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Mining expo to showcase sector’s growth opportunity

2024-06-27  Staff Reporter

Mining expo to showcase sector’s growth opportunity

The Chamber of Mines yesterday announced that the upcoming 11th Mining Expo & Conference is scheduled for 7 and 8 August 2024  at the Windhoek Showgrounds. 

This year’s event is sponsored by RMB, a leading financial services' provider to the domestic mining sector. 

Recognising mining’s importance as the bedrock of Namibia’s growth,  the mining industry recorded a strong growth of 18.9% in 2023, increasing its GDP contribution from 11.9% in 2022 to 14.4% in 2023. 

Additionally, the expanding industry contributed a 12.6% rise in direct employment, compared to 2022. In 2023, the total taxes paid by the mining sector amounted to N$6.861 billion, marking a significant increase of 55.9% from N$4.401 billion in 2022. 

The Gross Fixed Capital Formation also saw substantial growth, rising from N$3.480 billion in 2022 to N$5.908 billion in 2023. The sector’s revenue reached N$51.572 billion in 2023, reflecting a 36% increase from N$37.961 billion in 2022.

To date, the 2024 Mining Expo has already received bookings from 145 companies, occupying 242 booths. Last year was the first time the entire Windhoek Show Grounds was booked out to accommodate the record-breaking demand. With the current uptake already surpassing the booking levels compared to last year, the chamber anticipates this year’s event to be even bigger than it was in 2023. 

The Mining Expo & Conference is the premier event for mining industry professionals, suppliers and stakeholders to converge and explore the latest developments and career opportunities in the sector. The 2024 event will feature a wide range of exhibitors, showcasing the latest innovations and technologies that are propelling the industry forward. 

Exhibitors and attendees  can look forward to concurrent activities such as the Mining Conference, the Supplier’s Platform and Business-to-Business networking sessions.

Reflecting on past achievements and trends, this year’s Mining Expo & Conference will highlight the potential within Namibia’s mining sector under the theme “Green Shoots for Namibia’s Mining Industry: a Season of Opportunity and Growth to Drive Economic Expansion.” 

The chambersaid this theme underscores new growth and opportunities emerging in the industry, driven by a resurging uranium sub-sector, a new gold mine, growing potential in the oil and gas sector, and strategic investments to increase the life of mines of existing operations. As the mining industry plays a pivotal role in Namibia’s economy, the event aims to spotlight these advancements and their potential to stimulate substantial economic expansion.

The green shoots for Namibia’s mining sector are mostly hinged on a resurging uranium market, as nuclear energy is emerging as a prominent and sustainable source of baseload power worldwide. 

Over the past two years, the uranium market has seen significant growth, with prices surpassing the US$100/lb mark in January 2024 due to the gradual depletion of utility stockpiles and stagnant supply levels. This positive trend is expected to drive increased production at Namibia’s key uranium mines such as Rössing and Husab, as well as the resumption of operations at Langer Heinrich and the development of new projects, including Bannerman’s Etango-8 project and Deep Yellow’s Tumas project.

These developments position Namibia as a critical player in the global nuclear energy market, contributing to sustainable energy solutions and economic growth.

Other avenues of growth are also being created by up-coming projects in battery minerals and precious metals. Notably, Namibia will soon see the development of its third gold mine, the Twin Hills project currently owned by Osino Resources. 

Osino Resources has accepted an offer by Yinati Gold to acquire and develop this project, which is awaiting required approvals from the various regulatory authorities. Once the transaction is finalised, the new owners will commence the development of the mine. 

Namibia’s mining industry continues to be the cornerstone of the domestic economy, contributing significantly to GDP and employment. In recent years, the industry has seen robust growth, driven by increased production and new investments. 

The Expo & Conference aims to further support this growth by fostering knowledge exchange, cooperation, and innovative thinking among industry professionals.

2024-06-27  Staff Reporter

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