Namibia needs to discover new mines to continue supporting economy

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mines
mines

Namibia’s mining sector will continue to be an important contributor to the economy only if new mines are discovered, Namibia’s Minister of Mines and Energy said Friday.

In a keynote address, at the Debmarine Namibia Stakeholders meeting Friday, Alweendo said the move to discover mines is of importance because the existing mines will come to a closure.

“But for us to discover new mines, a number of things have to happen. The first thing we need to do is to have a good understanding of our mineral potential. We need to have a good knowledge of what minerals are available,” he said.

Alweendo is of the view that Namibia needs to encourage more investments in a comprehensive geological mapping.

“Without an improved geological mapping, it will rather be difficult to attract investment for mineral exploration,” he added.

Furthermore as part of the needs, the minister said Namibia needs to do everything possible to attract investment in mineral exploration.

“Without exploration, no new mines can be discovered. We also know that exploration is a high risk investment. When you invest in mineral exploration there is no guarantee that you will discover minerals,” he added.

Meanwhile, Alweendo said it will be self-defeating when Namibia imposes impractical licensing conditions or when the policies are unpredictable thereby creating policy uncertainties.

Mining in Namibia is one of the most important sectors of the country’s economy. In 2017 the mining sector contributed over 12 percent of GDP, and it is expected that by 2022 the mining sector’s share of the GDP will exceed 15.2 percent. Enditem

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