2013-09-17 09:09:08 - New Materials market report from Business Monitor International: "Namibia Mining Report Q4 2013"
We have downgraded some of our growth forecasts to account for the current economic environment and the sharp crash in uranium prices experienced over 2013. The decline in prices has led to the postponement of several major uranium projects in the country and has pushed back investments. We expect Namibia's mining industry to reach US$1.30bn by 2017.
2012 saw increased speculation regarding the possible introduction of a super tax on mining activity in Namibia, leading to the possibility of further friction between the government and the independent Chamber of Mines. In February President Mark Dawe told Reuters that the chamber was in negotiations with the government regarding the implementation of the super tax, which would likely be introduced in 2012.
Report Details at
According to Dawe, miners are in favour of a common super tax on all operations across the mining sector in lieu of a suggested government surcharge on the profits of some companies during periods of economic growth. The super tax is expected to place less of an administrative burden on companies operating in Namibia. The news follows lobbying by the Chamber of Mines in 2011, which resulted in the government aborting plans to raise the corporate income tax rate for the non-diamond mining sector from 37.5% to 44%. Despite the outcome, the Chamber believes controversy surrounding the tax has had a negative impact on foreign mining activity in the country, with Dawe indicating that 'a number of investors' had been scared away from the sector.
The bulk of exploration and mining in Namibia focuses on diamonds, uranium and base metals such as copper, lead and zinc. A number of major players, including Rio Tinto and De Beers, have exploited the great potential for the exploration and mining of mineral resources. Diamond Fields International is a Canada-based mining firm involved in the exploration and mining of diamonds, nickel and gold in Liberia, Madagascar, Namibia and Zambia. Namdeb is a joint venture between De Beers (50%) and the Namibian government (50%), and is the country's leading diamond producer. Vedanta Resources is a major Indiabased resources player with global reach. The company recently entered the Namibian market via the acquisition of the country's largest zinc mine, Skorpion Mine, through its subsidiary Sterlite Industries.
Report Table of Contents:
BMI Industry View
- Uranium: Weak Prices To Weigh On Output
- Table: Namibia - Uranium Exploration Projects
- Table: Namibia - Uranium Production
- Diamonds: Steady Uptick In Output
- Table: Namibia - Diamond Exploration Projects
- Table: Namibia - Diamond Production
Industry Risk Reward Ratings
- Risk/Reward Ratings
- Elevated Prices Increase Rewards, But Political Risks Lurk
- Table: Africa - Mining Risk/Rewards Ratings
- Botswana: All Round Outperformer
- Zambia: Investment To Continue Despite Higher Taxes
- South Africa: Worsening Environment For Mining Companies
- Mozambique: Mining Sector Set To Boom
- Sierra Leone, Mali, Guinea And Cote d'Ivoire: Massive Reserves But Uncertain Outlook
- DRC: Huge Resources, Enormous Risks
- Zimbabwe: Uncertainty To Deter Investment
- Table: Namibia - Mining Industry Value And Production
- Table: Namibia - Political Overview
- Monthly Metals Strategy
- Ferrous Metals
- Base Metals
- Aluminium: Still Further Declines
- Copper: Continued Weakness
- Nickel: Persisting Fall
- Zinc: Holding Steady, For Now
- Table: Select Commodities - Performance And BMI Forecasts
- Table: Global Commodities Strategy
- Vedanta Resources
- Table: Vedanta Resources - Key Financial Data
- Africa Overview
- 1. Lack Of Infrastructure The Greatest Challenge
- 2. Resource Nationalism Will Increase
- Table: Recent Government Intervention
- 3. Continuing Chinese Investment Into Africa
- 4. Iron Ore Production In West Africa To Boom
- 5. Southern Africa To Become A Key Coal Exporter
Global Industry Overview
- Table: Select Countries - Recent And Planned Tax Increases And Other Government Plans
- Table: Mining Risk/Reward Ratings Indicators
- Table: Weighting Of Components
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