Martin Endjala
The mining industry is estimated to have generated N$38 billion last year from the sales of minerals in terms of local content which relates to supply and demands by sourcing goods and services from local suppliers.
Of this, 44 percent of the total industry revenue or N$16.8 billion was spent on sourcing goods and services from local suppliers and from the sale of minerals.
The Namibian Chamber of Mines believes that the number has the potential to exceed 50 percent or N$17 billion by ploughing back into the country’s economy.
This was revealed yesterday by the Chief Executive Officer of the Namibian Chamber of Mines, Veston Malango during a media briefing in Windhoek.
“In 2022, the mining industry experienced a remarkable growth of 21.6 per cent, driven by a major increase in diamond output. The industry’s significant contribution is further highlighted by its total taxes paid, including corporate and export levy taxes,” he said.
According to Malangu, the mining industry contributed 12.2 percent to Namibia’s Gross Domestic Product (GDP) in 2022 compared to 9.1 percent in 2021.
Malango said that the mining industry has played a crucial role in the country’s economy in terms of direct employment. He added that the industry provided jobs for 16 147 individuals in 2022, compared to 15 246 in the previous year.
“This industry is run by our own people. Let us be proud of that. We are just saying that as an investor, you must try to employ Namibians and we as an industry have made it our business to support the government, in the form of not having an arrangement with foreigners to come and look after your requirements. So, we rely on NIMT, we then employ this artisan and then we train them on this equipment. This is the local content I am talking about,” explained the CEO.
He added that identifying business opportunities is not only a question of buying abroad and coming to manufacture in the country, but given the demands in the country, those who wish to venture into providing manufacturing services can propose such manufacturing projects to the Chamber of Mines and incentives can be made available for potential proposals.
Such manufacturing capabilities, Malangu said, are the only way of growing the economy. He added that there is huge potential in the industry, however, it is the Chambers’ responsibility to point the entrepreneurs in the right direction where these opportunities are.
The Chamber of Mines is delighted to spearhead this highly anticipated event, poised to unlock a wealth of untapped business opportunities within the thriving mining industry.
