The 12th Mining Expo and Conference has commenced in the capital.
The three-day expo has brought together exhibitors from SADC and international investors.
Entrance to the Mining Expo and Conference is free of charge, and this is to grant access to as many participants as possible.
President Netumbo Nandi-Ndaitwah highlighted that, despite significant global headwinds and a contraction of 1.2% in 2024, the mining sector remains the bedrock of the Namibian economy.
The industry generated N$52.3 billion in revenue, contributed 13% to GDP, and created over 2,600 new jobs, a 14.6% increase from the previous year.
Dr Nandi-Ndaitwah's speech was delivered by her Special Advisor Carlo McLeod.
"In 2024, mining companies spent N$23.94 billion on goods and services from Namibian businesses, representing 46.2% of the industry's total revenue and 62% of total procurement. This level of local procurement is a powerful driver of inclusive economic growth, supporting thousands of Namibian-owned enterprises across the country. The sector also contributed N$5.62 billion to the national fiscus through taxes, royalties, and levies, despite a decline from the previous year due to weaker diamond revenues. This includes N$3 billion in corporate taxes, N$2.26 billion in royalties, and N$360 million in export levies. These achievements are not just numbers. They represent livelihoods, opportunities, and the growing confidence in Namibia as a stable and attractive mining destination."
The Minister of Industries, Mines and Energy, Natangue Ithete, emphasised that it is high time for Namibia to promote a 51% Namibian ownership in the mining sector.
"The Ministry is prioritising policy frameworks that strengthen local ownership, build capacity, and promote value addition. We are currently reviewing the Minerals Bill and will soon commence stakeholder consultations, especially in key regions where exploration and mining are taking place. This process is essential to ensure that our laws are fit for purpose and reflect the ambitions of an equitable and modern mining industry. Furthermore, we are actively consulting industry stakeholders on mechanisms that will promote 51% Namibian ownership in new mining ventures."