WINDHOEK: The total taxes paid by the mining sector amounted to N.dollars 6.861 billion in 2023, marking a significant increase of 55.9 per cent from N.dollars 4.401 billion in 2022.

The Gross Fixed Capital Formation also saw substantial growth, rising from N.dollars 3.480 billion in 2022 to N.dollars 5.908 billion in 2023.

The sector’s revenue reached N.dollars 51.572 billion in 2023, reflecting a 36 per cent increase from N.dollars 37.961 billion in 2022.

This was announced on Wednesday by the Chamber of Mines Chief Executive Officer, Veston Malango during the launch of the 11th Mining Expo and Conference, scheduled for 07 and 08 August 2024 at the Windhoek Showgrounds.

Furthermore, Namibia’s mining industry grew by 18.9 per cent in 2023, boosting its contribution to the country’s GDP from 11.9 per cent in 2022 to 14.4 per cent in 2023.

The industry contributed to a 12.6 per cent increase in direct employment compared to 2022, according to Malango.

Reflecting on the remarkable achievements and trends,
this year’s Mining Expo and 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.’

‘This theme underscores the 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,’ Malango said.

He noted that 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.

‘Namibia’s mining industry continues to be a cornerstone of the national economy, contributing significantly to GDP and employment,’ he said.

In recent years, the industry has seen robust growth, driven by increased production and new investments. The aim of the expo is to support this growth by fostering knowledge exch
ange, cooperation, and innovative thinking among industry professionals, Malango said.

Source: The Namibia Press Agency