STAFF WRITER
THE mining industry generated N$51 billion in 2024 despite experiencing a 0.4 percent reduction from the previous year, the Chamber of Mines of Namibia has said.
The chamber’s Chief Economist Lauren Graham said the mining sector contracted by 1.2% due to lower output from diamond mining.
Graham made the announcements ahead of the forthcoming mining exposium.
Despite this, the chamber said the mining industry still makes a significant contribution to Namibia’s economy, accounting for 13.3% of the Gross Domestic Product (GDP).
“Gold, on the other hand, stood out as a top performer, driven by record production at the Navachab mine and favorable global market conditions. Two new uranium mines and an additional gold mine are also under advanced development, indicating strong investor confidence and a bright future for the sector.
The industry generated total revenue of N$51.382 billion, a decrease of 0.4% from the previous due to lower revenues received from diamond mining,” Graham said.
According to the chamber, the mining sector contributed N$3.008 billion in corporate taxes, N$2.256 billion in royalties, and N$360 million in export levies to the national fiscus.
The said employment in the industry increased to 20,843 direct jobs, a 14.6% rise from last year, reaffirming the industry’s role in job creation.
“Local procurement reached N$23.944 billion, reflecting the industry’s commitment to supporting domestic economic empowerment and SME growth.
Moreover, N$245 million was invested in training and skills development, and N$260 million was dedicated to corporate social responsibility, emphasizing the sector’s focus on human capital and community wellbeing,” Graham said.
While fixed investment decreased to N$5.216 billion, exploration spending surged to N$1.485 billion, surpassing the billion-dollar mark for the
first time and signaling renewed confidence in the sector’s long-term prospects.
The Chamber of Mines said they actively engaged in policy advocacy.
“We remain committed to advocating for policies that support the sustainable growth of mining. Our strategic focus will continue on progressing key areas of policy advocacy, addressing infrastructure challenges, and fostering a robust regulatory framework, ensuring
the mining sector remains a cornerstone of Namibia’s economic development, ” Chamber CEO, Veston Malango, said on Friday.
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