B2Gold’s Otjikoto Mine emerged as Namibia’s largest mining taxpayer in 2024, paying an impressive N$2.4 billion in direct taxes, royalties, export levies, and non-resident shareholder taxes.
This single contribution accounted for more than 40% of the entire mining sector’s tax payments for the year, underscoring the mine’s strong performance and critical role in supporting national finances.
Company disclosures revealed that Otjikoto’s tax payments represented 57% of its N$4.1 billion profit before tax for 2024.
Including indirect taxes and social responsibility spending, the total outlay reached around 61% of its pre-tax earnings.
The mine’s decision to publicly share these figures offered an unusual level of transparency in an industry where most companies’ tax details remain private.
Despite Otjikoto’s robust showing, overall mining tax contributions in Namibia fell sharply in 2024.
The country’s 16 active mining companies paid a combined N$5.6 billion in corporate income tax, royalties, and export levies, representing a decrease of approximately 24% from the N$7.6 billion collected in 2023.
A significant part of this decline stemmed from the diamond sector, which had long been the country’s largest source of mining revenue.
In 2023, De Beers’ Namibian ventures—Namdeb and Debmarine—paid a combined US$611 million (around N$10 billion at the time) to the Namibian government. That figure dropped by roughly 11% in 2024 to US$545 million (approximately N$9.1 billion), reflecting weaker global diamond prices and operational challenges in offshore mining operations.
The remaining N$3.2 billion in mining taxes collected in 2024 came from at least 15 other companies, although individual amounts were not disclosed.
This group includes major uranium producers such as Rössing Uranium and Swakop Uranium (Husab Mine), as well as gold producer Navachab Gold Mine (operated by QKR Namibia), Langer Heinrich Uranium (run by Paladin Energy), Dundee Precious Metals Tsumeb, and Andrada Mining’s Uis tin operation.
Diamond mining companies Namdeb and Debmarine also contributed, alongside firms like Gecko Mining, Namibia Critical Metals, Zhonghe Resources, Orano Mining Namibia (with its Trekkopje project in care and maintenance), Trigon Metals’ Kombat operation, and various smaller industrial mineral producers.
While many of these companies remained profitable in 2024, the overall decline in sector-wide taxes underscores the significance of diamonds to Namibia’s revenue base.
Diamond mining is taxed at 55%, compared to 37.5% for other minerals. Even modest fluctuations in diamond output or pricing can have a significant impact on the country’s public finances.
B2Gold’s Otjikoto Mine, by contrast, has delivered steady growth and reliable contributions.
In 2023, the mine produced approximately 208 598 ounces, 198 142 in 2024 and the 2025 guidance is between 165 000 – 185 000.
Its consistent production and willingness to disclose its tax bill make it a key pillar of the country’s fiscal planning.
Meanwhile, the lack of detail about the other companies’ contributions has raised questions about transparency in the sector.
While Namibia’s Ministry of Finance and the Chamber of Mines release total mining tax figures, they do not publish company-by-company breakdowns.
B2Gold’s voluntary disclosure stands out as an exception in an otherwise opaque reporting environment.
Looking ahead, the performance of Namibia’s mining industry remains critical to its economic stability.
The 2024 figures serve as a reminder of both the sector’s importance and its vulnerability to global market shifts, highlighting the need for economic diversification and more predictable sources of government revenue in the future.
