Mining industry well-positioned to support economic recovery in the next two years – Executive
The mining sector is well-positioned to support much needed economic recovery in the next two years instead of increasing mineral commodity prices and higher output for diamonds and uranium, an executive said this week.
This view is supported by the strong growth rate for mining in 2021, which recorded 13.6% according to the Preliminary National Accounts published by Namibia Statistics Agency, Chamber of Mines President, Hilifa Mbako said in a statement at the company’s Annual General Meeting held online.
“The growth is attributed to an increase in the production of diamonds and uranium and a moderate increase in gold output. The uranium and diamond sub-sector registered growth rates of 2.5% and 25.8% respectively,” he added.
According to Mbako, mining also remained the primary sector anchor of the economy and the largest contributor to GDP which amounted to 9.1% in 2021.
Mbako meanwhile said despite the economic successes and an optimistic outlook for mining in Namibia, it remains increasingly worrisome that the current policy pronouncements and dialogue from the Ministry of Mines and Energy favour regulatory mechanisms that will continue to deteriorate and demolish a mining framework that was once conducive for investment into mining.