Mining

Namibia will continue to rely on mining: minister


WINDHOEK, March 8 — Namibia’s Minister of Mines and Energy Tom Alweendo on Thursday said the country’s economy will continue to rely heavily on the mining sector for both sustenance and revenue inflows despite incessant past calls for diversification.
Alweendo underscored the need to maximize extractions through the creation of value chains for both local economic growth and safeguarding investor interests.
“Because of the importance of the mining sector, it is not surprising that the Namibian people, who are the custodians of the minerals, have a vested interest in their resources. People would want to know how their resources are being exploited and how that will accrue in benefits to them,” he said.
Alweendo also emphasised the need for continued exploration of different minerals by investors as way of ensuring the country continues to reap the rewards of its mining sector.
According to recent data released by the Namibian Statistics Agency, the Namibian mining sector contributes about 15 percent to the country’s gross domestic product (GDP) and is the largest contributor to the country’s foreign currency earnings by far. – XINHUA