Ministry collects N$1.4 billion through mining activities
The Mining Ministry collected a total of N$1.423 billion during the 2018/2019 financial year, according to the budget motivation speech delivered to parliament this week.
Despite a wobbly economic environment, mining in the country continued to contribute significantly to state revenue fund and development, Deputy Minister of Mines, Kornelia Shilunga said in the speech.
“A total of about N$20 million was collected from petroleum exploration/production rental fees. Additionally, N$3.3 million was collected from mineral rights fees while royalties added another N$1.4 billion to the state,” she added.
Shilunga told parliament that the ministry during the 2018/2019 financial Year, managed to meet most of its obligations with limited resources, by embarking upon activities that are key in boosting the economic growth and contributing to the national development.
Meanwhile Shilunga said during the period under review, significant improvement was observed on rough diamonds that were converted into polished locally due to improved monitoring, reporting and stakeholder engagement.
“As a result, more than 60% of rough diamonds were converted into polished diamonds and a significant number of Namibians imparted with relevant skills,” she added.
Shilunga said the promotion and encouragement of local value addition to minerals in order to create and sustain employment as well as generate foreign earnings remains a priority area.