President Hage Geingob has reiterated that Africa has the upper hand when it comes to natural resources and this should be used to develop economies, but mining entities appear not to buy into that.
This was contained in his speech delivered by vice president Nangolo Mbumba during the official opening of the 10th Mining Expo in the capital.
The theme of the expo, however, is aimed towards establishing Namibia as the preferred supplier of minerals.
This year’s theme, “Namibia’s Role in the Sustainable Supply of Minerals to Support the Global Energy Transition”, aims at shedding light on Namibia’s significant contribution to the global shift towards cleaner energy sources.
Namibia is home to many mining companies, those that have established operations and various explorers. The sector, however, has always been export driven.
This year’s expo recorded 164 exhibitors that took up 268 booths, the highest number since its inception 10 years ago.
Exhibitors included 16 companies from South Africa, one international exhibitor from Germany and three local oil and gas companies.
“This time around, Africa has an opportunity to change the current narrative of possessing abundant mineral wealth, yet reeling from the effects of abject poverty among its citizens. As Africans, and thereby, the owners of mineral wealth, it is within our will and means to address the scourge of poverty plaguing our people,” said Geingob.
Addressing investors, the president said Namibia will only do business with stakeholders who share its vision of local value addition to its minerals to produce finished products for export.
Mines and energy minister Tom Alweendo also warned investors that are violating the rules of engagement by not adhering to the mineral licence conditions pertaining to safety and the environment.
Furthermore, he encouraged investors to consider introducing employee share schemes where employees share in the ownership of the company.
“It is important that we manage our critical minerals in a manner that guarantees us maximum economic benefits. We will do this while recognising that foreign investment will continue to be critical to the growth in our mining sector. This is the only effective way to address our socio-economic challenges of unemployment and inequality,” said Alweendo.
The European deputy head of mission to Namibia, Gosia Lachut, said the trading bloc has signed an agreement on a value addition chain with Namibia, in the area of green hydrogen and this could act as the foundation for a mutually beneficial relationship.
“We have been working since to prepare a road map for the implementation of this memorandum, which is aiming at bringing value addition to the natural resources of Namibia and critical raw materials,” said Lachut.
She also added that this platform gives the European Union the opportunity to also highlight some of the challenges faced by investors that are interested in mining in Namibia.
The two-day expo started yesterday and ends today. Entrance is free for the public.
Email: bottomline@namibian.com.na
