeze — how it happened and why it’s stuck
Here’s the full story behind Iran’s frozen fortune at Rössing Uranium Mine.
How Iran got the stake:
Back in the mid-1970s, Iran’s then-ruler, Shah Mohammad Reza Pahlavi, was building a civil nuclear programme and needed reliable uranium supplies. Rio Tinto was developing Rössing (production started 1976) and the deal was simple: Iran invests upfront, gets a slice of ownership and access to uranium.
In 1976, the Iranian Foreign Investment Company (IFIC) officially acquired its 15% stake…legally binding and still intact today.
The freeze begins:
From 2007, Iran stopped receiving dividends. Then UN Security Council Resolution 1929 (2010) barred Iran from uranium mining investments, and Namibia agreed to block further acquisitions.
The imperial U.S. then designated IFIC as an Iranian government-controlled entity on its sanctions list meaning releasing the funds could expose Rössing to U.S. secondary sanctions.
Today’s numbers:
• N$421 million held in escrow (up from N$331m in 2022)
• Iran’s 15% share is now worth N$750 million on paper
• In 2024 alone, Iran’s share of after-tax profit would have been N$155 million all frozen
Unless the imperial U.S. changes IFIC’s designation or a legal loophole appears, that N$421m stays locked.
Iran legally owns the shares but can’t touch a cent.
What do you think…should Namibia risk sanctions and release it, or keep it frozen ?