The Online Guide to the Namibian Economy
The Online Guide to the
Namibian Economy
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The Online Guide to the
Namibian Economy
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Mining
It is no exaggeration to say that Namibia’s economy has been built on its mining industry. According to Dr Gabriella Schneider’s history of mining in Namibia, the oldest written accounts of Namibia’s mineral resources can be found in the diaries of Hendrik Hop who travelled to southern Namibia as early as 1761. In 1790 Wilhelmus van Reenen arrived at modern-day Rehoboth and found copper and gold. The Walvisch Bay Mining Company established a copper mining operation at Matchless Mine west of Windhoek in 1856. However, Namibia only really established itself on the global mining stage following the commencement of copper mining in the Otavi mountains by the Otavi Minen und Eisenbahn Gesellschaft in 1906 which was followed by the spectacular discovery of diamonds at Kolmanskop near Lüderitz on the southern coast in 1908. Since then, Namibia has gone on to become a major producer of diamonds and uranium and also produces gold, copper, zinc, and lead as well as a range of industrial minerals and dimension stone. In 2024 Namibia was the sixth largest producer of diamonds by value and the third largest producer of uranium by volume. The industry is dominated by large mining companies and has only a very small artisanal mining sector.
Ministry of Industrialisation, Mines and Energy and Other Public Agencies
The Ministry of Industrialisation, Mines and Energy is the key policy-making institution for the industry headed since March 2025 by the Minister of Industrialisation, Mines and Energy the Right Honourable Natangwe Iithete who is also Deputy Prime Minister. Namibia’s last formal mining policy was published in 2003. Within the Ministry, the Directorate of Mines leads on mining issues while the Geological Survey enhances knowledge of Namibia’s mineral resources. Policy towards the mining sector takes place within a legal framework established by the Minerals (Prospecting and Mining) Act of 1992. This Act is currently being revised. A detailed and up-to-date list of mining licence holders can be found on the Ministry’s website. Diamond mining is covered on the diamond sector page of this website.
According to the Constitution and the Minerals Act, Namibia’s mineral resources belong to the Namibian State. However, since Independence Government has adopted a development model for the sector based on private mining companies as the principal operating agents but licenced and regulated by the Ministry of Industrialiation, Mines and Energy and taxed by the Ministry of Finance. Although it has accepted stakes in mining companies when these have been inherited or offered to it, Government has generally held back from direct ownership of mining operations although it clearly expects foreign mining companies to involve Namibian shareholders. However, in 2009 Government went ahead and created a state-owned mining company Epangelo (meaning “government” in Oshiwambo) whose stated aim was to be a “prosperous global mining company”. Epangelo is classified as a commercial public enterprise and currently holds shares in Swakop Uranium, Navachab gold mine, Sakawe Mining Corporation and Kombat copper mine. In 2011 Government declared six minerals – diamonds, uranium, copper, gold, coal and rare earth metals – to be “strategic minerals”. Initially, the idea was to issue mining licences for these minerals only to a state company.
The Minerals Development Fund Act of 1996 formally established the Minerals Development Fund (MDF) out of the Sysmin funds granted to Namibia by the European Union in March 1993. The idea was to create a revolving fund that would lend to mining projects and generate returns which could be further invested in mining. It is not clear what has happened to the MDF.
Finally, Namibia’s mining industry is subject to a special taxation regime. The non-diamond mining industry pays a 37.5% rate of corporate profits tax (compared to 32% for non-mining companies), pays mineral royalties on gross sales of between 2% and 3%, and export levies on gross sales of between 0.25% and 2%. Unprocessed dimension stone pays export levies of up to 15%. Current legislation also makes provision for additional windfall taxes on super-normal profits.
Private Mining Companies
Namibia’s mining sector is dominated by foreign mining companies from a variety of countries, most of whose local subsidiaries have some Namibian shareholding. Most of the major companies belong to the Chamber of Mines of Namibia which acts as an effective negotiating partner for government on all issues relating to the mining industry, organises an annual Mining Expo and Conference, and publishes an informative Annual Review and regular Newsletters. The Chamber has developed its own Mining Charter which members are committed to abide by. Namibia features in the Fraser Institute’s Annual Ranking of Policy Potential and Mineral Potential, and Investment Attractiveness.
