Africa-Press – Namibia. The mining industry spent N$23.94 billion on local procurement in 2024.
This is after generating a revenue of N$51.3 billion.
Chamber of Mines of Namibia chief executive Veston Malango says the revenue was a decrease of 0.4% due to lower sales in the diamond industry.
“In 2024, the mining sector contracted by 1.2%, primarily due to lower output from diamond mining. However, mining still makes a significant contribution to Namibia’s economy, accounting for 13.3% of the gross domestic product,” he says.
The industry paid N$3 billion in corporate taxes, N$2.2 billion in royalties, and N$360 million in export levies.
According to Malango, employment in the sector also increased, with 97% of those employed being Namibians.
“Employment increased to 20 843 direct jobs, a 14.6% rise from last year, reaffirming the industry’s role in job creation,” he says.
In terms of investment, the sector recorded a decrease in fixed investments, with an increase in exploration investment.
“While fixed investment decreased to N$5.2 billion, exploration spending surged to N$1.5 billion, surpassing the billion-dollar mark for the first time and signalling renewed confidence in the sector’s long-term prospects,” Malango says.
Additionally, the sector invested N$245 million in training and skills development, and N$260 million was spent on corporate social responsibility.
Malango says despite the challenges the mining industry is facing globally, especially due to weakened diamond demand, the mining sector continues to be one of the largest contributors to Namibia’s economic growth.
He says the chamber will keep an open dialogue on key policy issues, including the draft minerals bill, proposed government free-carry shareholding, and critical infrastructure development.
Malango says the 2025 Mining Expo and Conference, which will be held at the Windhoek Showgrounds, has received huge interest and is sold out.
The conference is set to take place from 5 to 7 August, with 320 stands being occupied by 180 exhibitors.
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