Namibia is expecting about $3.5 billion worth of investments into its mining sector over the coming five years. As per the Mines and Energy Minister Isak Katali, the mining industry accounts for 15% of its total economic output in terms of GDP in the financial year ending March 2011.
The Namibian mining minister said that the state mining company Epangelo Mining which was recently set up will also add to the government coffers. He added that the cabinet had recently approved a submission to declare uranium, copper, gold, zinc and coal as strategic minerals with a view of allowing the exclusive exploration and mining of these minerals by the state mining company.
Katali explained that now if any other mining company wished to mine these strategic minerals they would have to do it in a joint venture with the Epangelo Mining company. Namibia is going to benefit directly from any new projects that get started in these mineral resources.
Namibia is the fourth largest producer of uranium in the world as per the World Nuclear Association. It has three operational uranium mines and another one owned by French company Areva is due to begin production next year.