The following is a list of operating companies included in the Chamber of Mines Annual Review 2024. It does not include mines that are not members of the Chamber.
| Andrada Mining (AfriTin Mining Namibia) has produced tin concentrate from the redeveloped Uis tin mine (ML133 and ML134) since 2019, formerly the world’s largest hard-rock opencast tin mine. The company has also commenced with the construction of two facilities to develop the co-production of lithium and tantalum. |
| B2Gold Namibia has produced gold bullion from the Otjikoto gold mine (ML169) located between Otavi and Otjiwarongo since 2014. Canada-listed B2Gold Corp. holds 90% and EVI Gold Mining owns 10%. |
| De Beers Marine Namibia has mined rough diamonds offshore in the Atlantic 1 area since 2001 (see page on diamonds). |
| Langer Heinrich Uranium has produced uranium yellow cake from Langer Heinrich mine (ML140 and ML172) since 2007. The mine was put on care and maintenance in 2018 and is currently in the process of coming back into production. Australia-listed Paladin Energy owns 75% and China National Nuclear Corporation owns 25%. |
| Namdeb Diamond Corporation has mined rough diamonds onshore in Mining Area 1 and other onshore licence areas since its creation in 1994 (see page on diamonds). |
| Navachab gold mine outside Karibib (ML31) has produced gold bullion since 1989 which is refined for onward sale at the Rand Refinery in South Africa. QKR owns 92.5% and JG Investments (Epangelo) owns 7.5%. |
| Orano Mining Namibia is 100% owned by Uramin Inc. and constructed the Trekkopje uranium mine (ML151) which is currently under care and maintenance. Trekkopje was built in 2010 to produce uranium yellow cake but has been under care and maintenance since 2011. It is fully owned by France’s Orano. Water for the mine is provided by the Erongo Desalination Company located on the coast at Wlotzkasbaken. |
| Ongopolo Mining is a subsidiary of Consolidated Copper Corporation (CCC) with assets at Tschudi (ML125), Otjihase (ML22), and Matchless (ML3). The Minerals Development Fund owns 6.53%. |
| Rosh Pinah Zinc Corporation has produced zinc and lead concentrates from Rosh Pinah mine (ML39) since 1969. London-based private equity fund Appian Natural Resources owns 89.96% while PE Minerals owns 1.63%, Jaguar Investments 7.84% and the Employee Empowerment Scheme 0.57%. |
| Rössing Uranium has produced uranium yellow cake from Rössing mine (ML28) since 1976. China National Nuclear Corporation owns 68.62%, Iran Foreign Investment Company owns 15.29%, the Industrial Development Corporation of South Africa owns 10.22%, and the Government of Namibia owns 3.42%. |
| Sakawe Mining Corporation mines diamonds offshore and is 85% owned by Altigo, 8% by Epangelo Mining, 4% by Longlife Mining, 2% by the National Youth Service, and 1% by employees. |
| Sinomine (previously known as Namibia Custom Smelters) has produced blister copper from imported copper concentrates at its revamped facility in Tsumeb since 2010. Sinomine (Hong Kong) Rare Metals Resources Company Limited holds 98%. |
| Swakop Uranium has produced uranium yellow cake from Husab mine (ML171) since 2016. China General Nuclear owns 90% and Epangelo Mining Company 10%. |
| Trigon Mining Namibia owns Kombat mine (ML9, ML16, ML21, ML73B and ML73C and is 80% owned by Trigon Metals Inc., 10% by Texel Mining and Exploration, and 10% by Epangelo. |
| Walvis Bay Salt & Chemicals produces coarse salt at Walvis Bay (ML37) through solar and wind evaporation as well as refined salt products at its sister companies Walvis Bay Salt Refiners and Ekango Salt Refiners. Walvis Bay Salt Holdings owns 85% while EVI Mining Company owns 4.61%, Thike Pamwe Investments 4.61%, Zantang Investments 0.8%, KB Black 3.93% and S Esau 10.05%. |