The Chamber of Mines CEO Veston Malango said the mining industry recorded a strong growth of 18.9% in 2023, increasing Namibia’s GDP contribution from 11.9% in 2022 to 14.4%.
Malango told the media at a press conference in Windhoek during this year’s mining expo that the expanding industry contributed to a 12.6% rise in direct employment compared to 2022.
According to Malango, in 2023, the total taxes paid by the mining sector amounted to N$6.861 billion, marking a significant increase of 55.9% from N$4.401 billion in 2022.
He added that the Gross Fixed Capital Formation also grew substantially, rising from N$3.480 billion in 2022 to N$5.908 billion in 2023.
“The sector’s revenue reached N$51.572 billion in 2023, reflecting a 36% increase from N$37.961 billion in 2022,” Malango said.
He said the green shoots for Namibia’s mining sector are mostly hinged on a resurging uranium market as nuclear energy is emerging as a prominent and sustainable baseload power source worldwide.
Malango said the uranium market has grown significantly, with prices surpassing the US$100/lb mark in January 2024 due to the gradual depletion of utility stockpiles and stagnant supply levels over the past two years.
This positive trend, he explained, is expected to drive increased production at Namibia’s key uranium mines, such as Rössing and Husab, as well as the resumption of operations at Langer Heinrich and the development of new projects, namely Bannerman’s Etango-8 project and Deep Yellow’s Tumas project.
“These developments position Namibia as a critical player in the global nuclear energy market, contributing to sustainable energy solutions and economic growth,” he said.
Malango said other avenues of growth are also being created by upcoming projects in battery minerals and precious metals.
He noted that Namibia will soon see the development of its third gold mine, the Twin Hills project currently owned by Osino Resources.
“Osino Resources has accepted an offer by Yintai Gold to acquire and develop this project, pending the required approvals from the various regulatory authorities,” he said, adding that once the transaction is finalised, the new owners will commence with the development of the mine.
Malango said the mining industry continues to be a cornerstone of the national economy, contributing significantly to GDP and employment.
He said the sector has grown robust recently, driven by increased production and new investments.
The Expo & Conference will further support this growth by fostering knowledge exchange, cooperation, and innovative thinking among industry professionals.
