HomeDiamonds & GemstonesNamibia and India sign uranium and diamond deals

Namibia and India sign uranium and diamond deals

Namibian President
Hifikepunye Lucas
Pohamba, who signed
the agreements with
New Delhi, India — MININGREVUE.COM — 02 September 2009 – Namibia and India have signed agreements paving the way for Namibia to share in India’s US$30 billion (R240 billion) nuclear industry, as well as their world-class diamond polishing sector.

Quoting The Namibian newspaper, allAfrica.com reports that these agreements on co-operation in the field of peaceful uses of nuclear energy, and a memorandum of understanding on geology and mineral resources, are the first steps towards selling uranium and diamonds to India.

They also ensure a training institute for diamond processing in Windhoek, mines and energy minister Erkki Nghimtina told The Namibian from India.

Nghimtina “’ part of the 43-member presidential delegation to India “’ said Namibia could export uranium oxide to India now that the country was no longer subject to the embargo on international nuclear trade.

He pointed out, however, that this did not mean that India would receive special favours and be allowed to join the hunt for uranium locally. “The moratorium on granting exclusive prospecting for uranium was something completely different,” Nghimtina added.

India’s nuclear market is expected to grow to US$150 billion (R1 200 billion) in the next 30 years. Media reports also suggest that the newly-signed agreements have secured an additional market for Namibia’s rough diamonds, a statement which, according to Nghimtina, “is not 100% true.”