Standard Bank Namibia’s Corporate and Investment Banking (CIB) division has reinforced its commitment to powering positive impact by delivering a bespoke foreign exchange (FX) risk management solution to Swakop Uranium (Pty) Ltd, operator of the Husab Mine – one of the world’s largest uranium deposits.
As a key contributor to Namibia’s mining sector and a global supplier of uranium for low-carbon nuclear energy, Swakop Uranium faces significant exposure to USD/NAD exchange rate fluctuations. With the majority of its revenue denominated in USD and approximately 80% of its operational costs in NAD, managing currency risk is critical to sustaining profitability and financial stability.
In response, Standard Bank’s Global Markets team structured a NAD1 billion strip of forward contracts with a tenor of up to 24 months. This strategic solution enables Swakop Uranium to lock in favourable forward rates, mitigate currency volatility, and enhance the predictability of its financial planning.
“This deal showcases the strength of Standard Bank’s Global Markets capabilities, combining local knowledge, regional expertise, and global reach to deliver solutions that make a real difference to our clients and to Namibia’s economy,” said Yolande Fourie, Standard Bank Head of Global Markets.
Beyond financial performance, the partnership supports Swakop Uranium’s broader impact on Namibia’s development. The company plays a pivotal role in job creation, skills development, local procurement, and community upliftment. Its contributions to government revenue through taxes and royalties, and its role in advancing global energy transition goals, underscore its strategic importance.
The transaction also highlights Standard Bank’s ability to mobilise cross-border collaboration. The successful execution was facilitated by close cooperation between Standard Bank Namibia and Standard Bank’s China team, ensuring cultural and linguistic alignment throughout the process.
“This initiative exemplifies Standard Bank’s purpose: ‘Namibia is our home, we drive her growth.’ By enabling Swakop Uranium to manage risk and unlock sustainable growth, Standard Bank continues to support Namibia’s journey toward a resilient and inclusive energy future, “concluded Fourie.