Namibia's mining revenue dips amid diamond industry slowdown

Windhoek, July 11 (IANS) Namibia's mining industry generated a total revenue of 51.4 billion Namibian dollars (about 2.89 billion U.S. dollars) in 2024, representing a marginal 0.4 per cent decrease from the previous year.

This slight decline was primarily attributed to lower revenues from diamond mining, according to the Chamber of Mines of Namibia's 2024 Annual Review, released Friday, Xinhua news agency reported.

Veston Malango, chief executive officer of the Chamber of Mines of Namibia, presented the review, which offers a comprehensive overview of the sector's performance, challenges, and strategic outlook.

Despite the minor dip in overall revenue, Malango said the mining sector remained a significant contributor to the national fiscus. In 2024, the industry paid 3.008 billion Namibian dollars in corporate taxes, 2.256 billion in royalties, and 360 million in export levies.

Furthermore, the sector demonstrated robust employment growth, with direct jobs increasing by 14.6 per cent to a total of 20,843 positions, he noted.

"We remain committed to advocating for policies that support the sustainable growth of mining," Malango said.

Looking ahead, the chamber remains committed to fostering a stable, globally competitive, and sustainable mining sector, he said, adding that this will be achievable through ongoing collaboration with government and industry partners.

"The Chamber will keep an open dialogue on key policy issues, including the draft Minerals Bill, proposed government free-carry shareholding, and critical infrastructure development," he added.

Namibia's mining industry continues to make a significant contribution to the country's economy, accounting for 13.3 per cent of the gross domestic product.

--IANS

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