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Namibia Mining Report Q1 2010
Business Monitor International, Jan 2010, Pages: 52
Namibia Mining Report provides industry professionals and strategists, corporate analysts, mining associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Namibia's mining industry.
In December 2009, Namibia established a state-owned mining company, Epangelo Mining, to explore for minerals across its territory. The move comes as Namibia seeks to claim a greater share of its mineral wealth. Epangelo Mining will look at mining opportunities across all strategic mineral sectors, according to Mining Commissioner Erasmus Shivolo.
In November 2009, Australian prospector Avonlea Minerals confirmed an 11.5km iron ore deposit within its Nail and Bronzy prospects. Avonlea has been exploring for iron ore in Namibia since July 2009, through its 95%-owned Eris Mining subsidiary when it received five exclusive prospecting licences. The company also possesses an exclusive reconnaissance licence, meaning that it has access to explore some 12,000 square km of Namibia.
New Data
For 2010, the authors have made significant changes to the way in which we forecast mining data. As well as using local statistics agencies and associations, we now also draw on the expertise of the UN’s Industrial Commodity Statistics Database, the US Geological Survey and the World Bureau of Metal Statistics for our historical export and production data. We then forecast this data using our own proprietary econometric model. Human intervention also plays a necessary and desirable role in our mining forecasting; experience, expertise and knowledge of industry trends and developments ensuring that we can spot likely future changes and anomalous data that a purely mechanical model would not.
Country Overview
Namibia is richly endowed with natural resources; in particular uranium and diamond deposits. The country is the world’s fourth-largest producer of uranium and among the largest gem-quality diamond producers in value terms. It also features among the top five nations around the globe for its zinc, copper and lead reserves. To expand the revenue earning potential of its mining industry, the Namibian government is making fervent efforts to establish a strong domestic market for diamond cutting and polishing. Taken together, these factors underscore the importance of the Namibian mining industry for its economy.
The Namibian mining industry needs to gain a foothold in certain areas to further enhance its prospects, particularly as diamond production appears to slow down. Lack of water resources is a key factor that discourages investments in the mining industry. As a result of the nation’s underperforming infrastructural facilities, mineral exploration has been slow, thus constraining the growth of the Namibian mining industry. On the other hand, recognising the vital role uranium is set to play in the country’s future, processes have been initiated to revise and amend the Minerals Act, to align regulations that allow judicious exploitation of the resource.
Industry Forecast
After a challenging 2009, there are reasons for cautious optimism on the Namibian mining sector as we enter 2010. Demand for diamonds should pick up over the course of the year and the country’s burgeoning uranium sector should continue to grow strongly. We also now feel that the outlook for the copper sector is better than it has been for some months.
The authors believe the Namibian mining sector can reach an average annual growth rate of 4.79% over our forecast period to 2014, reaching a value of US$0.864bn.
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