"Namibia Mining Report Q4 2013" is now available at Fast Market Research

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.

Regulatory Developments

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.

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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.

Key Players

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.

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