HomeTop StoriesNamibia creates state-owned mining company

Namibia creates state-owned mining company

Namibian mining
commissioner Erasmus
Windhoek, Namibia — MININGREVIEW.COM — 03 December 2009 – The government of Namibia “’ which is a major diamond and uranium producer “’ has created a state-owned mining company to play a role in the southern Africa country’s exploration and mining drive.

Making this announcement here, mining commissioner Erasmus Shivolo said the company, to be launched this December, would not limit itself to one mineral. “The company will be looking at all strategic minerals: diamonds, uranium, gold and copper … a whole range,” he added.

While initial funding will come from the government, Shivolo said various private and state-owned mining companies had expressed interest in partnering with the new firm. “Discussions are ongoing, but there are no specific projects yet that the company is looking at,” he said.

Shivolo said Namibia wanted its state-owned firm to be transparent, and a board would run it as an independent entity. “They will run it as a pure business entity with the purpose of making money for themselves and for the state,” he explained.

Namibia is one of the world’s largest diamond producers through Namdeb “’ jointly owned by the De Beers Group and the Namibian government. It is also home to 10% of the world’s uranium output, with several new firms conducting exploration or on track to open new mines within the next five years.

Beyond uranium and diamonds, companies were also exploring for and mining gold, iron ore, lead, zinc and manganese, Shivolo said.