Mining sector doubles fixed investments in Namibia

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Police confiscated an iron ore mining operation belonging to a drugs cartel near Lazaro Cardenas in March
iron ore mining

Chamber of Mines of Namibia has said the total revenue from the sector was 21.62 billion Namibian dollars (1.8 billion U.S dollars) and that fixed investments from the mines doubled to 17. 26 billion Namibian dollars (1.4 billion U.S dollars) in 2014.

mining
mining

The chamber president Werner Duvenhage revealed this figure in his statement delivered at the opening of the mining expo and conference Wednesday in the capital Windhoek.
Running for two days, the annual mining expo and conference features local and international exhibitors.
This year’s mining expo and conference is themed: Mining Industry: A catalyst for Vision 2030. There are more than 100 exhibitors and a record 148 stands.
Duvenhage said the diamond mining earned 10.87 billion Namibian dollars (900 million U.S dollars) while non-diamond mining including zinc and copper smelting earned 10.73 billion Namibian dollars.
He said members of the chamber paid 3.39 billion Namibian dollars (300 million U.S dollars) in taxes and royalties in 2014 compared to the 2.76 billion Namibian dollars (230 million U.S dollars) that was paid in 2013.
“These figures exclude pay as you earn paid through wages and salaries by the sector,” Duvenhage explained.
While he acknowledged that the mining sector may have experienced a contraction in real value added, there are many economic spinoffs and contributions to the gross domestic product.
“The indirect benefits of these investments to the Namibian economy through upstream linkages are often understated, ranging from services provided by financial institutions to infrastructure development,” Duvenhage further said.
For example, he said, the mining industry spent some 93.9 million on training and skills development last year and awarded 14 bursaries.
The sector also created 7, 903 permanent jobs thereby pushing up the total number of people employed in the sector to 17, 770 including those on temporary basis. This figure is 1, 061 more than those who were employed in 2013.
Duvenhage said there was no loss of life in 2014 while the Lost Day injuries decreased from 88 in 2013 to 65 in 2014.
“Unfortunately, on the 10th of May, we suffered a fatality at Scorpion Zinc when a contractor employee feel from working at height,” he said. Enditem.

-Xinhua,

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