Rossing Uranium Limited

"Despite international sanctions designed to derail Iran's nuclear program, the Islamic Republic legally owns 15 percent of the third largest uranium mine in the world. How is this possible? Ask the management of Rossing Uranium Limited in the southern African nation of Namibia. According to the company's most recent annual report, Iran has owned a sizeable stake in it since the early 1970s. The United Nations has made it illegal to sell fissile material to the Iranians, but it somehow allows them to own a major stake in a uranium mine. This is a loophole that needs to be addressed at Turtle Bay." (The Hill, "Iran's Uranium Holdings," 10/12/10) (http://bit.ly/9dV2J8)

Rio Tinto, an Anglo-Australian international mining group, owns a 69 percent interest in Rossing. (http://www.rossing.com/) (http://www.rossing.com/)

"Rio Tinto Group, the world’s third- largest mining company, said Iran can maintain a 15 percent stake in its Rossing uranium operation after a United Nations ruling barred the country from investing in mines of the fuel... 'It is shameful that Rio Tinto would attempt to defend any business with Iran,' Kimmie Lipscomb, a spokeswoman for New York-based non-profit group United Against Nuclear Iran, said today. 'How can Rio Tinto claim that by conducting business with Iran in a uranium mining venture, it is not contributing to Iran’s ability to develop nuclear weapons?'... Mark D. Wallace, president of UANI and a former U.S. ambassador to the UN, wrote to Rio Chairman Jan du Plessis last week, saying Iran’s stake appeared to be a violation of U.S. law. He requested a response by Nov. 2. 'Profits from the Rossing uranium mine are channeled directly to the Iranian government, emboldening and financially empowering its pursuit of an illegal nuclear weapons program,' Wallace wrote in the letter dated Oct. 21. 'It is time for Rio Tinto and Rossing to recognize this threat as well and follow the lead of other responsible companies and stop putting short- term profits ahead of Iran’s clear threat to global security.'"(Bloomberg, "Rio Tinto Says Iran is Allowed to Keep 15% Stake in Namibian Uraniaum Mine," 10/27/2010) (http://www.bloomberg.com/news/2010-10-27/iran-allowed-to-keep-15-stake-in-namibia-s-rossing-uranium-mine-rio-says.html)